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SECTOR        :               Financial Sector

PROJECT ID:               P-Z1-HB0-067

GRANT No.   :               ML-0075

IFB No.           :               WAMI/AfDB/WACMI-2/QCBS/SERV/03/2021

I. The West African Monetary Institute (WAMI) has received financing from the African Development Bank (AfDB) under the Capital Markets Development Trust Fund (CMDTF) for the implementation of the West African Capital Markets Integration (WACMI) Phase 2 Project. The objective of the WACMI Phase 2 Project is to harmonize and validate regulations for trading and settlement of securities in West African capital markets as well as implement other related activities. A component of this is the conduct of needs assessment studies on the state of the equity capital markets (stock exchanges) in The Gambia, Guinea, Liberia and Sierra Leone and the development of an implementation roadmap for the inclusion of each market in the integrated WACMI Project.

WAMI was established in 2001 by the Governments of the West African Monetary Zone (WAMZ) countries, to undertake policy and technical preparations for the launch of a monetary union for the WAMZ as well as the establishment of the West African Central Bank (WACB). In line with its mandate of facilitating economic integration of the sub-region, one of the projects WAMI is engaged in the integration of capital markets across the sub-region.

The West African Capital Market Integration (WACMI) project began in 2013 with the objective of integrating capital markets in the West Africa sub-region. The body established to drive the process was the West Africa Capital Market Integration Council (WACMIC). The Council, which comprises Stock Exchanges and Central Securities Depositories (CSDs) in the UEMOA Zone, Cabo Verde, Ghana, Nigeria, and Sierra Leone, was tasked with managing the implementation of the processes that will facilitate the creation of an integrated capital market in West Africa. Prior to 2015, the securities regulators in the sub-region were part of WACMIC. WACMIC adopted a three-phased approach to capital market integration; namely: Sponsored Access (Phase 1), Qualified West African Broker (QWAB) (Phase 2) and Fully Integrated West African Securities Market (WASM) (Phase 3). Phase 2 of the integration project is presently being implemented, with funding from the African Development Bank (AfDB) and WAMI as executing agency.

Phase 2 of the Project: Qualified West African Broker (QWAB), aims to institute a system where capital market operators across West Africa can trade on exchanges across the region using harmonized rules. The main thrust of this Phase is therefore the Harmonization and Validation of West African Capital Market Rules to enable cross-border access to markets across the sub-region.

This integration project has the cooperation and active support of the West Africa Securities Regulators Association (WASRA) which comprises the Securities and Exchange Commissions of Ghana, Nigeria, and Conseil Régional de l’Epargne Publique et des Marchés Financiers (CREPMF) of the UEMOA Zone. WASRA was formed in 2015 to focus on designing the policy framework for achieving the integration of capital markets in the sub-region. The goal of the WACMI project is not only to integrate existing markets in the sub region but also to help develop capital markets of Member States that do not have formal capital markets and to help them become part of the West Africa Integrated Market.

The WACMI project hereby seeks to engage the services of a qualified consultant or firm to Conduct a Needs Assessment Study on the Equity Capital Markets of Four West African Countries without active Stock Exchanges - The Gambia, Guinea, Liberia, and Sierra Leone.

2. The services included under this project/services are to conduct a Needs Assessment of the Capital Markets in The Gambia, Guinea, Liberia, and Sierra Leone. It also includes the design of a detailed Road Map, complete with requirements, for setting up capital markets in these countries. This service is expected to be completed within a nine (9) month period.

3. WAMI now invites eligible consultants to indicate their interest in providing these services. Interested consultants must provide information indicating that they are qualified to perform the services (brochures, description of similar assignments, experience in similar conditions, availability of appropriate skills among staff, etc.). Expressions of interests should include profiles of the team that will carry out the study and their past works, describing how the firm intends to go about the assignment, what processes they will follow and requirements they have regarding timelines, rates, requests, sign-off and payments. Consultants may constitute joint-ventures to enhance their chances of qualification.  Interested  consulting firms should submit expressions of interest based on the following criteria:

  • Not less than seven (7) years’ experience in conducting similar assessments.
  • Demonstrable understanding of capital markets and their workings.
  • Demonstrable understanding of the financial industry in emerging markets, especially the West African sub-region.
  • Clearly conceptualize and explain what the assignment is and how they would carry it out.
  • Demonstrable ability to translate results of the study into well-structured Roadmap for the development of the equity capital market in each of the four jurisdictions.
  • Clearly state the cost and timelines of the study.

4. Eligibility criteria, establishment of the shortlist and the selection procedure shall be in accordance with the African Development Bank’s “Rules and Procedures for the use of Consultants”,  dated  October  2015, which is available on the Bank’s Website at

5. Interested consultants may obtain further information at the address below during the office hours 8.30 hours to 17.00 hours Monday through Friday (excluding public holidays) at the address below from November 29 to December 27, 2021. Only qualified candidates will be contacted for the next stage of the selection process.

6. Expressions of interest should be delivered by mail, electronically, or physically in sealed envelopes clearly marked “Expression of Interest – Capacity Building and Sensitization, WACMI Phase 2 Project” to the address below by December 27, 2021.


The Director General

West African Monetary Institute

Tetteh Quarshie Interchange

Gulf House, Accra, Ghana

Attn: Project Implementation Officer

Tel: +233 302 743801                               E-mail: