A new Memorandum of Understanding (MoU) has been signed by the Securities and Exchange Commissions (SEC) of Ghana and Nigeria to increase mutual assistance and collaboration in market regulation.
This was said in a statement released by the commission on Sunday in Abuja.
According to the statement, the updated Memorandum of Understanding would promote market integration and offer better prospects for the nations’ economies to thrive.
According to the statement’s citation of Mr Lamido Yuguda, Director-General of the SEC Nigeria, the action will increase the worldwide competitiveness of both markets.
According to Yuguda, the action would also improve the effectiveness and openness of the capital markets in both nations.
His words: ”The enduring relationship between our two jurisdictions is more amplified by the fact that Ghana and Nigeria have the largest markets in the West Africa sub-region.
”It will only be good that we use the advantage of our size and peculiarities to explore viable areas of cooperation.
”This is even as we continue to work with other stakeholders to integrate our markets and provide greater opportunities for our economic prosperity”.
Rev. Daniel Tetteh, Director-General of SEC Ghana, also reported in the announcement as saying that both commissions were prepared to collaborate and maximize the potential of the capital market.
According to Tetteh, this will be accomplished by reviewing problems and looking into solutions to improve the functioning of the capital markets.