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Kudzanai Sharara in London, UK
The Victoria Falls Stock Exchange expects to go pan-African over time, including trading of African currencies, chief executive officer (CEO) Justin Bgoni told the Capital Markets and Investment Promotion Conference underway here.
Bgoni highlighted the VFEX’s potential to become a pan-African trading hub, encompassing not just African commodities but also their respective currencies.
He emphasized the exchange’s commitment to transparency and efficiency in these markets.
“The VFEX welcomes listings from both domestic and foreign companies,” Bgoni stated. “We anticipate welcoming six new listings this year.”The VFEX CEO announced the upcoming launch of a commodities exchange in the third quarter of 2024, starting with the trading of chrome.
This platform aims to provide Zimbabwean small-scale miners with fair prices, formal records of transactions, and reduced risk.“We will begin with a spot market before transitioning to derivatives,” Bgoni explained. “The commodities exchange will present opportunities for warehouse operators and traders alike.”
Building on Government’s initiatives, the VFEX is attracting growing interest from local and international companies.Bgoni attributed this to flexible exchange control regulations that facilitate capital raising, efficient repatriation of dividends for investors, and smooth disinvestment processes.
“The VFEX has emerged as a globally competitive platform for raising capital in hard currency,” Bgoni said.“This has the potential to transform Victoria Falls, Zimbabwe’s tourism hub, into a thriving Offshore Financial Services Centre.”
Bgoni emphasized the VFEX’s advantage of being insulated from currency volatility, a common challenge in many African markets.
Online Reporter