WAEMU Central Depositary/Settlement Bank (DC/BR) (www.BRVM.org) and the Central Securities Depository (GH) LTD are pleased to announce the signing on Friday of a Memorandum of Understanding (MoU) to foster a continuing relationship for the respective benefit of the financial services industry in the Republic of Ghana and West African Economic and Monetary Union Countries.

The announcement was made at a signing ceremony led by DC/BR CEO Birahim Diouf and CSD of Ghana CEO Michael Mensah.

The MoU further establishes common grounds for the two depositories to launch joint initiatives in their respective markets. As part of the agreement, DC/BR and CSD have committed to holding regular meetings between senior management to enhance the understanding of both organisations. The MoU also provides a platform for sharing of central depositories’ best practices on business developments, operating models, and related improvement opportunities.

Other areas to promote and encourage opportunities for cooperation and integration include:

• post-trade activities and services, particularly in the context of the West Africa Capital Market Integration project.
• joint research papers and knowledge products on topics relevant to securities depository operations.
• staff secondment and training for deepening understanding of the respective securities markets.
• joint convenings on topics of mutual interest.

Commenting on the MoU, DC/BR CEO Birahim Diouf said: “The MoU with the Central Securities Depository of Ghana creates avenues to exchange information on matters of mutual interest. I am convinced that the agreement will not only benefit our institutions but also our clients and respective markets. I am delighted and excited about the road ahead and what we can achieve together.”

On his part, Michael Mensah, the CEO of the Central Securities Depository (GH) LTD stated that the MoU with DC/BR marks the consolidation of a true partnership. The timing of the execution of this MoU is right, and there is no doubt that the future is bright for the two institutions. This collaboration forged between the two institutions will highly facilitate the WACMIC integration. We look forward to the successful implementation of this MoU for the mutual benefit of both parties.