The first J-Cap conference on the development of the regional financial market has lived. For two
days (Abidjan, 10-11 February), experts from various backgrounds exchanged on the issues, challenges and
perspectives on the subject. The President of the Regional Council for Public Savings and Markets
financiers (Crepmf), Mamadou Ndiaye, takes stock.
The value of the world's financial markets is valued at $178 billion. Countries in
development, including those in WAEMU, which have a great need for financing, do not benefit from it
nevertheless. Where does bt hurt?
That is an observation. But, it should be stressed that the financial market has made a significant contribution to
financing of states, of their economy. From its creation in 1998, to the present day, it is more than 10,000
billions of FCfa that have been raised on the market and invested in our economy. Of this amount, the < States/> were able to raise 7500 billion FCfa. These resources have been used to finance infrastructure projects in
our different countries. For the private sector, 2500 billion CFA francs have been raised to finance sectors
such as energy and telecoms. We are, perhaps, far from the account in terms of relative value in relation to
to the potential of the market, but I think the financial market has demonstrated the importance of this segment in
the financial system alongside the banking system. I believe that the reforms that the authorities have decided and
which we are in the process of implementing and which relate to the regulatory framework, the reorganisation of br market to improve its attractiveness and competitiveness, will allow us to better appreciate the potential
which is within our reach. Today, all our states are engaged in reform programmes and< > economic projects of emergence. And it requires a lot of investment. Our growth rate
has been over 6% for years. Which growth is also driven by investments
public sectors that must be financed by appropriate resources. And precisely, the financial market is the place of supply
of capital between those who have a surplus of capital they want to invest and those who need it.
The potential is there, but it must be recognized that it is not being exploited. What are the obstacles oppose ?
You know, a market is built. Among the obstacles, we have the weakness of culture
financier. It is necessary to know and understand the mechanisms of the market, the instruments, before investing
his money. The companies that have had to issue or solicit the market are often large companies
that have well-structured governance and information system as well as certified financial statements
by accounting professionals. Companies, in general, are not familiar with
still the opportunity they can find in the financial market. So, let individuals who are still a tiny minority. So we have to meet the challenge of financial literacy. Other
barrier: diversification of investment instruments. In the other places, beyond the bonds and
of shares, other instruments are created by market professionals who propose and structure
products. If we have a diversity in the products on the market, the choice is wider and everyone will choose
according to his needs and interest. For example, Crepmf has helped States that wanted it to
time to issue Sukuk, Islamic financial products. Senegal which was the
precursor, did it twice. Côte d'Ivoire, Mali and Togo followed suit. This has enabled countries and
even individuals to invest. In return, they will receive their remuneration. It's the same thing
when the Sonatel came to the market; there has been a great craze. Today, regionally,
Sonatel is one of the most dynamic values. And it's not for nothing that she won the best company listed on the Brvm in 2019. Crepmf has tried with new products like
Sukuk, but there is a panoply of other instruments. It is also necessary to make products on the
more attractive market; it affects taxation and pricing. It is this whole set that must be put in place.

How can the J-Cap approach help you address the challenges you have highlighted?
J-Cap is a World Bank initiative that aims to promote and develop capital markets.
This is important for us because we are engaged in a process of reform. We have > < identified a number of structuring reform projects. The partnership we have with
J-Cap will allow us to implement all these projects. There are, at least, a dozen reforms that
will allow the market to modernize, to be more attractive. Benefiting from expertise
Diversified, experience sharing that this partnership with J-Cap offers is an additional argument
to say that our market has potential. There is a possibility to give it all its shine. And this, by the
Accelerated implementation of these reforms. So, the J-Cap is a partnership that will allow us to
complete the ten reforms that the World Bank has kindly supported.
Interview by Elhadji Ibrahima THIAM (Special Envoy to Abidjan)