Burkina Faso’s Minister of Economy and Finance, Dr. Aboubakar Nacanabo, on Wednesday called for a profound transformation of African stock markets to make them more inclusive through accelerated digitalization.
Speaking at the opening ceremony of the third International Stock Investment Forum (FIIB), focused on innovation and digital finance, Dr. Nacanabo stressed the need to rethink African financial markets so they can serve as genuine engines for development financing.
The forum, organized by brokerage firm SA2IF, is being held under the theme: “Innovating to Attract: Rethinking African Stock Markets in the Digital Finance Era.”
The two-day event, running from February 25 to 26, brings together public authorities, regulators, experts, private-sector stakeholders and financial market professionals to discuss the modernization and attractiveness of African capital markets.
In his address, the minister noted that Africa’s infrastructure financing gap is estimated at more than $100 billion annually. He argued that financial markets could help bridge this shortfall, provided they gain depth and liquidity while shedding their perceived elitist image.
“Our markets must become genuine instruments for financing African states,” he said, adding that such a shift would enable countries across the continent to mobilize more resources domestically rather than relying systematically on external funding.
A high-level panel moderated by former Burkinabe Prime Minister Tertius Zongo brought together the Minister of Economy and Finance, a commissioner from the West African Economic and Monetary Union
(UEMOA), and the president of the African Guarantee Fund and Economic Cooperation Fund (FAGACE).
Discussions highlighted several key challenges, including strengthening financial literacy, improving regulatory frameworks and enhancing interconnectivity among African financial markets.
Addressing the issue of fiscal and macroeconomic credibility as a factor in attracting investment, Dr. Nacanabo was unequivocal: “No algorithm can replace trust.”
He emphasized that such trust rests first and foremost on budget transparency and reliable economic indicators — tools that serve primarily as instruments of governance for states before becoming benchmarks for investors.
Ho/sf/lb/gik/APA