Capital Markets
From The Report: Cote d'Ivoire 2022
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The global inflationary environment is likely to impact monetary policy both in Côte d’Ivoire and across the West Africa region. The relevant authorities are aiming to tame price increases, potentially through tighter monetary policy. A predicted rise in the cost of credit, combined with an increase in prices of raw materials and oil, could negatively impact corporate growth dynamics, and in turn, affect stock market activity. Fortunately, while the first half of 2022 saw signs of stagnation, the momentum that drove market performance in 2021 is expected to continue. In addition to prospects of new company listings and increased transactions on the Bourse Régionale des Valeurs Mobilières, the regional exchange of UEMOA, forecasts are optimistic, projecting that the exchange will close the year with a market capitalisation of $11bn.

This chapter contains an interview with Tardy Kouassiblé, Deputy Managing Director, Atlantique Finance.

Articles from this Chapter

Overview

Expanding links: After navigating the challenges of the 2016-20 period, the Bourse Régionale des Valeurs Mobilières looks to new horizons
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Headquartered in Abidjan, the Bourse Régionale des Valeurs Mobilières (BRVM) is the regional stock exchange that serves the capital markets of the eight members of UEMOA. The BRVM has experienced turbulent periods of growth and decline over its 25 years of existence. During the period that coincided with the civil and political unrest in Côte d’Ivoire, the BRVM showed limited progress in terms of trading activity and institutional development. In the early recovery years of the post-2012 era,…

Analysis

Remunerating progress: Boasting resilience and robust growth, t he Bourse Régionale des Valeurs Mobilières remains a top-performing exchange
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The Bourse Régionale des Valeurs Mobilières (BRVM) of UEMOA, which includes Benin, Burkina Faso, Côte d’Ivoire, Guinea Bissau, Mali, Niger, Senegal and Togo, began its activities in 1998 with 35 listed shares. The exchange has since grown considerably – by the end of 2021 it had 46 securities, 35 of which were issued by Ivorian companies; and 123 bond lines, 94 of which were listed on the bond market and 29 unlisted. The BRVM has been a top-performing African stock exchange since 2015, when…

Analysis

Favourable figures: New maturities on bond issuances debut as the regional debt market remains a key source of financing for UEMOA states
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Economic activity in UEMOA strengthened in 2021, resulting in 6.1% estimated growth in GDP after a sharp slowdown in 2020 due to the effects of the Covid-19 pandemic. Economic stimulus measures implemented by member states and the accommodative monetary policy maintained by the Central Bank of West African States (Banque Centrale des Etats de l’Afrique de l’Ouest, BCEAO) were the primary drivers of this growth. The average annual inflation rate was estimated at 3.6%, compared with 2.1% in 2020, due to the rise in the price of imported food products and the decline in local agricultural production. UEMOA’s foreign exchange reserves stood…

Analysis

Sowing success: Export commodity prices and new company groupings are adding dynamism to the regional agriculture sector
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In 2021 the global economy was marked by an exacerbation of market supply difficulties, in line with the persistent impact of the Covid-19 pandemic. In this context, crude oil prices on international markets jumped by 49.8% in one year in US dollar terms. Over the same period, agricultural producer prices increased by 17.6% compared to 2020. For the main commodities exported by UEMOA countries, prices also rose over the whole of 2021, by 60.6% for coffee, 41.8% for cotton and 31.6% for rubber. New Groupings The agriculture sector of the Bourse Régionale des Valeurs Mobilières (BRVM) consists of five companies grouped under Ivorian law. These…

Interview

Money in motion: Tardy Kouassiblé, Deputy Managing Director, Atlantique Finance, on monetary policy and fostering financial stability
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Interview:Tardy Kouassiblé To what extent does exchange rate volatility risk affect the movement of funds, and what can be done to ensure financial stability? TARDY KOUASSIBLÉ: Over the past four decades foreign capital flows have intensified, driven by financial liberalisation. This has helped to increase production, support domestic demand in the various countries in UEMOA and promote growth. Capital movements have also been reflected in the deepening of the financial system. The attractiveness…