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BAL Promotes Pan African Exchange at International Commodities Meeting Held in Ethiopia

Boursa Africa Limited, promoted a Pan-African Exchange at the International Convening on Commodity Exchanges held in Addis Ababa Ethiopia. The Botswana based company aims to launch a Pan African Exchange in May 2012.

The African exchange planned by BAL is expected to be a multi-asset class and commodity exchange, dealing in commodities, bonds, currency and diamonds. This exchange also aims to create a center where continental and international bilateral and multilateral trade could be conducted. 

The Pan-African Exchange has been licensed in Botswana in 2008 and 2010. BAL expects to set up exchanges in Ghana, South Africa, Nigeria, Uganda, Ivory Coast, Tanzania, Zambia and Kenya in the first phase of its project.

The idea of the Pan African Exchange is being backed by financial institutions including the African Export-Import Bank (Afreximbank) on the grounds that such an initiative will reduce risk and fragmentation.

Every country has unique and different requirements that need to be addressed by its exchange said Dr. Eleni Gabre Madhin CEO of the Ethiopian Exchange inquiring as to the viability, timing and relevance of an African Exchange in relation to national interests.

Regional cooperation, on the lines of an alliance, may be a viable alternative, proposed Dr. Eleni.  

BAL is of the opinion that the Pan African initiative needs to be launched by any private entity with the idea and capacity.

The African exchange is also being promoted by Financial Technologies India Limited, an affiliate of Financial Technologies Group operating in 10 exchanges as the largest network globally.

Source: Addis Fortune