The Chief Executive Officer of the Capital Market Authority of Rwanda, Romeo Ngarambe has called for continued action to advance a more integrated East African capital market and unlock cross-border trading of government securities across the region.
He made the call during the closing of the East African Community (EAC) Regional Technical Working Group meeting on Cross-Border Trading of Government Securities held in Kigali in the week of 20 – 24 April 2025.
CEO Ngarambe said the meeting had moved the region closer to building the legal, regulatory and operational foundations needed to support seamless trading of government securities among EAC Partner States.
“The value of this meeting will be measured not only by the quality of our discussions, but by the actions that follow them,” he said.
He noted that a more integrated regional capital market would strengthen the free movement of capital, widen investment opportunities, improve market efficiency, and support the mobilisation of long-term financing for national and regional development.
Rwanda hosted and co-led the engagement through the Capital Market Authority, in partnership with the National Bank of Rwanda, the EAC Secretariat and sister institutions from across the region.
The meeting brought together representatives from Ministries of Finance, Central Banks, Capital Markets Authorities, Securities Exchanges and the EAC Secretariat to review progress and agree on the next steps towards regional financial market integration.
Participants reviewed key EAC Council Directives governing securities markets, including rules on admission to trading on secondary exchanges, public debt offers, regional listings, central securities depositories and securities exchanges.
The review focused on strengthening legal clarity, aligning regulatory frameworks, harmonising market practices and ensuring that trading and settlement systems across Partner States can support cross-border transactions.
The next phase will focus on updating relevant directives, improving coordination among Partner States, and aligning market infrastructure to support efficient cross-border trading of government securities.
The recommendations from the Technical Working Group are expected to be submitted to key regional bodies, including the Monetary Affairs Committee, the Committee on Fiscal Affairs, and the Capital Markets, Insurance and Pensions Committee, for consideration.
Once adopted, the revised framework is expected to pave the way for deeper capital market integration, stronger investor participation and more efficient mobilisation of financing across the EAC region.