Verod-Kepple Africa Ventures转发了
One Stock Exchange to Rule Them All? Thinking About SSA Market Integration At the Verod-Kepple Africa Ventures Portfolio Gathering in early February, one of the icebreakers asked attendees to pair up and share one thing they would do if they became a leader in Africa. At the time, I had just learned that the Angola Stock Exchange (BODIVA) has only four listings. That got me thinking about the broader challenges of capital markets in sub-Saharan Africa. Consider this: Trump Coin is valued at roughly a third of the Ghana Stock Exchange, Dogecoin is worth more than half of the Nigerian Stock Exchange, and across the continent (excluding Egypt and South Africa), IPOs that offer viable exit routes for investors are as rare as a blue moon. So, the idea that came to my mind? Consolidate all the stock exchanges in sub-Saharan Africa into one big, beautiful, liquid exchange—one that could tap into savings from across the region, enhance market depth, and drive diversification. Curious about its feasibility, I ran the idea through DeepSeek. The response? A flood of reasons why it would never work. Even if all the exchanges agreed to merge and adopt stringent yet business-friendly listing standards, we’d still face significant hurdles—political complexities, regulatory divergence, and, of course, the small matter of multiple, often volatile, currencies. It may be a pipe dream, but I can’t help but wonder: how different would SSA capital markets look if something like this were possible?