{"status":true,"post":{"id":49360,"user_id":30,"status":1,"type":1,"orde":null,"notification_type":3,"static_post":0,"published_at":"2024-03-04 09:36:00","created_at":"2024-03-04T06:36:00.000000Z","updated_at":"2024-03-04T06:36:00.000000Z","edited_at":"2024-12-17 22:35:21","source_id":null,"post_id":49360,"is_featured":0,"title":"Afrika borsalar\u0131 k\u0131ta ekonomisine ayna","slider_title":null,"slider_title_2":null,"slider_spot_title":null,"slider_spot_title_2":null,"home_title":null,"sub_title":null,"category_id":73,"description":"PROF. DR. AHMET KAVAS","content":"

D\u00fcnyada belli ba\u015fl\u0131 b\u00fcy\u00fckl\u00fckte 60 kadar borsa var ve bunlar\u0131n toplam i\u015flem hacmi 63 trilyon dolar\u0131 buluyor. Bu alanda Kuzey Amerika y\u00fczde 66, Bat\u0131 Avrupa y\u00fczde 17, Japonya y\u00fczde 6, \u00c7in y\u00fczde 2, Tayvan y\u00fczde 2, Hindistan y\u00fczde 1 ve Ortado\u011fu ile Afrika gibi di\u011fer b\u00f6lgeler ise sadece y\u00fczde 5\u2019i temsil ediyor.<\/span><\/strong><\/p>

\u00a0<\/span><\/strong><\/p>

\u00d6zellikle Afrika d\u00fcnya ekonomisine y\u00fczde 4\u2019l\u00fck bir katk\u0131da bulunup y\u00fczde 18\u2019lik n\u00fcfusa sahip olsa da trilyon dolar\u0131 a\u015fan toplam borsa i\u015flemi ile hen\u00fcz y\u00fczde 2\u2019lik bir paya ula\u015fma a\u015famas\u0131nda. G\u00fcn\u00fcm\u00fczde 3 binden fazla milyar dolarl\u0131k b\u00fct\u00e7esi bulunan yerel \u015firkete sahip.\u00a0<\/span><\/strong><\/p>

\u00a0<\/span><\/p>

Afrika\u2019da borsan\u0131n varl\u0131\u011f\u0131 Avrupa veya Amerika\u2019da ortaya \u00e7\u0131k\u0131\u015f\u0131yla birebir \u00f6rt\u00fc\u015fmese de yine de iki asra yak\u0131n bir ge\u00e7mi\u015fi bulunuyor. \u0130lk kez 15. y\u00fczy\u0131lda Hollanda\u2019da ortaya \u00e7\u0131kt\u0131\u011f\u0131, bug\u00fcn Bel\u00e7ika s\u0131n\u0131rlar\u0131 i\u00e7inde kalan Brugge \u015fehrinde ilk uygulamas\u0131n\u0131n yap\u0131ld\u0131\u011f\u0131, Anvers \u015fehrinin ise \u00f6ne \u00e7\u0131kt\u0131\u011f\u0131, Almanya\u2019da 16. y\u00fczy\u0131lda yayg\u0131nla\u015ft\u0131\u011f\u0131 ama t\u00fcm \u00f6nemli borsalar\u0131n bug\u00fcnk\u00fc anlamda ilk i\u015flemlerini 19. y\u00fczy\u0131lda yapmaya ba\u015flad\u0131klar\u0131 biliniyor.<\/span><\/p>

\u00a0<\/span><\/strong><\/p>

KITADAK\u0130 \u0130LKLER<\/span><\/strong><\/p>

\u00a0<\/span><\/p>

Afrika borsa gelene\u011finde M\u0131s\u0131r, 1883\u2019te ilk defa faaliyete ba\u015flayan Kahire ve \u0130skenderiye borsalar\u0131 ile neredeyse 1.5 as\u0131rl\u0131k bir tecr\u00fcbeye sahip. Yine G\u00fcney Afrika\u2019da Johannesburg Borsas\u0131 da en eski ikinci borsa olarak ilk defa 1887 y\u0131l\u0131nda a\u00e7\u0131ld\u0131. Sahraalt\u0131 Afrika\u2019da iki b\u00f6lgede borsa birlikleri var ve bunlar Bat\u0131 Afrika\u2019da 8 \u00fclke aras\u0131nda olu\u015fturulan Mahalli Menkul K\u0131ymetler Borsas\u0131 (BRVM) ve Orta Afrika B\u00f6lgesi Menkul K\u0131ymetler Borsas\u0131 olup 6 \u00fclkenin giri\u015fimiyle ger\u00e7ekle\u015ftirildi. BRVM, Fildi\u015fi Sahili\u2019nin ekonomik ba\u015fkenti Abidjan\u2019da kuruldu. 2022 y\u0131l\u0131 kas\u0131m ay\u0131nda Afrika Borsalar Birli\u011fi\u2019nin 25. kurulu\u015f y\u0131l d\u00f6n\u00fcm\u00fcnde Fas, Fildi\u015fi Sahili, G\u00fcney Afrika Cumhuriyeti, Kenya, Nijerya, M\u0131s\u0131r ve Moritanya dahil 7 Afrika borsas\u0131, Afrika Borsalar\u0131 Ba\u011flant\u0131 Projesi (AELP) ile kurulan platform \u00fczerinden birbirleriyle ba\u011flant\u0131l\u0131 hale getirildi. B\u00f6ylece t\u00fcm k\u0131tay\u0131 kapsayacak tek bir borsa kurulmas\u0131 i\u00e7in yeni bir s\u00fcre\u00e7 daha a\u015f\u0131ld\u0131. \u0130ngilizce, Frans\u0131zca ve Arap\u00e7a dillerinde i\u015flemlere imk\u00e2n tan\u0131nd\u0131. Bostvana ve Gana\u2019n\u0131n da buna dahil olmalar\u0131 planland\u0131. Senegal Cumhurba\u015fkan\u0131 Macky Sall de Afrika Kredi Derecelendirme Ajans\u0131\u2019n\u0131n (ACRA) kurulmas\u0131n\u0131 destekledi. T\u00fcm bu geli\u015fmeler, asl\u0131nda Afrikal\u0131lar aras\u0131 mekanizmalar\u0131 geli\u015ftiriyor. Dahas\u0131, k\u0131tadaki ekonomik yap\u0131n\u0131n ezici \u00e7o\u011funlu\u011funu te\u015fkil eden KOB\u0130\u2019lerin her ne kadar finans piyasalar\u0131nda az temsil edilseler de yak\u0131n gelecekte m\u00fckemmel bir pazara d\u00f6n\u00fc\u015f\u00fcp bizzat Afrika borsalar\u0131nca desteklenece\u011fi \u00f6ng\u00f6r\u00fcl\u00fcyor. Bunun i\u00e7in finansal piyasalar\u0131 kullanmas\u0131n\u0131n \u00f6n\u00fcndeki engellerin kalkmas\u0131, finans alan\u0131nda e\u011fitim eksikli\u011fi ve her \u015firketin uymas\u0131 gereken finansal gizlilik k\u00fclt\u00fcr\u00fcn\u00fcn yerle\u015fmesi gerekiyor.\u00a0<\/span><\/p>

\u00a0<\/span><\/strong><\/p>

TEK \u00c7ATIDA TOPLAMA<\/span><\/strong><\/p>

\u00a0<\/span><\/p>

Afrika Menkul K\u0131ymetler Borsalar Birli\u011fi (ASEA), 1993 y\u0131l\u0131nda t\u00fcm k\u0131tadaki mevcut borsalar\u0131 tek \u00e7at\u0131 alt\u0131nda toplamak \u00fczere\u00a0<\/span>toplam 30 borsan\u0131n 22\u2019sinin kat\u0131l\u0131m\u0131yla olu\u015fturuldu. Ama\u00e7; ekonomik kalk\u0131nma i\u00e7in kaynak seferberli\u011fini te\u015fvik, s\u00fcrd\u00fcr\u00fclebilirli\u011fi desteklemek, finansal kat\u0131l\u0131m\u0131 art\u0131rmak ve sermaye piyasas\u0131 ekosistemlerini devreye koymak \u015feklinde belirlenen tarihi bir ad\u0131m\u0131 atmakt\u0131. \u015eimdilerde k\u0131ta genelinde G\u00fcney Afrika Cumhuriyeti\u2019nde 5, M\u0131s\u0131r, Moritus, Nijerya, Uganda ve Zambiya\u2019da ise iki\u015fer olmak \u00fczere 29 farkl\u0131 \u00fclkede aralar\u0131ndaki i\u015flem hacmi bak\u0131m\u0131ndan b\u00fcy\u00fck a\u00e7\u0131lar olsa da toplam 38 borsa bulunuyor. Bunlar i\u00e7inde Johannesburg Borsas\u0131 a\u00e7\u0131k oldu\u011fu g\u00fcnlerde 8 saat i\u015flem yap\u0131yor. BRVM, Fas\u2019ta Kazablanka ve \u00e7o\u011fu borsan\u0131n i\u015flemi\u00a0<\/span>6 saat, Gana Borsas\u0131\u2019n\u0131n 5 saat, M\u0131s\u0131r ve Moritus\u2019un 4 saat, Ruanda borsalar\u0131n\u0131n ise 3 saat ile s\u0131n\u0131rl\u0131.<\/span><\/p>

\u00a0<\/span><\/strong><\/p>

\u0130LG\u0130 ARTMALI<\/span><\/strong><\/p>

\u00a0<\/span><\/p>

21. y\u00fczy\u0131l, Afrika\u2019da m\u00fcspet anlamda b\u00fcy\u00fck de\u011fi\u015fimleri daha kal\u0131c\u0131 hale getiriyor. Bunlardan da biri, k\u0131tan\u0131n pek \u00e7ok \u00fclkesinde borsa ile ilgili at\u0131l\u0131mlar\u0131n\u0131n birbirlerini takip etmesi. Kamu kurulu\u015flar\u0131n\u0131n borsa yoluyla \u00f6zelle\u015ftirilmesi konular\u0131nda gerekli a\u015famalar\u0131n tamamlanamamas\u0131, \u00f6zel sekt\u00f6r\u00fcn \u00e7ekingen tavr\u0131 ve daha da \u00f6nemlisi d\u00fcnyan\u0131n b\u00fcy\u00fck borsalar\u0131 aras\u0131ndaki rekabet, Afrikal\u0131lar\u0131n bu sahada yeterince ilerleyememesinin \u00f6n\u00fcndeki ba\u015fl\u0131ca engeller. Ancak her t\u00fcrl\u00fc kalk\u0131nma hamlesinde bu alana ilginin artmas\u0131 gerekiyor. Halka a\u00e7\u0131ld\u0131k\u00e7a varl\u0131klar\u0131n sat\u0131\u015f\u0131ndan elde edilecek sermaye kazan\u00e7lar\u0131n\u0131n, s\u00fcbvansiyonlar\u0131n sona ermesi, vergi gelirlerinin artmas\u0131 m\u00fcmk\u00fcn olacak. Ecobank, MTN, BMCE Bank of Africa, Vodacom ve Safaricom d\u0131\u015f\u0131nda \u00f6zel \u015firketlerin uzun vadeli sermaye toplama istekleri, hen\u00fcz yeteri kadar tercih edilmiyor. Bu t\u00fcr \u015firketler, daha ziyade New York ve Londra borsalar\u0131na yat\u0131r\u0131m yapmay\u0131 tercih ediyor. Afrika Serbest Ticaret B\u00f6lge Anla\u015fmas\u0131 y\u00fcr\u00fcrl\u00fc\u011fe girdi\u011finde, k\u0131tadaki borsalar aras\u0131nda entegrasyon g\u00fc\u00e7lenecek. \u00d6zellikle de uzun vadeli kaynak seferberli\u011fi potansiyeli a\u00e7\u0131\u011fa \u00e7\u0131kacak ve \u00f6zel sekt\u00f6r\u00fcn geli\u015fmesini sa\u011flayacak t\u00fcm kald\u0131ra\u00e7lar hareketlenecek.\u00a0<\/span><\/p>

\u00a0<\/span><\/strong><\/p>

32 BORSA FAAL \u00a0 \u00a0<\/span><\/strong><\/p>

\u00a0<\/span><\/p>

Afrika genelinde Etiyopya, Gambiya ve G\u00fcney Sudan gibi 8 \u00fclkede borsa bulunmuyor. Baz\u0131 \u00fclkelerde birka\u00e7 borsas\u0131 olanlar dahil toplam 32 borsa faaliyetine devam ediyor. \u00c7in borsas\u0131nda neredeyse 6 bin \u015firket i\u015flem g\u00f6r\u00fcrken, Afrika k\u0131tas\u0131nda 2 bin 400 kadar \u015firket bu alanda faal. \u015eimdilerde Afrikal\u0131 borsalar\u0131n 1 trilyon 600 milyar dolarl\u0131k piyasa de\u011ferine ula\u015ft\u0131\u011f\u0131 anla\u015f\u0131l\u0131yor. Bu i\u015flem hacmiyle GSYH\u2019nin y\u00fczde 61\u2019i yakalan\u0131rken, bu oran \u00c7in\u2019de y\u00fczde 82.89 seviyesinde. K\u0131tan\u0131n kalk\u0131nmas\u0131ndaki en etkili ara\u00e7lardan biri, gereken katk\u0131y\u0131 veremiyor.\u00a0<\/span><\/p>

\u00a0<\/span><\/p>

G\u00fcney Afrika Cumhuriyeti, t\u00fcm k\u0131ta ekseninde en fazla likidite pazar\u0131na sahip ve de\u011fer zinciri olduk\u00e7a b\u00fcy\u00fck. T\u00fcm k\u0131ta genelinde yat\u0131r\u0131m yapma deneyimi bulunan kurulu\u015flar\u0131 var. Kurumlar aras\u0131 ileti\u015fim a\u011flar\u0131, uluslararas\u0131 kurallara uygun. \u0130ngilizcenin bu alandaki en etkili lisan olarak kullan\u0131lmas\u0131 da i\u015flerini kolayla\u015ft\u0131r\u0131yor. 2014\u2019te Johannesburg Borsas\u0131, 330 milyar dolar\u0131 a\u015fan i\u015flem yaparak, bu alandaki liderli\u011fini ilan etmi\u015fti. Nijerya Borsas\u0131, ayn\u0131 sene 82 milyar dolar\u0131 a\u015fan i\u015flemle 2., M\u0131s\u0131r Borsas\u0131 64 milyar dolarla 4., Kazablanka Borsas\u0131 55.5 milyar dolarla 5., Nairobi Borsas\u0131 6., Bat\u0131 Afrika Menkul K\u0131ymetler Borsas\u0131 ise 11 milyar dolarla 7. s\u0131rada yer alm\u0131\u015ft\u0131.<\/span><\/p>

\u00a0<\/span><\/p>

N\u0130JERYA FARK ATIYOR\u00a0<\/span><\/strong><\/p>

\u00a0<\/span><\/p>

Nijerya, son y\u0131llarda ciddi anlamda borsa i\u015flemlerinde adeta gelece\u011fe y\u00f6nelik \u00f6nemli geli\u015fmeler g\u00f6stererek b\u00fcy\u00fck umutlar beslenmesini sa\u011fl\u0131yor. Bir\u00e7ok hisse senetleri endeksi, enflasyon, d\u00f6viz kuru ve bor\u00e7lanma oranlar\u0131 gibi temel makroekonomik g\u00f6stergelerin \u00f6nemli s\u0131k\u0131nt\u0131lar\u0131 bir yana, \u00f6nceki y\u0131llarda g\u00f6r\u00fclmeyen seviyelerde y\u00fckseli\u015f g\u00f6steriyor. Son 8 ay i\u00e7erisinde de\u011ferini iki kat\u0131na \u00e7\u0131karan bir hisse senedinin itici g\u00fcc\u00fc merak ediliyor. Nijerya Borsas\u0131\u2019na bu piyasay\u0131 ayakta tutan yabanc\u0131 yat\u0131r\u0131mc\u0131lar\u0131n sermaye giri\u015fi de azalm\u0131\u015fken, 2024 Ocak ay\u0131nda y\u00fczde 35.3 getiri sa\u011flayarak d\u00fcnyada en iyi performans\u0131 g\u00f6stermesinin mutlaka ge\u00e7erli sebepleri vard\u0131r. Bunda, yeni Devlet Ba\u015fkan\u0131 Bola Tinubu\u2019nun ge\u00e7en sene yat\u0131r\u0131mc\u0131lar\u0131 hayran b\u0131rakan piyasa dostu uygulamalar\u0131 hayata ge\u00e7irmesi \u00f6nemli etken. 2022\u2019de 4.4 trilyon Naira (yerel para birimi) ile h\u00fck\u00fcmet b\u00fct\u00e7esini sarsan petrol s\u00fcbvansiyonlar\u0131n\u0131n kald\u0131r\u0131ld\u0131\u011f\u0131n\u0131 duyurmas\u0131 da ciddi tesir yapt\u0131. Devlete ait MNPC Limited\u2019in yak\u0131t ithalat\u0131ndaki tekelinin sonra ermesi ve di\u011ferlerine de f\u0131rsat verilmesi, olumlu de\u011fi\u015fimde kendini g\u00f6sterdi. 2023 y\u0131l\u0131 haziran ay\u0131nda enerji hisselerine ilgi artarak Eterna Oil, Conoil ve MRS gibi \u015firketler di\u011ferlerini de pe\u015flerine ald\u0131. Yine ge\u00e7en sene hisse senetlerine ilgiyi art\u0131ran en \u00f6nemli etkenlerden biri, emeklilik fonlar\u0131n\u0131n ve di\u011fer kurumlarla ilgili yat\u0131r\u0131mc\u0131lar\u0131n sabit gelirli varl\u0131klar\u0131n\u0131 bu alana y\u00f6neltmeleri oldu. Sadece emeklilik fonunun hisse senedi piyasalar\u0131na yapt\u0131\u011f\u0131 yat\u0131r\u0131m y\u00fczde 53 oran\u0131nda y\u00fckseldi ve 1.4 trilyon Naira\u2019ya ula\u015ft\u0131. Bankalar\u0131n da sermayelerini art\u0131rmas\u0131yla hisse senetlerine ilgi bir anda patlad\u0131. 2014\u2019te y\u00fczde 57.5, 2015\u2019te y\u00fczde 53.8 ve 2018\u2019de y\u00fczde 50.90 gibi \u00f6nemli oranlarda piyasan\u0131n can damar\u0131 yabanc\u0131 yat\u0131r\u0131m portf\u00f6y ak\u0131\u015flar\u0131 bulunmadan da m\u00fcspet geli\u015fmeler ya\u015fan\u0131yor. Ancak 2020\u2019deki Covid salg\u0131n\u0131 \u00f6ncesindeki gibi yabanc\u0131 portf\u00f6y yat\u0131r\u0131mc\u0131s\u0131n\u0131n yeniden ilgisi \u00e7ekiliyor. Bu s\u00fcre\u00e7te Afrika\u2019n\u0131n en zengin i\u015f adam\u0131 Aliko Dangote\u2019nin sahip oldu\u011fu Dangote \u00c7imento\u2019nun hisseleri sadece 2024 y\u0131l\u0131n\u0131n ilk g\u00fcnlerinden itibaren y\u00fczde 139 getiri sa\u011flayarak, \u00fclkedeki en iyi performans g\u00f6steren hisse senedi oldu. 2010 y\u0131l\u0131 ekim ay\u0131nda 135 Naira\u2019dan i\u015flem g\u00f6rerek ba\u015flam\u0131\u015f, ge\u00e7ti\u011fimiz ocak ay\u0131na kadar 370 Naira\u2019n\u0131n \u00fczerine hi\u00e7 \u00e7\u0131kmam\u0131\u015ft\u0131. Birka\u00e7 hafta i\u00e7inde Dangote Cement sahibinin serveti 6.9 milyar dolar b\u00fcy\u00fcd\u00fc.\u00a0<\/span><\/p>

\u00a0<\/span><\/p>

K\u00dc\u00c7\u00dcK \u00dcLKEDEK\u0130 B\u00dcY\u00dcK P\u0130YASA<\/span><\/strong><\/p>

\u00a0<\/span><\/p>

Moritus, Hint Okyanusu\u2019nda Afrika \u00fclkelerinden biri kabul edilmekte olup burada Afrinex ad\u0131yla Moritus Borsas\u0131 yan\u0131nda 2018 y\u0131l\u0131nda lisans\u0131n\u0131 ald\u0131. Hintli bir uzman\u0131n y\u00f6netti\u011fi ve Asya\u2019daki en eski borsalardan Bombay Borsas\u0131\u2019n\u0131n yan kurulu\u015fu olarak yeni \u00f6zel bir borsa a\u00e7\u0131ld\u0131. N\u00fcfusunun \u00e7o\u011fu Hint as\u0131ll\u0131 ve bu borsa ile Hindistan, Afrika i\u00e7in \u00f6nemli kap\u0131 a\u00e7t\u0131. Her ne kadar k\u00fc\u00e7\u00fck bir ada \u00fclkesi olsa da Moritus, finans konular\u0131nda ciddi tecr\u00fcbe ve bilgi birikimine sahip. Buras\u0131 \u015feffafl\u0131k ve insan kalk\u0131nma endeksi ile k\u0131tan\u0131n demokrasi ve i\u015f yapma konular\u0131nda en rahat \u00fclkeleri aras\u0131nda; \u00f6nemli bir finans ve sermaye merkezi yap\u0131lmas\u0131 i\u00e7in de \u00e7ok uygun. Zaten Hindistan Eximbank\u2019\u0131, d\u00fcnyan\u0131n ba\u015fka b\u00f6lgeleri gibi Afrika ticaretinin finansman\u0131nda olduk\u00e7a faal ve Afrika \u0130hracat- \u0130thalat Bankas\u0131\u2019n\u0131n da ortaklar\u0131 aras\u0131nda yer al\u0131yor. Afrinex ile Afrikal\u0131 yat\u0131r\u0131mc\u0131lar i\u00e7in ne derecede etkili olaca\u011f\u0131 zamanla anla\u015f\u0131lacak. Afrika ile toplam ticareti 200 milyar dolar\u0131 a\u015fan \u00c7in\u2019in bu alandaki faaliyetleri 56 milyar dolar\u0131 ancak yakalayan Hindistan\u2019\u0131nkileri her ne kadar g\u00f6lgelese de her ikisi de ciddi bir rekabet i\u00e7inde ve Afrika ticaretindeki toplam paylar\u0131 y\u00fczde 24 civar\u0131nda. Dahas\u0131 Hindistan\u2019\u0131n bu k\u0131tadaki yat\u0131r\u0131mlar\u0131 da son 10 y\u0131lda 61 milyar dolar ile yabanc\u0131 yat\u0131r\u0131mc\u0131lar aras\u0131nda 6. s\u0131rada olmas\u0131n\u0131 sa\u011flad\u0131.<\/span><\/p>","slug":"afrika-borsalari-kita-ekonomisine-ayna","tags":null,"meta_title":null,"meta_description":null,"meta_keywords":null,"news_cover_min":"\/front\/uploads\/blog\/thumbnail\/1709499600CNrjOAEy7O3A62c.webp","news_cover":null,"news_video_min":null,"news_video":null,"view_count":10247,"cropped_1200x675":null,"user":{"id":30,"name":"AHMET","surname":"KAVAS","email":"prof-dr-ahmet-kavas@gmail.com","slug":"prof-dr-ahmet-kavas","avatar":"\/front\/uploads\/avatar\/17336916002RXDhDXyMw3kEXW.webp","status":1,"role":1,"email_verified_at":null,"orde":null,"created_at":"2022-10-24T11:09:13.000000Z","updated_at":"2024-12-18T09:44:44.000000Z","seo_title":null,"seo_description":null},"translations":[{"id":49486,"is_featured":0,"is_amp":0,"is_ads":0,"ads_link":null,"post_id":49360,"locale":"tr","category_id":73,"title":"Afrika borsalar\u0131 k\u0131ta ekonomisine ayna","home_title":null,"sub_title":null,"slider_title":null,"slider_title_2":null,"slider_spot_title":null,"slider_spot_title_2":null,"subtitleuse":0,"description":"PROF. DR. AHMET KAVAS","content":"

D\u00fcnyada belli ba\u015fl\u0131 b\u00fcy\u00fckl\u00fckte 60 kadar borsa var ve bunlar\u0131n toplam i\u015flem hacmi 63 trilyon dolar\u0131 buluyor. Bu alanda Kuzey Amerika y\u00fczde 66, Bat\u0131 Avrupa y\u00fczde 17, Japonya y\u00fczde 6, \u00c7in y\u00fczde 2, Tayvan y\u00fczde 2, Hindistan y\u00fczde 1 ve Ortado\u011fu ile Afrika gibi di\u011fer b\u00f6lgeler ise sadece y\u00fczde 5\u2019i temsil ediyor.<\/span><\/strong><\/p>

\u00a0<\/span><\/strong><\/p>

\u00d6zellikle Afrika d\u00fcnya ekonomisine y\u00fczde 4\u2019l\u00fck bir katk\u0131da bulunup y\u00fczde 18\u2019lik n\u00fcfusa sahip olsa da trilyon dolar\u0131 a\u015fan toplam borsa i\u015flemi ile hen\u00fcz y\u00fczde 2\u2019lik bir paya ula\u015fma a\u015famas\u0131nda. G\u00fcn\u00fcm\u00fczde 3 binden fazla milyar dolarl\u0131k b\u00fct\u00e7esi bulunan yerel \u015firkete sahip.\u00a0<\/span><\/strong><\/p>

\u00a0<\/span><\/p>

Afrika\u2019da borsan\u0131n varl\u0131\u011f\u0131 Avrupa veya Amerika\u2019da ortaya \u00e7\u0131k\u0131\u015f\u0131yla birebir \u00f6rt\u00fc\u015fmese de yine de iki asra yak\u0131n bir ge\u00e7mi\u015fi bulunuyor. \u0130lk kez 15. y\u00fczy\u0131lda Hollanda\u2019da ortaya \u00e7\u0131kt\u0131\u011f\u0131, bug\u00fcn Bel\u00e7ika s\u0131n\u0131rlar\u0131 i\u00e7inde kalan Brugge \u015fehrinde ilk uygulamas\u0131n\u0131n yap\u0131ld\u0131\u011f\u0131, Anvers \u015fehrinin ise \u00f6ne \u00e7\u0131kt\u0131\u011f\u0131, Almanya\u2019da 16. y\u00fczy\u0131lda yayg\u0131nla\u015ft\u0131\u011f\u0131 ama t\u00fcm \u00f6nemli borsalar\u0131n bug\u00fcnk\u00fc anlamda ilk i\u015flemlerini 19. y\u00fczy\u0131lda yapmaya ba\u015flad\u0131klar\u0131 biliniyor.<\/span><\/p>

\u00a0<\/span><\/strong><\/p>

KITADAK\u0130 \u0130LKLER<\/span><\/strong><\/p>

\u00a0<\/span><\/p>

Afrika borsa gelene\u011finde M\u0131s\u0131r, 1883\u2019te ilk defa faaliyete ba\u015flayan Kahire ve \u0130skenderiye borsalar\u0131 ile neredeyse 1.5 as\u0131rl\u0131k bir tecr\u00fcbeye sahip. Yine G\u00fcney Afrika\u2019da Johannesburg Borsas\u0131 da en eski ikinci borsa olarak ilk defa 1887 y\u0131l\u0131nda a\u00e7\u0131ld\u0131. Sahraalt\u0131 Afrika\u2019da iki b\u00f6lgede borsa birlikleri var ve bunlar Bat\u0131 Afrika\u2019da 8 \u00fclke aras\u0131nda olu\u015fturulan Mahalli Menkul K\u0131ymetler Borsas\u0131 (BRVM) ve Orta Afrika B\u00f6lgesi Menkul K\u0131ymetler Borsas\u0131 olup 6 \u00fclkenin giri\u015fimiyle ger\u00e7ekle\u015ftirildi. BRVM, Fildi\u015fi Sahili\u2019nin ekonomik ba\u015fkenti Abidjan\u2019da kuruldu. 2022 y\u0131l\u0131 kas\u0131m ay\u0131nda Afrika Borsalar Birli\u011fi\u2019nin 25. kurulu\u015f y\u0131l d\u00f6n\u00fcm\u00fcnde Fas, Fildi\u015fi Sahili, G\u00fcney Afrika Cumhuriyeti, Kenya, Nijerya, M\u0131s\u0131r ve Moritanya dahil 7 Afrika borsas\u0131, Afrika Borsalar\u0131 Ba\u011flant\u0131 Projesi (AELP) ile kurulan platform \u00fczerinden birbirleriyle ba\u011flant\u0131l\u0131 hale getirildi. B\u00f6ylece t\u00fcm k\u0131tay\u0131 kapsayacak tek bir borsa kurulmas\u0131 i\u00e7in yeni bir s\u00fcre\u00e7 daha a\u015f\u0131ld\u0131. \u0130ngilizce, Frans\u0131zca ve Arap\u00e7a dillerinde i\u015flemlere imk\u00e2n tan\u0131nd\u0131. Bostvana ve Gana\u2019n\u0131n da buna dahil olmalar\u0131 planland\u0131. Senegal Cumhurba\u015fkan\u0131 Macky Sall de Afrika Kredi Derecelendirme Ajans\u0131\u2019n\u0131n (ACRA) kurulmas\u0131n\u0131 destekledi. T\u00fcm bu geli\u015fmeler, asl\u0131nda Afrikal\u0131lar aras\u0131 mekanizmalar\u0131 geli\u015ftiriyor. Dahas\u0131, k\u0131tadaki ekonomik yap\u0131n\u0131n ezici \u00e7o\u011funlu\u011funu te\u015fkil eden KOB\u0130\u2019lerin her ne kadar finans piyasalar\u0131nda az temsil edilseler de yak\u0131n gelecekte m\u00fckemmel bir pazara d\u00f6n\u00fc\u015f\u00fcp bizzat Afrika borsalar\u0131nca desteklenece\u011fi \u00f6ng\u00f6r\u00fcl\u00fcyor. Bunun i\u00e7in finansal piyasalar\u0131 kullanmas\u0131n\u0131n \u00f6n\u00fcndeki engellerin kalkmas\u0131, finans alan\u0131nda e\u011fitim eksikli\u011fi ve her \u015firketin uymas\u0131 gereken finansal gizlilik k\u00fclt\u00fcr\u00fcn\u00fcn yerle\u015fmesi gerekiyor.\u00a0<\/span><\/p>

\u00a0<\/span><\/strong><\/p>

TEK \u00c7ATIDA TOPLAMA<\/span><\/strong><\/p>

\u00a0<\/span><\/p>

Afrika Menkul K\u0131ymetler Borsalar Birli\u011fi (ASEA), 1993 y\u0131l\u0131nda t\u00fcm k\u0131tadaki mevcut borsalar\u0131 tek \u00e7at\u0131 alt\u0131nda toplamak \u00fczere\u00a0<\/span>toplam 30 borsan\u0131n 22\u2019sinin kat\u0131l\u0131m\u0131yla olu\u015fturuldu. Ama\u00e7; ekonomik kalk\u0131nma i\u00e7in kaynak seferberli\u011fini te\u015fvik, s\u00fcrd\u00fcr\u00fclebilirli\u011fi desteklemek, finansal kat\u0131l\u0131m\u0131 art\u0131rmak ve sermaye piyasas\u0131 ekosistemlerini devreye koymak \u015feklinde belirlenen tarihi bir ad\u0131m\u0131 atmakt\u0131. \u015eimdilerde k\u0131ta genelinde G\u00fcney Afrika Cumhuriyeti\u2019nde 5, M\u0131s\u0131r, Moritus, Nijerya, Uganda ve Zambiya\u2019da ise iki\u015fer olmak \u00fczere 29 farkl\u0131 \u00fclkede aralar\u0131ndaki i\u015flem hacmi bak\u0131m\u0131ndan b\u00fcy\u00fck a\u00e7\u0131lar olsa da toplam 38 borsa bulunuyor. Bunlar i\u00e7inde Johannesburg Borsas\u0131 a\u00e7\u0131k oldu\u011fu g\u00fcnlerde 8 saat i\u015flem yap\u0131yor. BRVM, Fas\u2019ta Kazablanka ve \u00e7o\u011fu borsan\u0131n i\u015flemi\u00a0<\/span>6 saat, Gana Borsas\u0131\u2019n\u0131n 5 saat, M\u0131s\u0131r ve Moritus\u2019un 4 saat, Ruanda borsalar\u0131n\u0131n ise 3 saat ile s\u0131n\u0131rl\u0131.<\/span><\/p>

\u00a0<\/span><\/strong><\/p>

\u0130LG\u0130 ARTMALI<\/span><\/strong><\/p>

\u00a0<\/span><\/p>

21. y\u00fczy\u0131l, Afrika\u2019da m\u00fcspet anlamda b\u00fcy\u00fck de\u011fi\u015fimleri daha kal\u0131c\u0131 hale getiriyor. Bunlardan da biri, k\u0131tan\u0131n pek \u00e7ok \u00fclkesinde borsa ile ilgili at\u0131l\u0131mlar\u0131n\u0131n birbirlerini takip etmesi. Kamu kurulu\u015flar\u0131n\u0131n borsa yoluyla \u00f6zelle\u015ftirilmesi konular\u0131nda gerekli a\u015famalar\u0131n tamamlanamamas\u0131, \u00f6zel sekt\u00f6r\u00fcn \u00e7ekingen tavr\u0131 ve daha da \u00f6nemlisi d\u00fcnyan\u0131n b\u00fcy\u00fck borsalar\u0131 aras\u0131ndaki rekabet, Afrikal\u0131lar\u0131n bu sahada yeterince ilerleyememesinin \u00f6n\u00fcndeki ba\u015fl\u0131ca engeller. Ancak her t\u00fcrl\u00fc kalk\u0131nma hamlesinde bu alana ilginin artmas\u0131 gerekiyor. Halka a\u00e7\u0131ld\u0131k\u00e7a varl\u0131klar\u0131n sat\u0131\u015f\u0131ndan elde edilecek sermaye kazan\u00e7lar\u0131n\u0131n, s\u00fcbvansiyonlar\u0131n sona ermesi, vergi gelirlerinin artmas\u0131 m\u00fcmk\u00fcn olacak. Ecobank, MTN, BMCE Bank of Africa, Vodacom ve Safaricom d\u0131\u015f\u0131nda \u00f6zel \u015firketlerin uzun vadeli sermaye toplama istekleri, hen\u00fcz yeteri kadar tercih edilmiyor. Bu t\u00fcr \u015firketler, daha ziyade New York ve Londra borsalar\u0131na yat\u0131r\u0131m yapmay\u0131 tercih ediyor. Afrika Serbest Ticaret B\u00f6lge Anla\u015fmas\u0131 y\u00fcr\u00fcrl\u00fc\u011fe girdi\u011finde, k\u0131tadaki borsalar aras\u0131nda entegrasyon g\u00fc\u00e7lenecek. \u00d6zellikle de uzun vadeli kaynak seferberli\u011fi potansiyeli a\u00e7\u0131\u011fa \u00e7\u0131kacak ve \u00f6zel sekt\u00f6r\u00fcn geli\u015fmesini sa\u011flayacak t\u00fcm kald\u0131ra\u00e7lar hareketlenecek.\u00a0<\/span><\/p>

\u00a0<\/span><\/strong><\/p>

32 BORSA FAAL \u00a0 \u00a0<\/span><\/strong><\/p>

\u00a0<\/span><\/p>

Afrika genelinde Etiyopya, Gambiya ve G\u00fcney Sudan gibi 8 \u00fclkede borsa bulunmuyor. Baz\u0131 \u00fclkelerde birka\u00e7 borsas\u0131 olanlar dahil toplam 32 borsa faaliyetine devam ediyor. \u00c7in borsas\u0131nda neredeyse 6 bin \u015firket i\u015flem g\u00f6r\u00fcrken, Afrika k\u0131tas\u0131nda 2 bin 400 kadar \u015firket bu alanda faal. \u015eimdilerde Afrikal\u0131 borsalar\u0131n 1 trilyon 600 milyar dolarl\u0131k piyasa de\u011ferine ula\u015ft\u0131\u011f\u0131 anla\u015f\u0131l\u0131yor. Bu i\u015flem hacmiyle GSYH\u2019nin y\u00fczde 61\u2019i yakalan\u0131rken, bu oran \u00c7in\u2019de y\u00fczde 82.89 seviyesinde. K\u0131tan\u0131n kalk\u0131nmas\u0131ndaki en etkili ara\u00e7lardan biri, gereken katk\u0131y\u0131 veremiyor.\u00a0<\/span><\/p>

\u00a0<\/span><\/p>

G\u00fcney Afrika Cumhuriyeti, t\u00fcm k\u0131ta ekseninde en fazla likidite pazar\u0131na sahip ve de\u011fer zinciri olduk\u00e7a b\u00fcy\u00fck. T\u00fcm k\u0131ta genelinde yat\u0131r\u0131m yapma deneyimi bulunan kurulu\u015flar\u0131 var. Kurumlar aras\u0131 ileti\u015fim a\u011flar\u0131, uluslararas\u0131 kurallara uygun. \u0130ngilizcenin bu alandaki en etkili lisan olarak kullan\u0131lmas\u0131 da i\u015flerini kolayla\u015ft\u0131r\u0131yor. 2014\u2019te Johannesburg Borsas\u0131, 330 milyar dolar\u0131 a\u015fan i\u015flem yaparak, bu alandaki liderli\u011fini ilan etmi\u015fti. Nijerya Borsas\u0131, ayn\u0131 sene 82 milyar dolar\u0131 a\u015fan i\u015flemle 2., M\u0131s\u0131r Borsas\u0131 64 milyar dolarla 4., Kazablanka Borsas\u0131 55.5 milyar dolarla 5., Nairobi Borsas\u0131 6., Bat\u0131 Afrika Menkul K\u0131ymetler Borsas\u0131 ise 11 milyar dolarla 7. s\u0131rada yer alm\u0131\u015ft\u0131.<\/span><\/p>

\u00a0<\/span><\/p>

N\u0130JERYA FARK ATIYOR\u00a0<\/span><\/strong><\/p>

\u00a0<\/span><\/p>

Nijerya, son y\u0131llarda ciddi anlamda borsa i\u015flemlerinde adeta gelece\u011fe y\u00f6nelik \u00f6nemli geli\u015fmeler g\u00f6stererek b\u00fcy\u00fck umutlar beslenmesini sa\u011fl\u0131yor. Bir\u00e7ok hisse senetleri endeksi, enflasyon, d\u00f6viz kuru ve bor\u00e7lanma oranlar\u0131 gibi temel makroekonomik g\u00f6stergelerin \u00f6nemli s\u0131k\u0131nt\u0131lar\u0131 bir yana, \u00f6nceki y\u0131llarda g\u00f6r\u00fclmeyen seviyelerde y\u00fckseli\u015f g\u00f6steriyor. Son 8 ay i\u00e7erisinde de\u011ferini iki kat\u0131na \u00e7\u0131karan bir hisse senedinin itici g\u00fcc\u00fc merak ediliyor. Nijerya Borsas\u0131\u2019na bu piyasay\u0131 ayakta tutan yabanc\u0131 yat\u0131r\u0131mc\u0131lar\u0131n sermaye giri\u015fi de azalm\u0131\u015fken, 2024 Ocak ay\u0131nda y\u00fczde 35.3 getiri sa\u011flayarak d\u00fcnyada en iyi performans\u0131 g\u00f6stermesinin mutlaka ge\u00e7erli sebepleri vard\u0131r. Bunda, yeni Devlet Ba\u015fkan\u0131 Bola Tinubu\u2019nun ge\u00e7en sene yat\u0131r\u0131mc\u0131lar\u0131 hayran b\u0131rakan piyasa dostu uygulamalar\u0131 hayata ge\u00e7irmesi \u00f6nemli etken. 2022\u2019de 4.4 trilyon Naira (yerel para birimi) ile h\u00fck\u00fcmet b\u00fct\u00e7esini sarsan petrol s\u00fcbvansiyonlar\u0131n\u0131n kald\u0131r\u0131ld\u0131\u011f\u0131n\u0131 duyurmas\u0131 da ciddi tesir yapt\u0131. Devlete ait MNPC Limited\u2019in yak\u0131t ithalat\u0131ndaki tekelinin sonra ermesi ve di\u011ferlerine de f\u0131rsat verilmesi, olumlu de\u011fi\u015fimde kendini g\u00f6sterdi. 2023 y\u0131l\u0131 haziran ay\u0131nda enerji hisselerine ilgi artarak Eterna Oil, Conoil ve MRS gibi \u015firketler di\u011ferlerini de pe\u015flerine ald\u0131. Yine ge\u00e7en sene hisse senetlerine ilgiyi art\u0131ran en \u00f6nemli etkenlerden biri, emeklilik fonlar\u0131n\u0131n ve di\u011fer kurumlarla ilgili yat\u0131r\u0131mc\u0131lar\u0131n sabit gelirli varl\u0131klar\u0131n\u0131 bu alana y\u00f6neltmeleri oldu. Sadece emeklilik fonunun hisse senedi piyasalar\u0131na yapt\u0131\u011f\u0131 yat\u0131r\u0131m y\u00fczde 53 oran\u0131nda y\u00fckseldi ve 1.4 trilyon Naira\u2019ya ula\u015ft\u0131. Bankalar\u0131n da sermayelerini art\u0131rmas\u0131yla hisse senetlerine ilgi bir anda patlad\u0131. 2014\u2019te y\u00fczde 57.5, 2015\u2019te y\u00fczde 53.8 ve 2018\u2019de y\u00fczde 50.90 gibi \u00f6nemli oranlarda piyasan\u0131n can damar\u0131 yabanc\u0131 yat\u0131r\u0131m portf\u00f6y ak\u0131\u015flar\u0131 bulunmadan da m\u00fcspet geli\u015fmeler ya\u015fan\u0131yor. Ancak 2020\u2019deki Covid salg\u0131n\u0131 \u00f6ncesindeki gibi yabanc\u0131 portf\u00f6y yat\u0131r\u0131mc\u0131s\u0131n\u0131n yeniden ilgisi \u00e7ekiliyor. Bu s\u00fcre\u00e7te Afrika\u2019n\u0131n en zengin i\u015f adam\u0131 Aliko Dangote\u2019nin sahip oldu\u011fu Dangote \u00c7imento\u2019nun hisseleri sadece 2024 y\u0131l\u0131n\u0131n ilk g\u00fcnlerinden itibaren y\u00fczde 139 getiri sa\u011flayarak, \u00fclkedeki en iyi performans g\u00f6steren hisse senedi oldu. 2010 y\u0131l\u0131 ekim ay\u0131nda 135 Naira\u2019dan i\u015flem g\u00f6rerek ba\u015flam\u0131\u015f, ge\u00e7ti\u011fimiz ocak ay\u0131na kadar 370 Naira\u2019n\u0131n \u00fczerine hi\u00e7 \u00e7\u0131kmam\u0131\u015ft\u0131. Birka\u00e7 hafta i\u00e7inde Dangote Cement sahibinin serveti 6.9 milyar dolar b\u00fcy\u00fcd\u00fc.\u00a0<\/span><\/p>

\u00a0<\/span><\/p>

K\u00dc\u00c7\u00dcK \u00dcLKEDEK\u0130 B\u00dcY\u00dcK P\u0130YASA<\/span><\/strong><\/p>

\u00a0<\/span><\/p>

Moritus, Hint Okyanusu\u2019nda Afrika \u00fclkelerinden biri kabul edilmekte olup burada Afrinex ad\u0131yla Moritus Borsas\u0131 yan\u0131nda 2018 y\u0131l\u0131nda lisans\u0131n\u0131 ald\u0131. Hintli bir uzman\u0131n y\u00f6netti\u011fi ve Asya\u2019daki en eski borsalardan Bombay Borsas\u0131\u2019n\u0131n yan kurulu\u015fu olarak yeni \u00f6zel bir borsa a\u00e7\u0131ld\u0131. N\u00fcfusunun \u00e7o\u011fu Hint as\u0131ll\u0131 ve bu borsa ile Hindistan, Afrika i\u00e7in \u00f6nemli kap\u0131 a\u00e7t\u0131. Her ne kadar k\u00fc\u00e7\u00fck bir ada \u00fclkesi olsa da Moritus, finans konular\u0131nda ciddi tecr\u00fcbe ve bilgi birikimine sahip. Buras\u0131 \u015feffafl\u0131k ve insan kalk\u0131nma endeksi ile k\u0131tan\u0131n demokrasi ve i\u015f yapma konular\u0131nda en rahat \u00fclkeleri aras\u0131nda; \u00f6nemli bir finans ve sermaye merkezi yap\u0131lmas\u0131 i\u00e7in de \u00e7ok uygun. Zaten Hindistan Eximbank\u2019\u0131, d\u00fcnyan\u0131n ba\u015fka b\u00f6lgeleri gibi Afrika ticaretinin finansman\u0131nda olduk\u00e7a faal ve Afrika \u0130hracat- \u0130thalat Bankas\u0131\u2019n\u0131n da ortaklar\u0131 aras\u0131nda yer al\u0131yor. Afrinex ile Afrikal\u0131 yat\u0131r\u0131mc\u0131lar i\u00e7in ne derecede etkili olaca\u011f\u0131 zamanla anla\u015f\u0131lacak. Afrika ile toplam ticareti 200 milyar dolar\u0131 a\u015fan \u00c7in\u2019in bu alandaki faaliyetleri 56 milyar dolar\u0131 ancak yakalayan Hindistan\u2019\u0131nkileri her ne kadar g\u00f6lgelese de her ikisi de ciddi bir rekabet i\u00e7inde ve Afrika ticaretindeki toplam paylar\u0131 y\u00fczde 24 civar\u0131nda. Dahas\u0131 Hindistan\u2019\u0131n bu k\u0131tadaki yat\u0131r\u0131mlar\u0131 da son 10 y\u0131lda 61 milyar dolar ile yabanc\u0131 yat\u0131r\u0131mc\u0131lar aras\u0131nda 6. s\u0131rada olmas\u0131n\u0131 sa\u011flad\u0131.<\/span><\/p>","slug":"afrika-borsalari-kita-ekonomisine-ayna","orjinalimage":"\/front\/uploads\/blog\/thumbnail\/1709499600CNrjOAEy7O3A62c.webp","news_cover_min":"\/front\/uploads\/blog\/thumbnail\/1709499600CNrjOAEy7O3A62c.webp","news_cover":null,"news_video_min":null,"news_video":null,"cropped_638x552":null,"cropped_310x208":null,"cropped_416x247":null,"cropped_197x247":null,"cropped_416x600":null,"cropped_1200x675":null,"tags":null,"meta_title":null,"meta_description":null,"meta_keywords":null,"view_count":10247,"yt":0,"ytid":"","ytimage":null,"imgdate":"2000-01-01 00:00:00","cuff_cover":null,"cropped_358x214":null,"cropped_842x474":null}]}}