The Sudanese Government has announced the launch of an online stock market in the country’s capital, Khartoum – a landmark development in the Sudan’s financial history.
This was launched last week at the Khartoum Stock Exchange, which it is hoped will strengthen the country’s financial governance and accountability.
The African Development Bank, which funded the project at a cost of US Dollars 34.8 Million said the e-trading system will be instrumental in promoting the rapid development of the KSE, improving transparency and financial management, and reducing the risks associated with physical transactions.
It will also improve domestic revenue mobilisation, in particular of Sukuk or Islamic, bonds, which Sudan depends heavily on for financing infrastructure and services, as well as lowering transaction costs and saving time, the bank added.
While the KSE has been growing rapidly over the last few years and has 53 listed companies worth around 5 Billion dollars (Around Ksh 500 Billion- Much less than the value of Kenya’s Safaricom), the stock exchange is open only one hour per day, Sunday through Thursday
The online trading system will be instrumental in promoting rapid development of the Khartoum Stock Exchange Market, which is a central element in the country’s financial market.
Other complementary systems that are being developed by the Country include an Integrated Financial Management and Information System (IFMIS).
The online trading system will ensure Sudan’s public financial management systems are integrated with other systems in line ministries through a customized IT infrastructure that will enhance electronic transactions, information flow and interaction across ministries.