Cameroon, Gabon in tussle to host Central Africa’s stock market
National rivalries between Cameroon and Gabon could sink a plan to unite their independent stock exchanges which have so far proved to be not viable on their own.
The Douala Stock Exchange (DSX) was started in 2006 by the Cameroon government in order to pre-empt Gabon’s planned creation of the Libreville Securities Exchange of Central Africa in 2008.
Cameroon had felt it should host the stock market as it is the economic engine of Central Africa but leaders of the Central African Economic and Monetary Community (CEMAC) opted for Gabon to host a unified market.
But due to limited financial and investment resources the sub-region has been unable to sustain the two markets leading to their sluggish take off and the drive to combine them.
CEMAC groups together Cameroon, Gabon, Chad, Central African Republic, Congo-Brazzaville and Equatorial Guinea.
At a 2010 summit in Bangui (Central African Republic), CEMAC leaders mandated the Surveillance Commission of the Central African Finance Market to contract experts to study the possibilities of uniting the two bourses.