Africa-Press – Cape verde. The Cape Verde Stock Exchange (BVC) ranks 16th. position in the ranking of the Absa Africa Financial Market Index 2023, which has assessed, since 2017, the development and efficiency of markets in 28 African countries.
Stock Exchange ranks 16th. position in the Absa Africa Financial Market Index 2023 ranking
This is Cape Verde’s first appearance on this index, now in its seventh edition, designed to provide comprehensive measures of the health and performance of financial markets across the African region.
The Absa Africa Financial Market Index assesses the performance of financial markets in African countries based on six pillars, namely market depth, transparency, capacity of local investors, macroeconomic environment and legal enforcement standards.
In a press conference today, in the City of Praia, to clarify Cape Verde’s performance in this index, the president of BVC, Miguel Monteiro, classified this achievement as testimony to the commitment to economic development and financial stability of the Cape Verdean nation. .
“Such recognition demonstrates and reinforces Cape Verde’s commitment to promoting socially and environmentally responsible practices” noted Miguel Monteiro, noting that the country needs to improve the level of market transparency (fiscal and regulatory environment) and the macroeconomic environment.
However, he reported that in relation to market access and the capacity of local investors, the country reached seventh and tenth position, respectively, in the group of 28 African countries.
This performance, noted Miguel Monteiro, reflects the efficiency and accessibility in the Cape Verdean system to facilitate international transactions and the commitment to empowering local investors to promote domestic investment.
“We will continue to strengthen our financial system, improving regulation, promoting education and financial literacy and encouraging investment in the capital market”, said the official, praising the fact that Cape Verde is ahead of countries such as Rwanda, Angola, Mozambique, Tunisia, Ivory Coast and Senegal.
The objective, according to Miguel Monteiro, is in the short term to be in the top-10 and in the medium term to be among the top five, which, according to him, is Cape Verde’s classification in the various rankings at African level.
The Absa África Financial Market Index was a public offering with a demand equivalent to 150 percent (%) of the offer and in which 21% of subscribers are outside Cape Verdean territory.
“Cape Verde is on the right path to becoming a reference destination for investors and an active participant in African and global financial markets. This is a challenging journey, and we count on everyone’s support to achieve our goals,” she concluded.
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