Africa’s financial markets:a real development tool?

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Private Sector Development

Proparco’s magazine

Issue 5

March 2010

Africa’s financial markets: a real development tool? Despite their limits can financial markets really contribute to private sector financing? What can they provide to firms and individuals? How can governments and development partners improve their performances? These issue compares experts’ views on these questions.

Contents Recent evolution of the African financial markets

Key data

Cyrille Nkontchou, Enko Capital

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Popular shareholding in Africa, both a political and financial tool Laurent Demey, Proparco Page 6

Listing on African stock exchanges: many advantages and few drawbacks Mahmud Janmohamed, Serena Hotels Africa Page 9

Financial markets in figures

Motives for a multiple listing on African Stock Exchanges: The Ecobank Experience Arnold Ekpe, Ecobank Page 14

How can development partners support the financial sector in Africa? Thierry Tanoh, International Finance Corporation Page 20

Financial development and economic growth: stock markets versus banks? Thorsten Beck,

What are the determinants of Tilburg University Sub-Saharan African financial Page 23 markets? Scott Standley, International Monetary Fund Page 17


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