Financial information is a crucial matter in the decision-making of investors. This no longer needs to be demonstrated. Nevertheless, at the Regional Stock Exchange (BRVM), listed companies do not play fair on this point and this could mitigate or even annihilate efforts to develop the sub-regional market. In its 2018 annual report, the market regulator, the Regional Council for Public Savings and Financial Markets, presented a very revealing picture of these dysfunctions. A study conducted on the publications of the 2017 and 2018 reports of the various companies listed on the West African Stock Exchange revealed the following:

• Regarding the 2017 annual report, 23 companies out of the 44 active on this market published their reports after the deadline, i.e. more than half of the players (52%).
• 21 companies, i.e. 48% of players, did not present a report for the 1st quarter of 2018.
• Regarding the report for the 1st half of 2018, 14 companies out of the 44 active on this market published their reports after the deadline, i.e. one third of the players (32%).
• 23 companies, i.e. 52% of players, did not present a report for the 3rd quarter of 2018.

State of the publication of results by listed companies.

The development of African financial markets in general and of the West African market in particular requires concerted and coherent action by all players. While the market authorities carry out many promotional actions in the various countries of the Union and with the diaspora, it is regrettable that companies are reluctant to disseminate information that is nevertheless available and that is essential for the proper orientation of players.

We can't wait for the authorities to be able to attract new companies that want to obtain financing by genuinely collaborating with investors.

About the author of the article

BRICE KOUAO, Founder of L'ECOLE DE LA BOURSE

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