KIGALI, Nov. 28 (Xinhua) -- Senior government officials and industry leaders have called for bold, coordinated action to strengthen and transform Africa's capital markets.

The call was made Thursday during the formal opening of the 28th Annual Conference of the African Securities Exchanges Association (ASEA) in the Rwandan capital Kigali.

Rwanda's Minister of Finance and Economic Planning Yusuf Murangwa highlighted a need to deepen Africa's capital markets, noting that bank lending still accounts for over 70 percent of corporate financing while equity markets remain comparatively shallow.

Calling for efforts to build a strong equity culture rooted in innovation, risk-sharing, he said long-term investment is essential for wealth creation, resilience, and sustained economic transformation across the continent.

He urged bold, collaborative actions to position Africa's financial markets for a stronger, more sustainable future.

Held under the theme "Adapting to Global Market Shifts: Strategies for Resilience and Growth for African Capital Markets for the Future," the three-day conference brings together securities exchanges, regulators, brokers, investors, and other market players from across the continent.

Rwanda Stock Exchange Chief Executive Officer and ASEA President Pierre Celestin Rwabukumba underscored the importance of innovation and stronger partnerships among African exchanges.

He said that modern, interconnected, and well-regulated markets are crucial for accelerating capital market development and supporting Africa's broader economic goals.

Former African Development Bank President Donald Kaberuka urged policymakers and market leaders to seize the moment to push transformative reforms that will enable African markets to compete globally.

"Africa's capital markets are no longer striving to meet global standards; we must begin shaping those standards," he said. "This is our moment to deepen collaboration, drive innovation, and build markets that reflect Africa's true economic potential."

The ASEA annual conference is the association's flagship event, fostering knowledge-sharing and collaboration among exchanges across the continent.

Established in 1993, the ASEA represents more than 30 securities exchanges from Africa's largest and smallest economies and works to strengthen market development and integration.