Capital Market Development: The Road Ahead

Project and Seminar Topics with material for Banking and Finance

Abstract

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.