A cross-section of stockbrokers has expressed optimism over the newly appointed Dar es Salaam Stock Exchange (DSE) Chief Executive Officer, saying the tiny bourse is on the right hands.The brokers believe that the 37-year old new CEO, Mr Moremi Marwa, himself a broker, not only understands the challenges of the market but also has experienced them practically. Mr Marwa started his new duty as the fourth CEO of Dar bourse.
Enterprise Growth Market Advisors Managing Director Dr Fratern Mboya says the new CEO would help to position the bourse at the right slot not only locally but also regionally and internationally.
“He practically knows the dos and don’ts and, as broker, he has experienced the challenges becoming capable of developing the bourse positively,” Dr Mboya told the ‘Daily News’.
Before Mr Marwa’s appointment to head DSE, he was the CEO of the Tanzania Securities, a Senior Manager in Ernst & Young’s Transaction Advisory Services and before that he worked with Deloitte in Corporate Finance as a Business Analyst.
“I hope the best from him,” Dr Mboya, who was the head of capital market and securities, said, adding: “But, he needs support and cooperation from all players.”
Zan Securities CEO Raphael Masumbuko said prospects are good especially when dealing with someone who understands the ABC of the market form market, challenges and risks associated in the businesses.
“So we hope he will begin with pertinent challenges as he knows them,” said Mr Masumbuko.
However, Mr Masumbuko said, the first challenges the bourse’s new CEO has to tackle head-on is the awareness and education regarding the stock exchange and lack of products at the market. He said there are a lot of untapped funds in the economy.
If you look at the size of deposits lying at banks, while there are avenues to invest the same at a better price, one realizes that portfolio investment is still very low in the country.
However, Mr Masumbuko said, the first challenges the bourse’s new CEO has to tackle head-on is the awareness and education regarding the stock exchange and lack of products at the market. He said there are a lot of untapped funds in the economy.
If you look at the size of deposits lying at banks, while there are avenues to invest the same at a better price, one realizes that portfolio investment is still very low in the country.
The brokers are banking their hopes on the back of Mr Marwa’s experience and education on money market.
Mr Moremi replaces Mr Gabriel Kitua who resigned early this year.
Source: The Daily News, reported by Abduel Elinaza in Dar es Salaam
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