For the past 20 years capital market development has been identified as an important tenet to economic development on the African continent, with several efforts made with varying degrees of success. Combined efforts of African governments, development agencies and the private sector have sought to deepen capital markets via the establishment of stock exchanges to facilitate access to alternative sources of capital to bank lending. Initially, these initiatives were supported by privatisation programmes and regulatory incentives such as tax breaks, which led to formerly state-owned businesses and multinationals securing local listings. However, the growth and development of these markets has stalled in recent years. Among the reasons cited are negative emerging market sentiment, especially with the slowdown in the Chinese economy, an African population that still has a poor savings culture, illiquid markets and lack of confidence in the regulatory framework. I believe these initial c...

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