September 13, 2005
Mogae at NYSE
NEW YORK, Sept. 13 (BOPA): Curious New Yorkers saw something different outside the New York Stock Exchange (NYSE) building on Tuesday.
The day started with Botswana’s blue, black and white flag fluttering alongside the bourses’ flag. And at 3 p.m. sharp, a New York Police Department car rolled to a stop outside the building. From the silver grey car behind emerged the NYSE guest of honour for the day.
President Festus Mogae was invited to ring the bell marking the closing of business on September 13. It is an honour reserved for a few. In fact, an official of the NYSE informed the media accompanying Mogae that the first African leader to be accorded such an honour was King Haile Sallasie of Ethiopia.
Mogae’s entourage included former US Ambassador to Botswana, Joseph Huggins.
“We asked him to accompany us here so that he can comfort us when we feel intimidated,” Mogae told the CEO of the NYSE, John Thain as he ushered him into the building.
Intimidating was perhaps an understatement as the NYSE is the world’s largest equities market, with a US$20.8 trillion global market capitalisation. It has nearly 2 800 listed companies, including about 447 non U.S. companies from 47 countries.
The global market capitalisation of NYSE-listed non-U.S. companies is US$7 trillion, which, if ranked as a stand alone market, would be the world’s second biggest equities market after the NYSE itself.
Mogae rung the bell at exactly 4 p.m. and pounded the table with a gavel twice to signal the end of the day’s business. For his effort, the President received a statue of a bull and bear. The two are important symbols of the stock exchange. The bull symbolises a volatile market while the bear portrays a calm and uneventful one.
Thain informed Mogae that he was watched by 120 million people as he rang the bell and “that will give your country a little bit of exposure to the American investing community.”
He said Botswana is fortunate to have a leader who has an impressive record as Mogae. Conversely, he said Botswana serves as a model for developing countries, indicating that it has one of the highest credit rating in Africa, political stability and economic prosperity that is envied even by big countries.
Thain said no company from Botswana was listed on the NYSE, but added that they are looking forward to working with stock exchanges around the world. He offered to assist should Botswana wish to develop its bourse.
While a lot of attention is paid to South Africa because of its large economy, Thain said African countries, Botswana among them, offer a lot of opportunities, particularly for the future.
In response, Mogae said Africa is doing its best to put its house in order so as to derive the benefits offered by the stock exchange.
As a small country, Mogae said Botswana is derives comfort in the words of an African American who said there is disgrace in failing for lack of trying and none at all in failing from trying.
Meanwhile, the High-Level Plenary Meeting of the United Nations General Assembly, starts on Wednesday with more than 170 heads of state in attendance. Touted as the largest gathering of world leaders in history, the meeting will discuss various issues, including progress towards achieving the Millennium Development Goals, co-ordinating implementation of major UN decisions and reforming the Security Council, among others.
The meeting will end Friday with the signing of the Outcome Document, which is expected to guide the organisation in the coming years.
