New ASEA President shares vision for future

The African Securities Exchanges Association (ASEA) plays a crucial role in developing Africa's capital markets. In a recent interview with CNBC Africa, Celestin Rwabukumba, the newly appointed President of ASEA, shared his vision for the association and the unique perspective he brings to the table. As the former CEO of the Rwanda Stock Exchange and Chairman of the East African Securities Exchange Association, Rwabukumba has an extensive background in the financial sector and is poised to lead ASEA into a new era of growth and innovation. Rwabukumba discussed his agenda as the new President, highlighting the importance of continuity in building on the achievements and plans set forth by his predecessors. He emphasized the need for African stock exchanges to not only reflect their economies but also serve as catalysts for development and fundraising. Rwabukumba underscored the significance of domestic markets in driving Africa's growth, calling for a reevaluation of how countries leverage their own capital markets to finance critical initiatives such as infrastructure projects and peacekeeping efforts. One key theme in Rwabukumba's vision is the integration and expansion of ASEA's membership to include regulators and policymakers. By fostering collaboration among exchanges and regulatory bodies, ASEA aims to address the challenges faced by fragmented and illiquid African capital markets. Rwabukumba stressed the importance of harmonizing legal frameworks and removing barriers to create a more interconnected and robust market environment. Innovative initiatives such as the East African Linkage Project (EALP) and leveraging technologies like artificial intelligence and blockchain were highlighted as drivers of market development. Rwabukumba emphasized the need for exchanges to learn from each other and adopt best practices to enhance market efficiency and accessibility. He also discussed the importance of integrating environmental, social, and governance (ESG) considerations into market operations, aligning with global trends towards sustainable investing. Looking ahead, Rwabukumba expressed optimism for African equity market performance, citing economic recovery and growth projections across the continent. While many markets faced challenges in the previous year, signs of recovery and positive outlooks for East African economies indicate a potential upturn in market performance. Rwabukumba pointed to the resilience of certain markets, like Botswana and Rwanda, and anticipated a gradual recovery in equity markets. As ASEA continues its mandate to promote the growth and development of African capital markets, Rwabukumba's leadership signals a commitment to innovation, collaboration, and sustainability. By driving initiatives to integrate markets, expand membership, and enhance regulatory cooperation, ASEA under Rwabukumba's guidance is poised to play a pivotal role in shaping the future of Africa's financial landscape.