INTRODUCTION

This paper presents a synthesis of presentations and discussions at a Joint UNITAR/ WAIFEM Sub-Regional Workshop on Capital Market Development for West African Nations (Accra, Ghana, 10-14 April 2000). The workshop drew on the expertise of resource persons from the U.S.A, Poland and Nigeria. As part of this initiative UNITAR had the privilege of collaborating with the West African Institute for Financial and Economic Management (WAIFEM, Lagos), for which it is grateful.

This workshop was addressed to 25 senior and middle-level participants from The Gambia, Ghana, Nigeria and Sierra Leone. Participants were targeted as those who formulate policy and play important roles in the development of the Capital and Securities Markets within their respective countries.

One of the significant areas of underdevelopment in finanical management in developing countries is domestic capital market issues. In most developed countries the domestic capital market is regarded as an important source of funding by the state and has many advantages over the use of foreign sources of debt financing. UNITAR's workshop on Capital Market Development dealt with enhancing primary and secondary market participation in African economies. Major concerns, issues and policy questions as well as the fundamental factors necessary for a successful capital market were always kept in the forefront of discussions during this five-day workshop.

The objective of the workshop was to expose participants to the nature, structure and functions of Capital Market Development as well as the legal and regulatory framework for effective participation in primary and secondary markets . The workshop also focused on the pivotal role of Capital Markets in fostering economic growth and development, promoting competition among financing resources, resulting in greater efficiency, furthering privatization initiatives and in the transmisson and implementation of macroeconomic policies. Some time was devoted to the roles and responsibilities of market participants in capital market development issues.

This document is a logical outcome of the issues discussed at the Accra workshop. It comprises three chapters, written by the workshop speakers -- Prof. Stuart Cohn, Prof. Jozef Okolski and Chief Dennis Odife. We are thankful to them for their interest in our activiites and for their valuable contribution to this particular training activity.

We hope that this document will be useful as well as challenging to the readers.


Marcel A. Boisard
Executive Director of UNITAR