Why media should boost awareness on stock markets

Sunday October 20 2019

 

By Halili Letea @hletea news@thecitizen.co.tz

Dar es Salaam. Financial experts are leveraging mainstream media in raising awareness on stock markets in the country as a way of mitigating investment risks.

Former Controller and Auditor General Ludovick Utouh said on Friday that there is little awareness on capital markets and stock exchange in Tanzania, posing a challenge among local investors.

Mr Utouh, who is the chairman of the Dar es Salaam Stock Exchange (DSE) Sustainability Committee, was speaking during an event organized by the DSE to award media outlets for reporting on capital markets.

Mr Utouh, who is also a key person in the committee that selects the winning media outlets, said despite the fact that capital market is a key sector in building the economy, awareness among Tanzanians was still low. “We selected winners by considering how they affect people and how they build capacity to people and stakeholders on building our economy,’’ he said.

During the event, The Citizen emerged the winner of the Best Print Media of the Year Award for reporting on stock markets. This is the third time for The Citizen to win the award and second consecutive time since the award programme came into being in 2016.

Speaking during the award-giving ceremony, the deputy minister for Finance and Planning, Dr Ashatu Kijaji, said bringing awareness on capital markets to people is vital to achieving the country’s goal of being a middle income economy.

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“We need to educate people on capital markets and financial literacy in order for them to know the safe place to invest,’’ said Dr Kijaji.

The DSE Chief Executive Officer (CEO) Moremi Marwa said this year’s award is part of DSE’s initiatives to comply with the United Nations Sustainable Stock Exchange Initiative which deals with how the world can achieve Sustainable Development Goals (SDGs).

“This year’s award is mainly based on how members have performed well in Environment, Social and good governance, and how the listed companies have continued to be good members of the DSE,” he said.

Winners in other categories included category A: Best Listed Company of the Year in the Main Investment Market (MIM) segment, Maendeleo Bank Plc (MBP).

B. Best Listed Company of the Year in the Enterprise Growth Market (EGM) segment, CRDB Bank Plc

C. Best Stock Broker of the Year

Orbit Securities.

D. Best Custodian of the Year

Standard Chartered Bank

E. Best Digital Media of the Year for Reporting Financial News.

Winner- Tanzania Broadcasting Corporation (TBC)