CFA INSTITUTE RESEARCH FOUNDATION / BRIEF AFRICAN CAPITAL MARKETS CHALLENGES AND OPPORTUNITIES HEIDI RAUBENHEIMER, CFA EDITOR AFRICAN CAPITAL MARKETS Challenges and Opportunities Heidi Raubenheimer, CFA Editor Statement of Purpose CFA Institute Research Foundation is a not-for- profit organization established to promote the development and dissemination of relevant research for investment practitioners worldwide. Neither CFA Institute Research Foundation, CFA Institute, nor the publication’s edi- torial staff is responsible for facts and opinions presented in this publication. This publication reflects the views of the author(s) and does not represent the official views of CFA Institute Research Foundation. CFA®, Chartered Financial Analyst®, and GIPS® are just a few of the trademarks owned by CFA Institute. 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Cover credit: Jialiang Gao / Moment / Getty Images ISBN 978-1-944960-87-2 BIOGRAPHIES Badr Benyoussef is chief business develop- Ronak Gopaldas is a political economist, “pra- ment officer at the Casablanca Stock Exchange. cademic,” writer, and speaker focused on the Previously, he held the position of financial intersection of politics, economics, and busi- communication and investor relations manager ness in Africa. He is a director at Signal Risk and at Maroc Telecom, the leading telecom opera- fellow at the Centre for African Management tor in Morocco. Mr. Benyoussef also worked in and Markets at the Gordon Institute of Business the Moroccan stock market as a financial ana- Science. Previously, Mr. Gopaldas was the head lyst. He has a master’s degree in business from of country risk at Rand Merchant Bank. He has Paris Dauphine University, is a laureate of the made frequent appearances on CNN, BBC, Al Institut des Hautes Études de Management de Jazeera, and CNBC Africa, and publishes regu- Casablanca, and has a financial analyst diploma lar opinion and analysis pieces. He has spoken from SFAF-Polyfinance. at top universities and leading Africa-focused policy and business conferences as a moderator, Kopano Bolokwe, CAIA, MBA, is the head panelist, and keynote speaker, and delivered a of product development at Botswana Stock TEDx talk entitled “Embracing Africa: Beyond Exchange and has over 11 years of industry the Binaries.” Earlier this year, Mr. Gopaldas was experience. He joined the BSE in 2011 and, selected for the Archbishop Tutu Leadership prior to that, was a broker and investment ana- Fellowship. He is also an alumnus of the Asian lyst at Stanlib. Mr. Bolokwe holds a degree in Forum on Global Governance, as well as the finance and an MBA, both from the University Young African Leaders Initiative. of Botswana. He has completed the CAIA Charter program and the Level II exam of the Karim Hajji is the CEO of the Casablanca Stock CFA Program. Mr. Bolokwe is a graduate fel- Exchange. Prior to joining CSE, he was chair- low of the IFC-Milken Institute Capital Markets man and CEO of Atlas Capital Group. After var- Program at the George Washington University ious management roles at Eli Lilly and Company School of Business. in the United States, Italy, and Switzerland, Mr. Hajji joined the ONA Group, Morocco’s Bhavik Desai conducts equity research on largest conglomerate—first as adviser to the stocks listed on the Stock Exchange of Mauritius chairman, then as general manager of an affili- (SEM) at AXYS Stockbroking. His team provides ate in Monaco, and finally as group CFO. In regular market wraps covering equities, fixed November 2018, he was appointed chairman of income, and other securities listed on the SEM the African Securities Exchanges Association and provides recommendations for blue chips. (ASEA). Mr. Hajji is also a board member of Prior to joining AXYS, Mr. Desai worked on the Operation Hope and a member of the advi- implementation and monitoring of corporate sory board of Silatech. He holds an MBA from strategies at SAP Labs LLC in California. He NYU Stern School of Business, a diploma holds a master’s in finance from the Sorbonne from Institut d’Études Politiques de Paris, and Business School at IAE de Paris and a double a master’s degree in capital markets from the bachelor’s degree in physics and astrophysics University of Paris-IX Dauphine. from the University of California, Berkeley. CFA Institute Research Foundation | iii BIOGraPHIES Ivy Hesse, CFA, CIPM, is the founder and Dennis Murekachiro is a full-time lecturer and principal consultant of Synercate, an investment head of the banking and finance department at performance, GIPS compliance, and general Bindura University of Science Education. He is advisory firm in Ghana. She previously worked at a passionate researcher on capital markets and Databank Brokerage Ltd and SEM International investment management and is also passion- Associates (SEM Capital Advisors) and served ate about financial and risk analytics and fin- as an independent trustee on seven pension tech and its application of artificial intelligence trustee boards. Ms. Hesse has been a panelist at systems. Mr. Murekachiro is a PhD candidate the EASEA (East African Securities Exchanges in finance, with a thesis on predicting African Association, a regional grouping under ASEA) stock markets. He holds an Msc in finance and conference in Kigali, Rwanda; a moderator at investment from the National University of the annual Capital Market Week and Financial Science and Technology, Zimbabwe, and a cer- Analyst Society, Ghana (the precursor soci- tificate in algorithmic trading from QuantInsti, ety to CFA Society Ghana), conferences; and a India. session facilitator for the ACCPA (Association of Certified Compliance Professionals, Africa) Norbert Mungwini is a full-time lecturer in the Ghana conference. She is an instructor for the department of finance at the National University professional licensing program for investment of Science Technology, Zimbabwe (NUST). He industry professional courses in Ghana and pro- lectures on corporate finance, alternative invest- vides training for professionals of key industry ments, and derivatives pricing and applica- institutions through her in-house training, pub- tion. Mr. Mungwini’s research interests include lic workshops, and industry forums. capital markets, personal finance, alternative investments, and corporate finance. He holds Adil Hlimi is managing editor of Boursenews.ma, a master of science in finance and investment a Moroccan financial information website. He (NUST), a bachelor’s degree in financial man- is also professor of universities in finance. He agement from the University of South Africa started his career in wealth management and (Unisa), and a post-graduate diploma in higher investment consulting in specialized firms in education (NUST). Mr. Mungwini is a member Casablanca and Marrakech, Morocco. Mr. Hlimi of the Investment Professionals Association of is a graduate in corporate finance. Zimbabwe. Gehad Hussein is managing editor at Business Brighton Mutingwende, CFA, is an invest- Forward and journalism instructor at Misr ments analyst with First Mutual Wealth International University (MIU), with nine years of Management, a local asset management com- experience in journalistic writing, content cura- pany. He is a founder and lecturer at Wintelstar tion, and copy editing. Her focus has been on eco- Finance School, a local finance school with sole nomic, financial, political, social and stock market mandate of assisting candidates in the in the stories. Previously, Ms. Hussein has worked at CFA Program. Mr. Mutingwende’s experience Daily News Egypt, Egypt Business Directory, spans investment research, financial reporting RiseUp LLC, and Mubasher.info, among others. analysis, private equity valuation, and invest- She has a BA in online and print journalism from ment management. He holds a bachelor’s of MIU and an MA in political science from the accounting sciences from Africa University and American University in Cairo (AUC). is a member of the Investment Professionals iv | CFA Institute Research Foundation BIOGraPHIES Association of Zimbabwe and CFA Society professorship of economics, finance, and strat- South Africa. egy at the Gordon Institute of Business Science (GIBS). Dr. Saville has been nominated for the Rufus Mwanyasi is an executive with an invest- Economist Intelligence Unit’s Business Professor ment advisory firm, Canaan Capital, that man- of the Year Award and received the Central ages an equity-focused investment partnership and East European Management Development fund. He runs a weekly business column, Mark Association award in teaching excellence. He to Market, with Business Daily and features on has consulted widely to government and busi- business media, CNBC Africa, and CGTN. Mr. ness, including serving as an economic con- Mwanyasi currently advises various corporate sultant to Visa South Africa. Dr. Saville holds entities on East African capital markets and is a a bachelor’s degree, master’s of commerce, and contributor to The Exchange. PhD (economics) from the University of Natal, Martin Mwita is a regular writer for The for which he was awarded the Economic Society Exchange, contributing on the economy and of South Africa’s Founders’ Medal. He is a financial and economic trends in East Africa. UNESCO laureate and a matriculant of Linacre He is a popular journalist in East Africa cover- College at the University of Oxford and has ing the various financial and capital markets.