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The Bourse Régionale des Valeurs Mobilières SA ("Regional Securities Exchange SA") or BRVM, is a regional stock exchange serving the following West African countries: Benin, Burkina Faso, Guinea Bissau, Côte d'Ivoire, Mali, Niger, Senegal, Togo.

The exchange is located in Abidjan, Cote d'Ivoire. Market offices are maintained in each country. BRVM is a private corporation with 2,904,300,000 CFA francs in capital.

The mission of the BRVM is to:

• Organize the securities market;
• Disseminate market information;
• Promote the market.

Time line Market integration by the BRVM is a political, institutional and technical success. The Bourse Régionale and Dépositaire Central/Banque de Règlement (DC/BR) were established in several phases:

• November 14, 1973: Treaty signed establishing the West African Monetary Union (WAMU) which created a financial market organized into sub-regions.
• December 17, 1993: WAMU Council of Ministers decides to create a Regional Financial Market and mandates the Central Bank of West African States (BCEAO) to conduct the project.
• December 18, 1996: Various preliminary activities are conducted resulting in the formation in Cotonou of Bourse Régionale des Valeurs Mobilières S.A. (BRVM) and Dépositaire Central/Banque de Règlement S.A. (DC/BR), thus marking the end of the BCEAO mandate and the takeover of project management by its own agencies.
• November 20, 1997: Union's Council of Ministers establishes the Regional Council for Public Saving and Financial Markets.
• September 16, 1998: BRVM and DC/BR begin operations.

Global Financial Crisis

The effects of the global financial crisis on developing countries will be as high as on developed countries. IMF forecasts for sub-Saharan African growth for 2008 and 2009 have recently been downgraded by between 1-2 percentage points to 5.5% in 2008 and 5.1% in 2009. The revision represents a reduction of up to USD 20 per head in sub-Saharan Africa due to the financial crisis.

Not all countries are exposed to this risk. Indeed, foreign ownership of banks varies in the sub-Saharan African region. Countries such as Mali, Tanzania, Rwanda, Uganda, and Mozambique have high shares of foreign-owned banks. Those countries with a high share of foreign-owned banks might be more at risk to the financial crisis than those with few foreign-owned banks.

Despite the ongoing crisis, Mali is expected to continue its growth path in the next year. With a fairly diversified economy, agriculture accounts for approximately a quarter of GDP, while services, and transports and communications account for roughly 20% each. Nevertheless, if we take into account the general commodities sector, Mali markets concentrate on cotton and gold. Therefore, its economy will react to volatile prices during the ongoing economic and financial turbulence.

Even though the global slowdown might put some downward pressure on cotton prices with a detrimental effect on agriculture, the other sectors of the economy are still growing thus off-setting the negative impacts of commodities and metals decreasing prices. Fiscal deficits, although above 2% of GDP, seem under control and were forecast to improve during 2009. Investment flows that in the past have been directed mainly to the telecommunication sector are set to continue to nourish the Mali economy. So, unless major corrections in the global scenario, Mali should keep growing at its current pace. Global demand contraction and decreasing prices have helped to contain inflationary forces.

Moreover, the level of reserves is expected to sharply decrease in 2008 with a small recovery in 2009, but always remaining above the 3 months healthy threshold. Despite its fundamentals, Mali is not immune to the global financial crisis, and much still needs to be done. For example, Mali still ranks among the worst countries for doing business according to the last World Bank Doing Business Report. So, more efforts in this area would add flexibility and competitiveness to respond to the crisis.

Present-day Mali was once part of three West African empires that controlled trans-Saharan trade: the Ghana Empire, the Mali Empire (for which Mali is named), and the Songhai Empire. During its golden age, there was a flourishing of mathematics, astronomy, literature, and art. At its peak in 1300, the Mali Empire covered an area about twice the size of modern-day France and stretched to the west coast of Africa. In the late 19th century, during the Scramble for Africa, France seized control of Mali, making it a part of French Sudan. French Sudan (then known as the Sudanese Republic) joined with Senegal in 1959, achieving independence in 1960 as the Mali Federation. Shortly thereafter, following Senegal's withdrawal from the federation, the Sudanese Republic declared itself the independent Republic of Mali. After a long period of one-party rule, a coup in 1991 led to the writing of a new constitution and the establishment of Mali as a democratic, multi-party state.

In January 2012, an armed conflict broke out in northern Mali, which Tuareg rebels took control of by April and declared the secession of a new state, Azawad. The conflict was complicated by a military coup that took place in March and later fighting between Tuareg and Islamist rebels. In response to Islamist territorial gains, the French military launched Opération Serval in January 2013. A month later, Malian and French forces recaptured most of the north. Presidential elections were held on 28 July 2013, with a second round run-off held on 11 August, and legislative elections were held on 24 November and 15 December 2013. 

Famous people

The West African CFA franc (French: franc CFA;Portuguese: franco CFA or simply franc, ISO 4217 code: XOF) is the currency of eight independent states in West Africa: Benin, Burkina Faso, Guinea-Bissau, Ivory coast, Mali, Niger, Senegal and Togo. These eight countries have a combined population of 105.7 million people (as of 2014), and a combined GDP of US$78.4 billion (as of 2012). The acronym CFA stands for Communauté Financière d'Afrique ("Financial Community of Africa") or Communauté Financière Africaine ("African Financial Community").

The currency is issued by the BCEAO (Banque Centrale des États de l'Afrique de l'Ouest, "Central Bank of the West African States"), located in Dakar, Senegal, for the members of the UEMOA (Union Économique et Monétaire Ouest Africaine, "West African Economic and Monetary Union"). The franc is nominally subdivided into 100 centimes but no centime denominations have been issued.The Central African CFA franc is of equal value to the West African CFA franc, and is in circulation in several central African states. They are both the CFA franc.