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Remarks by Mr. Moremi Marwa Chief Executive Officer, Dar es Salaam Stock Exchange, during the Financ

 

  • The Chief Guest Mr. Ludovick Utoh - Controller & Auditor General;
  • Representative of the Executive Director of the National Board of Accountants
  • Emmanouil Schizas ACCA’s Senior Economic Analyst
  • Members of the Media
  • Distinguished Guests;
  • Ladies and Gentlemen.

 

Today marks yet another milestone in the Dar es salaam Stock Exchange and our capital market as we participate in efforts to build capacity of our key stakeholders -- financial journalists, this will enhance the already in existence competences in reporting financial news, especially DSE related news. This is one of the many steps we are charting to bring to fruition our vision of making Dar es Salaam Stock Exchange and capital markets the focus for long term capital raising and for economic development in our country.

 

What we are doing here this morning, is supporting our journalists aspirations by providing them with necessary knowledge that will cement further and consolidate their current understanding of the operability of the Exchange and the capital markets. Through this initiative, our journalists will be able to understand, interpret and report activities at the Exchange and capital markets, in the process we will increase the level of knowledge to both Issuers and investors and also will increase the exchange\\\'s public visibility and profile.

 

Ladies and Gentlemen -- I am pleased to note that the journey towards planning execution of this activity has been one of collaboration between the Dar es Salaam Stock Exchange, and the Association of Chartered Certified Accountants (ACCA) – a global body for professional accountants. Indeed this is a perfect case of how much we can achieve together if we channel our efforts optimally towards a common purpose. I wish to particularly recognize the effort of the technical team from the two institutions for working tirelessly in putting together this event.

 

In a short moment we will witness the signing of a Memorandum of Understanding between DSE and ACCA which marks our collaboration in a joint effort towards the sustainable contribution in developing capacity of our financial journalists and in the longer term enhance our cmmon resolve of creating more transparency market and economy that embraces proper disclosures and good corporate governance practices not only to listed companies and other DSE members, but in other economic activities as well. We see this being key to Enhancing confidence and credibility our market and the increase in attraction for more companies to consider raising capital through the Exchange which will then increase the market depth and liquidity as well as better price discoveries and valuations to entrepreneurs and investors.

 

Ladies and Gentlemen the Exchange is working proactively with the capital markets regulator to ensure we broaden the range of products and services in the capital markets industry; this include:

 

  • Introducing new products such as Real Estates Investments Trusts (REITs), Closed-end collective investment schemes, Exchange Traded Funds (ETFs), Futures and Derivatives which will supplement the already in existence equity and fixed income products; and also
  • Creating an operational framework and infrastructure for regional integration that enables an increase in investor base, market depth and liquidity

As we embark on these initiatives, we will not be able to create the intended impact if the targeted audience will not be aware or are not informed about existence of such opportunities. And no one would perform this activity more better than the media.

As you may recall, in October last year (2013) we introduced the Enterprise Growth Market segment at the Exchange whose main objective is to enable Small and Medium Sized business to access the capital market for their long term capital raising. Since launching of the EGM which has been accompanied with education and public awareness campaigns, we have seen increased interest from both entrepreneurs and potential investors. This level of public awareness would not be achieved or being effective as it is if it were not for us to have largely engage the media as a means to access the business community and the public in general. so, we do underscore the role of media towards achieving our objective as an Exchange.

Ladies and Gentlemen: Investor education ranks very highly among our key initiatives towards market development; investor education together with our capability to provide an enabling environment and infrastructure / platform for trading and central depository for listed securities constitute our key mandate as an Exchange. To this end, the Exchange remains committed to enhancing financial literacy and public awareness particularly through collaborative efforts with partners such as ACCA and media houses which is an imperative part towards achieving our objective as an Exchange.

 

With these few remarks, it is my pleasure now to welcome our Chief Guest, Mr. Ludovick Utoh, Controller & Auditor General to officiate this event.

 

Thank you