Why African startups and SMEs hesitate to go public, according to BRVM’s Corinne Ormon

Despite a decade of growth that has made the BRVM one of Africa’s fastest rising stock exchanges, startups and SMEs across francophone West Africa remain hesitant to go public. In this interview, BRVM director Corinne Ormon explains why: a mix of cultural resistance, governance gaps, misaligned incentives, and an ecosystem still wired for private exits over local listings. She breaks down what the BRVM has learned from working directly with founders, why investor appetite is not the problem, and how new initiatives, such as a regional IPO task force and upcoming ETFs could help build a real pipeline of SME and startup listings.

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