Angola, Africa’s second-biggest oil producer, will start an electronic bond market within months and a stock market within two years, central bank Governor Jose de Lima Massano said.
“We are going to have this set up during the first half,” Massano, 43, said in an interview yesterday at his offices in Luanda, the capital. “It will be done through the Capital Markets Commission, not the central bank.”
While some local companies may need more time to meet requirements on financial reporting and transparency, the nine largest domestic banks in the country are ready to list on a stock exchange, he said. Angola has 23 registered domestic banks and 10 units of foreign financial companies, according to the website of the central bank.
A stock market has been discussed for more than a decade by policy makers in the southwest African country rebuilding from a 27-year civil war that ended in 2002. Banco Regional Do Keve SA, an Angolan lender, raised $20 million of subordinated debt in the nation’s first corporate bond sale in September.
The project has “momentum” because the government has studied the market, installed much of the infrastructure and has the support of the International Monetary Fund and officials from the U.S. Treasury Department, Manuel Alves de Rocha, an economist at the Catholic University of Luanda, said in an interview this month.
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