TAILIEUCHUNG - Stock Market Development in Sub-Saharan Africa: Critical Issues and Challenges

Faced with uncertainties in assessments of North Korea’s centrifuge program, the . intelligence community focused on the significance of the 2007 and 2008 discoveries of traces of highly enriched uranium (HEU) found on North Korean aluminum tubes and operating records for the Yongbyon nuclear reactor. The discoveries raised anew concerns that North Korea had a secret gas centrifuge plant operating by the mid-2000s, contradicting assessments based on procurement data. The enriched uranium particles remain the most direct evidence that North Korea has produced highly enriched uranium. But the reported lack of consensus on their meaning warrants. | Stock Market Development in Sub-Saharan Africa Critical Issues and Challenges Charles Amo Yartey and Charles Komla Adjasi INTERNATIONAL MONETARY FUND 2007 International Monetary Fund WP 07 209 IMF Working Paper African Department Stock Market Development in Sub-Saharan Africa Critical Issues and Challenges Prepared by Charles Amo Yartey and Charles Komla Adjasi 1 Authorized for distribution by George Tsibouris August 2007 Abstract This Working Paper should not be reported as representing the views of the IMF. The views expressed in this Working Paper are those of the author s and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author s and are published to elicit comments and to further debate. This paper examines the economic importance of stock markets in Africa. It discusses policy options for promoting the development of the stock market in Africa. The results of the paper show that the stock markets have contributed to the financing of the growth of large corporations in certain African countries. An econometric investigation of the impact of stock markets on growth in selected African countries however finds inconclusive evidence even though stock market value traded seem to be positively and significantly associated with growth. African stock exchanges now face the challenge of integration and need better technical and institutional development to address the problem of low liquidity. Preconditions for successful regional approaches include the harmonization of legislations such as bankruptcy and accounting laws and a liberalized trade regime. Robust electronic trading systems and central depository systems will be important. Further domestic financial liberalization such as steps to improve the legal and accounting framework private sector credit evaluation capabilities and public sector regulatory oversight would also be beneficial. Keywords Stock markets corporate finance economic growth .

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