Stock Markets as a Lever for Growth in Central Africa: The Case of 'Central African Capital Market' (BVMAC)

4 Pages Posted: 5 Apr 2022

See all articles by Professor Kelly Kingsly

Professor Kelly Kingsly

Harvard University, Harvard Kennedy School (HKS), Students; Independent; Regional Advisory Commision on Financial Markets; Copperstone University ; Charisma university; University of Yaounde II ; Harvard kennedy school

Kouam Henri


Date Written: February 14, 2022


The Central African region comprises 11 countries, namely Angola, Burundi, Cameroon, the Central African Republic, Chad, the Democratic Republic of the Congo, the Republic of the Congo, Equatorial Guinea, Gabon, Rwanda, and São Tomé and Príncipe. The Gross Domestic Product per person ranges from $492 for the Central African Republic to $7,766 and $8,419 for Gabon and Equatorial Guinea (World Bank, 2022).

However, high rates of per capita GDP do not immediately translate to economic prosperity, a well-functioning financial sector, and the effective conversion of savings into investments. There are several stock markets in Central Africa, but one of particular importance is the BVMAC, the Central African Securities Exchange. Unlike the Rwandan Stock Exchange, the BVMAC forms a merger between the Exchanges of Cameroon (Former: DSX) and the Libreville stock exchange (LBVSE) ( 2020). Stock markets are likely for businesses to search for funding, especially for larger companies that employ thousands of people and make productive investments (Pan and Mishra, 2016). Furthermore, policymakers, businesses and civil society are wary of finance and decry the lack of funding opportunities to support economic development and create employment.

The stock market could facilitate the conversion of savings into investments and ensure that companies pool capital from a range of investors across Cameroon, central Africa, and beyond. BVMAC is still at a nascent stage, but it has progressed slowly. While there are no official statistics on the number of investors, the regulatory and licensing requirements are not readily accessible to the public just yet. This article discusses why capital markets are essential and their role in generating economic growth. It then outlines developments in the BVMAC and listing requirements before providing recommendations to attract foreign investors and effectively mobilises domestic investment.

Keywords: CEMAC, BVMAC , financial market, capital market, stock exchange, central African sub region

Suggested Citation

Kingsly, Professor kelly Mua and Kingsly, Professor kelly Mua and Kingsly, Professor kelly Mua and Henri, Kouam, Stock Markets as a Lever for Growth in Central Africa: The Case of 'Central African Capital Market' (BVMAC) (February 14, 2022). Available at SSRN: or

Professor kelly Mua Kingsly (Contact Author)

Harvard University, Harvard Kennedy School (HKS), Students ( email )

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Independent ( email )

Regional Advisory Commision on Financial Markets ( email )

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222225470 (Fax)


Copperstone University ( email )


Charisma university

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University of Yaounde II ( email )

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Harvard kennedy school ( email )

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Boston, MA 02163
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8577075262 (Phone)
8577075262 (Fax)

Kouam Henri


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