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Periodical article Periodical article Leiden University catalogue Leiden University catalogue WorldCat catalogue WorldCat
Title:The framework for capital movements within the Economic Community of West African States
Author:Kufuor, Kofi OtengISNI
Year:1995
Periodical:African Yearbook of International Law
Volume:3
Pages:239-253
Language:English
Geographic term:West Africa
Subjects:capital movements
ECOWAS
Abstract:The importance of the free movement of capital within ECOWAS is highlighted by the link between this and a number of the Community's other objectives and freedoms, notably the Community's Industrial Policy and Programme, approved in November 1979. The framework for the regulation of capital movements within ECOWAS is set out in the 1975 Treaty, which also establishes the Capital Issues Committee (CIC). Article 39 of the 1975 Treaty outlines measures that the CIC is to undertake to speed up the process of intra-Community capital movements. In 1990 the Community adopted legislation to give further effect to Article 39. The new, revised ECOWAS Treaty concluded in 1993 amends and reinforces the provisions of the regime for capital movements set out in the 1975 Treaty. For the further development of intra-Community capital flows the provisions of Article 53 of the new Treaty need to be strengthened. Reducing the cost of information about transactions on the stock exchanges in the ECOWAS member States will be an essential step. Another essential policy measure will be the creation of a regional, supervisory body for regulating capital movements within the Community and the regional stock exchange. A third policy measure to be considered is the drafting of directives on the flow of capital. Notes, ref.
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