Sarah Kpenou: An intense course of study leads to capital markets impact

Sarah KPENOU is a 2022 graduate of the IFC - International Finance Corporation and Paris Europlace Executive Masters’ Capital Markets Program at Université Paris Dauphine - PSL . She is the Technical Advisor to Benin’s Minister of Finance. Her memories of the program are of an intense period of multitasking—particularly so because she had her newborn child with her. “I needed to focus, and it wasn’t so easy to be focused!”

Despite the challenges, she absorbed everything the program had to offer, gaining a deep appreciation for the potential of capital markets to fund the development she believed her country needed. She also gained a practical understanding of the various mechanisms and tools available for boosting investment.

An internship with 法国巴黎银行 ’ debt capital markets division during their busiest time of the year seemed an appropriate way to cap off an intense period. “It was very new for me,” says Sarah. “I had to adapt quickly to a new working ecosystem, but it gave me another view of the market and the potential that African capital markets could offer to the financial ecosystem.”

She also took home a valuable connection to fellow alumni from countries that—like Benin—are represented on the Bourse Régionale des Valeurs Mobilières (BRVM) - UEMOA , the West African regional stock market. She regularly shares updates and developments with a fellow graduate of the program in C?te d’Ivoire.

Once back in Benin, Sarah continued in her existing role, but gradually expanded her scope of responsibility, working on structured finance. Then, 10 months later, she was promoted to her current role, and continued her work exploring the potential of capital markets to fund development. “In February 2024, I was part of the team that launched Benin’s first dollar-denominated bond issue, which raised funds on international markets.”

To prospective attendees, Sarah’s advice is simple: “Do it for the knowledge. To have a better understanding of the mechanisms and instruments capital markets can offer to solve the issue of financing—because that is key to development.”