Investing in independence: popular shareholding on the West African stock exchange

Abstract According to contemporary investors on the Regional Stock Exchange of West Africa (Bourse Régionale des Valeurs Mobilières de l’Afrique l’Ouest or BRVM), President Félix Houphouët-Boigny’s post-independence plan privatize state-owned enterprises in Côte d’Ivoire gave birth region’s financial market. Yet bourse’s original promise ‘indigenous’ control investment has long gone unrealized. In response, a African investor advocacy organization is coordinating regional awareness programme that introduces ‘the culture stock exchange’ an audience Africans largely unfamiliar with securities. Members this shareholders’ association share critique elite monetary institutions and advance their place more popular vision savings, exchange. Drawing ethnographic research Abidjan Dakar, I analyse how these petits porteurs (small shareholders) frame morality politics investments. The often make good money market, but even when they take ‘crisis-level’ losses nevertheless extoll virtues transparency, formality exchange thought provide. contrast similar cases elsewhere world, argue form BRVM far than instrument for accumulation strategies elites: it new distinct style political engagement which are, name ‘people’, coupling together anti-elite anti-colonial critiques set familiar market devices. characterize as shareholding.