Workshop on Local Currency and Capital Market Development for Central Banks
Opening remarks
12 June 2024
Distinguished guests,
Esteemed colleagues,
and valued participants,
It is with great pleasure that I welcome you to this pivotal workshop on local currency financing and capital market development. We gather here today not just as individuals from diverse backgrounds and expertise, but as a collective force united by a common goal: to strengthen and advance the financial architecture of our continent.
Allow me to say a few words about UNECA
The United Nations Economic Commission for Africa (ECA) is a regional commission established by the United Nations to promote economic and social development among its member states. ECA is one of five regional commissions under the jurisdiction of the UN's Economic and Social Council (ECOSOC).
Our mission is to support the economic and social development of our 54 member States, foster regional integration, and promote international cooperation for Africa's development. We are committed to enhancing the capacity of the African continent to address current challenges and capitalize on opportunities.
In the realm of capital markets, UNECA plays a significant role in providing technical assistance, policy advice, and capacity-building efforts to member states. It works towards creating a conducive environment for capital markets to thrive, which is essential for attracting investment and promoting sustainable economic growth.
Over the next few days, we'll be delving into the intricacies of local currency financing, a cornerstone of sustainable economic growth and a buffer against the vulnerabilities of global financial turmoil. Our discussions will focus on the challenges and opportunities associated with the development of robust capital markets in Africa.
The significance of local currency financing cannot be overstressed. It is a critical enabler for mobilizing domestic resources, mitigating currency risk, and fostering a stable environment for investment. By prioritizing this form of financing, we are taking a proactive step towards insulating our economies from external shocks and creating a more resilient financial ecosystem.
Moreover, the development of capital markets is paramount in our quest for economic transformation. These markets serve as a conduit for channeling savings into productive investments, facilitating the efficient allocation of capital, and ultimately driving economic development.
Throughout this workshop, we will explore innovative strategies, share best practices, and engage in constructive dialogue to address the barriers that impede the growth of our capital markets. We will examine the role of regulatory frameworks, the impact of technological advancements, and the importance of regional collaboration.
Let us seize this opportunity to lay down a roadmap that will lead to the establishment of vibrant, inclusive, and sustainable capital markets. Together, we can build a financial landscape that not only meets the needs of the present but also secures the prosperity of future generations.
Once again, I extend a warm welcome to all of you, and I look forward to the fruitful exchanges and insights that will emerge from this workshop.