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VII. A. Automation: PROMOTING STOCK MARKET DEVELOPMENT IN AFRICA
The results from the previous sections show that African stock markets are small, illiquid, with infrastructural bottlenecks and weak regulatory institutions. Despite these problems, stock markets in Africa have helped in the financing of the growth of large corporations but there is little evidence of broader economic benefits. How do you make the stock market more beneficial to African countries?

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VII. B. Demutualization: PROMOTING STOCK MARKET DEVELOPMENT IN AFRICA
Demutualization can be defined as a change in the legal status, structure and governance of an exchange from a non-profit, protected interest one to a profit oriented.
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