Friday, February 23, 2024

AU intends to establish Stock Exchange

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The African Union (AU) is intending to establish a pan African Stock Exchange.

To this effect, The African Union Commission will enter into a Memorandum of Understanding with the African Security Exchange Commission to establish the stock exchange.

Speaking at a media briefing on the sidelines of the ongoing 41st Ordinary Session of the Executive Council meeting in Lusaka, African Union (AU) Commissioner for Economic Development, Trade, Tourism, Industry and Minerals, Albert Muchanga said the agreement will be signed in the next few days.

He said this is in a quest to mobilise domestic resources for member states.

Mr Muchanga disclosed that last month some African sovereign investors with a combined asset base of 13 billion United States dollars decided to set up an African Sovereign Investors Forum.

“The key objective of the Forum is to mobilise financial resources to invest in cross country infrastructure projects across Africa” he said.

He also said the African Diaspora is also coming on board to contribute in meeting the financial needs of the continent.

Mr Muchanga said a feasibility study is being undertaken on the establishment of the African Diaspora Finance Corporation.

He further revealed that AU has entered into a strategic partnership with the Africa Finance Corporation as a measure to mobilise domestic resources.

Mr Muchanga said in addition to the African Development Bank and the African Export Import Bank, the Africa Finance Corporation has been identified to help mobilise domestic resources.

“Our work on domestic resource mobilization operationalises a key provision in the African Union Agenda 2063 and that is that to fully implement this Agenda, 75 to 90 percent of resources must be mobilised domestically, “he said.

11 COMMENTS

  1. AU is just a stalk shop non of these proposal will ever come to fruitation because African leaders are such puppets of the West and East…Col. Gadiffi was prosposing a single currency just proposing this sent shivers done the spine of the US because it would have been diaster for the dollar so they capped the Libyan leader.

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    • He was about to launch the independent currency. He had amassed tons of gold to back the currency named Dinah. Then the CIA got wind of it and the invasion of Libya immediately began. That’s how far the Western imperialists will guard their domination of the world.

  2. Gaddafi wanted to create one currency for Africa and for us to control all gold. The west killed him because of this. He was a true pan Afrlcanist unlike the f00Is we have now like hh who worships the floor that westerners walk on.

  3. Gaddafl wanted to create one currency for Africa and for us to c0ntrol all g0ld. The west killed him because of this. He was a true pan Afrlcanlst unlike the f00Is we have now like hh who w0rships the fl00r that west.erners walk 0n.

  4. Start Firstby Making Africa one Common Market Place. Secondly, Abolish the Visas nonsense between each other. Why in these modern times would we require visas to travel between fellow African Countries? Thirdly, Encourage Continental economic growth including having our own larger Manufacturing. From cars to Phones. Otherwise this AU is so useless, waste of resources.

    • Most Africans will not accept that because their governments don’t give them the education that opens up their minds to the fact that one Africa stands a better chance of economically competing on the global market. Just look at South Africa where blacks still live in apartheid propaganda lessons that make them believe that Africa is when you cross Limpopo

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  5. You cannot have a single currency when the economies are so diverse and monetary policies of the central banks are so different. Losing monetary sovereignty to print your own money is what led Greece to go into economic meltdown. East Africa had a single currency but the diversity of the economies led to each country going its own way. Do not forget that Zambia, Malawi and Zimbabwe once had a common currency too.

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  6. Most Africans will not accept that because their governments don’t give them the education that opens up their minds to the fact that one Africa stands a better chance of economically competing on the global market. Just look at South Africa where blacks still live in apartheid propaganda lessons that make them believe that Africa is when you cross Limpopo

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  7. If I was Gary Nkombo or his mayor I would
    “wonder where all these people go to relieve themselves as they conduct day-to-day businesses with the limited toilet facilities in town and peoples’ thrifty ways of not wanting to pay K2 to use the few available facilities.”
    Then I would conclude that The Kafue bridge pedestrian crossing is being used as a place to relieve oneself.
    Then I would offer solutions

  8. The Zambian government has escaped the responsibility of providing public toilets by permitting construction of shopping malls. In the CBD however they need to construct these. City councils must establish a vigilant Public Health unit to maintain these public toilets if we want to call ourselves civilised. I dont know whether this is Gary Nkombo’s job or the Mayor’s job

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