West African Capital Markets Integration Council (WACMIC)


On January 18, 2013 the West African Capital Markets Integration Council (WACMIC) was inaugurated as the governing body for the integration of West African capital markets. The over-arching objective of the Council is to establish a harmon​ized regulatory environment for the issuance and trading of financial securities across the region, as well as to develop a common platform for cross-border listing and trading of such securities in the sub-region.

WACMIC comprises the Director Generals of the region's securities commissions and the Chief Executive Officers of the securities exchanges. WACMIC is tasked with designing the policy framework and managing the implementation of the process that will facilitate the creation of an integrated capital market in West Africa. Specifically, the Council is to:

  • Supervise the capital market integration programs
  • Set up standards and validate all works done by the technical committees
  • Coordinate relevant stakeholders, such as ECOWAS, WAMI and WAEMU
  • Monitor and assess the state of preparedness of the member States in the integration process
  • Source funds and other resources for the implementation of capital market integration
  • Monitor standards and compliance post-integration

Current Council Members

 Name Designation
Dr. Edoh Kossi Amenounve Chairman (CEO, Bourse Régionale des Valeurs Mobilières)
Dr. Adu Anane Antwi Vice Chairman (DG, Securities and Exchange Commission, Ghana)
Mr. Mounir Gwarzo Member (DG, Securities and Exchange Commission, Nigeria)
Mr. Mory Soumahoro Member (SG, CREPMF, Cote d’Ivoire)
Mr. Oscar Onyema OON Member (CEO, The Nigerian Stock Exchange)
Mr. Kofi S. Yamoah Member (MD, Ghana Stock Exchange)
Mr. Manuel Joachim Lima Member (CEO, Bolsa De Valores Cabo Verde
Mrs. Maria Encarnacao Alves Rocha Member (Auditora Gerel do Mercado de Valores Mobiliarios)
Chief Executive Officer Member (Sierra Leone Stock Exchange)
Governor Member (Central Bank, Sierra Leone)
Mr. Karim Hajji Associate Member (CEO, Casablanca Stock Exchange)

Click here for WACMIC e-Brochure For more information regarding the WACMI integration process, please contact the WACMI Secretariat at jboakye@gse.com.gh​, peafedzie@gse.com.gh, eonwioduokit@wami-imao.org, mumo@wami-imao.org

WACMI Integration Roadmap

Integration Phase 1 - Sponsored Access (March 1, 2014)

Physical Phase – This first phase of the integration is about recognizing and formalizing the informal relationship (at the regulatory level) that currently exists between WACMI member countries, such that brokers within the member countries can trade securities and settle in markets other than theirs, through local brokers in the other member jurisdictions. With signed memoranda of understanding (MOU) (recognized by each regulator in each WACMI member jurisdiction) in place, WACMI dealing members (broker-dealers) will be able to trade among themselves via sponsored access. They will still, however, have recourse to their home regulators. (Note: Learnings from this phase will inform the next phase.)

Click the links below for:

Integration Phase 2 - Integration of Qualified West African Brokers

Logical Phase – In this phase, brokers who qualify for and receive a common passport will be mutually recognized by WACMI member securities exchanges, securities commissions and depositories (CSDs). These qualified West African brokers (QWAB) will therefore, be able to participate directly in the markets they wish to deal (trade) in across the West African jurisdictions. They will have membership privileges (i.e., electronic membership) at all WACMI member exchanges, which will be required to admit the QWABs as trading participants, and grant them access to their respective trading engines.

Integration Phase 3 - Fully Integrated West African Capital Market

Physical and Logical Phase – At this stage of the integration, all WACMI member exchanges will be linked in a virtual West African Securities Market (WASM), and QWABs will have access to listed securities and related market information to enable them execute transactions. While more work needs to be done to finalize plans for the implementation of this final phase, the trading, clearing, settlement and depository framework, as well as the legal and regulatory framework have been finalized, and the proposed budget and funding needs of the program determined.​


For more information regarding the WACMI integration process, please contact the WACMI Secretariat at jboakye@gse.com.gh​, peafedzie@gse.com.gh, eonwioduokit@wami-imao.org, mumo@wami-imao.org

Participating Members

The Bourse Régionale des Valeurs Mobilières, located in Abidjan, Cote d'Ivoire, is a regional stock exchange serving the following west African countries: Benin, Burkina Faso, Guinea Bissau, Côte d'Ivoire, Mali, Niger, Senegal and Togo.