By Richard Thompson

On January 21, a pivotal moment in historical reckoning unfolded as a commission of historians delivered a comprehensive report to French President Emmanuel Macron, illuminating France’s role in the violent repression of Cameroonian independence movements. This nearly 1,000-page document represents nearly two years of meticulous research and will soon be handed over to Cameroonian President Paul Biya before its public release.

The commission, led by French researcher Karine Ramondy and comprising 13 French and Cameroonian historians, examined the tumultuous period between 1945 and 1971. During these years, tens of thousands of Cameroonians lost their lives to violence perpetrated first by French forces and later in collaboration with the troops of Cameroon’s first president, Ahmadou Ahidjo. France granted the researchers access to previously classified archives, uncovering details that had long remained hidden from public view.

Revisiting a Suppressed History

Despite prior historical documentation of this dark era, the events remain largely unknown and overlooked, both in France and Cameroon. President Macron described this history as “repressed,” reflecting its exclusion from public discourse and education. The new report aims to shed light on these events and foster greater understanding of France’s colonial past and its ongoing implications.

Karine Ramondy emphasized the importance of incorporating this history into school curricula, stating in 2023, “We intend to have it included in school curricula.” This effort seeks to ensure that younger generations confront and learn from this painful chapter in Franco-Cameroonian relations.

Macron’s Commitment to Truth and Memory

The submission of the report marks a step forward in France’s broader commitment to truth and reconciliation regarding its colonial past. The Élysée Palace reaffirmed President Macron’s dedication to this process, emphasizing the need to confront the “respective responsibilities of French and Cameroonian actors” during and after the formal independence of Cameroon in 1960.

While former President François Hollande in 2015 alluded to these events as “extremely troubled episodes,” Macron has gone further by commissioning this detailed investigation. The handover of the report to President Paul Biya in Yaoundé on January 28 will be a symbolic moment, potentially paving the way for deeper acknowledgment and dialogue.

As the report awaits public scrutiny, it holds the promise of a more visible and honest engagement with the past, offering a critical step toward healing and historical justice.

By Richard Thompson

The head of Ethiopia’s new stock exchange said the bourse plans to diversify its offerings to avoid the challenge of low trading volumes seen in other African countries as it vies to attract more private investment.

Ethiopia this month launched its first securities exchange in five decades to revive an economy grappling with double-digit inflation, conflict, and growing external debt. So far only one company, Wegagen Bank, a mid-sized lender based in Addis Ababa, has listed. The state-owned telecom Ethio Telecom, which is preparing for an initial public offering, is expected to join suit in coming months.

African stock exchanges typically suffer from lower liquidity than their peers beyond the continent, which has prompted some local companies seeking equity capital to list in London or New York where they have access to a larger pool of investors. The UK and US markets in particular offer deeper capital pools and higher trading volumes.

This trend has stymied the development of African stock markets outside the Johannesburg Stock Exchange, the continent’s biggest bourse.

Already anticipating the challenge of getting firms on board, Tilahun Kassahun, CEO of the Ethiopian Securities Exchange, told Semafor the exchange was working to “diversify products and services” across money, debt, and equity markets, as well as introduce options such as Islamic bonds, to attract companies.

“We expect private companies, including those that are operating as large share companies as well [as] those [that are] privately owned to come to the market,” Kassahun said, adding that the exchange aims to list at least 90 companies in the next 10 years.

Many of Ethiopia’s roughly 30 local banks are expected to be listed as they prepare for competition from foreign banks that are being allowed to enter the local banking sector for the first time in 50 years. The move comes as the Ethiopian government accelerates its hunt for foreign investment and has mused about offering Ethiopian Airlines to private investment.

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The continent’s second-most populous nation is also one of its fastest growing economies. But it has struggled to draw international investment despite efforts by Prime Minister Abiy Ahmed to liberalize the economy since taking office in 2018.

Abiy’s government has changed laws, established during Ethiopia’s socialist era, that nationalized much of the local economy as part of his push to attract foreign investment in various sectors including aviation, telecoms, and real estate.

The government hopes the new stock exchange will help to bring in much-needed financial resources to local startups in search of finance.

Samuel’s view

Ethiopia’s ambition to reopen a stock exchange has been a long time in the making.

It should help to build trust in the government’s commitment to economic growth and bring in much-needed investment to the local economy. “This is a perfect opportunity for Ethiopia to build a strong capital market,” Samon Berhane, an Addis Ababa- based economic analyst, told me.

The Ethiopian stock exchange is expected to support local companies raise capital as part of the government’s ambitious plans to upend the economy.

I share that view, to a degree. But it’s also worth noting the wariness of international investors so far. Ethio-Lease, Ethiopia’s first equipment leasing company that was expected to play an expanding role in the local agriculture sector, and Kenya’s Safaricom have either abruptly left or hesitated to expand their presence in the country as a result of ongoing conflicts and fears of protectionist government policies.

Room for Disagreement

The Bourse Régionale des Valeurs Mobilières (BRVM), the regional stock market for the eight members of the West African Economic and Monetary Union that began operating in 1998, has bucked a trend that has seen African companies list outside the continent.

Last week its general director said BRVM’s value rose to a record high of 20.6 trillion CFA francs ($32 billion) in 2024, boosted by strong interest from investors. The exchange, based in Côte d’Ivoire, has 47 companies listed, including Senegalese telecom Sonatel, Burkina Faso’s Onatel, and Ivorian lender Societe Generale Cote d’Ivoire.

The View From Kenya

The Nairobi stock exchange, founded in 1954, is East Africa’s largest stock exchange with more than 60 listed companies. But Aly-Khan Satchu, an analyst at Rich Management Nairobi, said the bourse has not performed well in recent years.

“Kenya’s stock market has been languishing (notwithstanding a rebound last year) with minimal trading and a dearth of new issues,” said Satchu. “We now know the easy part is constructing a stock exchange, the hard part is making it vibrant and a key component of an emerging capital market and economy.”