Africa economic growth to more than triple by 2050: Egypt bourse chief

Economic growth in Africa is seen to more than triple by 2050, said Egyptian stock exchange chairman Mohamed Farid on Monday.

These promising growth rates will strongly support the African money markets in return, Farid told the 21st Annual Meeting of the African Securities Exchanges Association (ASEA), which takes place in Cairo between November 19-21.

The Egyptian official said it is a necessity to have advanced technologies and combat the financial illiteracy to achieve economic prosperity in the African continent.

ASEA has chosen Egypt for the second time in five years to host the General Assembly and Annual Conference, in a step that reflects a growing recognition of the role of EGX at the African level.

Farid said that the conference contributes in supporting the Egyptian capital market strategy, namely achieving the economic mobility required to attract foreign investments, and highlighting the role of African capital markets as a promising investment destination for international investment.

The two-day conference will discuss a number of important issues related to the capital market industry, such as ways to improve liquidity in the African markets, review the latest developments in financial technology in the capital markets. The sessions will also discuss mechanisms to strengthen governance practices and the role of financial markets in sustainability.