The determinants of mutual funds performance in the Economic Community of West African States

Purpose Designated non-financial businesses and professions (DNFBPs) are important actors both in the formal and informal sectors owing to the nature of services they offer. The DNFBPs are key players in financial and economic development and thus are highly vulnerable to money laundering (ML) and terrorist financing (TF) risks. Globally, and indeed, within the West African region, typologies studies have indicated several instances of misuse of DNFBPs for the laundering of proceeds of crime and to a lesser extent, TF. Factors that make DNFBPs vulnerable to ML and TF in the region, include limited understanding of ML/TF risk and anti-money laundering and combating the financing of terrorism (AML/CFT) obligations, and poor implementation of AML/CFT measures by the sector. As reporting institutions, DNFBPs are required to implement appropriate measures to mitigate the ML/TF risk facing them. Mutual evaluation reports (MERs) of countries in the region noted weak implementation of AML/CFT measures by DNFBPs compares to financial institutions. These coupled with the general poor monitoring and supervision of DNFBPs for compliance, make them a weak link in member states’ AML/CFT regime. This study examined how Economic Community of West African States member states can plug the loopholes in the DNFBPs to strengthen their AML/CFT regime and thus improve their performance during mutual evaluation. This study reviewed data from the publications of Inter-Governmental Action Group against Money Laundering in West Africa (GIABA), Financial Action Task Force (FATF) and other credible sources. Design/methodology/approach This study is more of desk-review based on secondary data, including information obtained from GIABA, and FATF publications, and websites as well as information obtained from reliable sources on the internet. The authors reviewed the MERs of GIABA member states that have been assessed under the second round, especially that of Ghana, Senegal, Cape Verde, Mali and Burkina Faso, with particular focus on sections of the reports relating to preventive measures and supervision. In general, this paper adopts a policy approach with a view to explaining the importance and benefits of implementing AML/CFT preventive measures by reporting entities, especially the DNFBPs. Findings This study found that there is a general lack of information on the exact size of DNFBPs across member states, the risk of ML/TF associated with DNFBPs is generally identified as high across member states (albeit at different levels), the extent and level of monitoring/supervision of DNFBPs for AML/CFT compliance trails what is obtainable in financial institutions; the institutional and operational frameworks for regulating, supervising and monitoring DNFBPs are either weak or poorly defined in many member states; and the focus of AML/CFT technical assistance has been more on financial institutions than DNFBPs. Although the number of MERs reviewed for this work may be few, the findings and conclusions in the concluded MERs reflect regional peculiarities, including high informality of the economies, preponderance use of cash in transactions, diversity of DNFBPs and the general weak application of AML/CFT preventive measures by these entities, and the weak AML/CFT supervision or monitoring of DNFBPs which cut across all GIABA member states. Although efforts to address the weaknesses in the DNFBPs, including training and supervision, have commenced, in most member states, these are still at rudimentary levels. Research limitations/implications However, this study is limited by the fact that it was desk-based review without direct inputs of industry players (DNFBPs and their supervisors). Practical implications In general, this paper adopts a policy approach with a view to explaining the importance and benefits of implementing AML/CFT preventive measures by reporting entities, especially the DNFBPs. It aims to bring to the fore the weaknesses of the DNFBPs in the implementation of AML/CFT preventive measures and therefore will be useful to national authorities who are striving toward strengthening their national AML/CT regimes and to DNFBPs who wish to protect the integrity and stability of their system. Originality/value It is imperative to mention that the weak compliance by DNFBPs, and indeed other challenges inhibiting effective implementation of preventive measures, is not peculiar to West Africa. A review of MERs of 17 African countries (eight countries in the Eastern and Southern Africa Anti Money Laundering Group region, five in GIABA region and three in the Middle East and North Africa region assessed under the current round as on October 2020, show a similar pattern of weak ratings under Immediate Outcome 4.

The Economic Community of West African States (ECOWAS/Communauté Économique des États de l’Afrique de l’Ouest, CEDEAO) is a regional economic community (‘REC’) of 15 West African States founded in 1975 by the Treaty of the Economic Community of West African States (Treaty of Lagos). ECOWAS is one of the pillars of regional integration in Africa along with the other RECs, in particular the → Common Market for Eastern and Southern Africa (COMESA), the → Economic Community of Central African States (‘ECCAS’), the Intergovernmental Authority on Development (‘IGAD’), the → Southern African Development Community (SADC), the → East African Community (EAC), the Community of Sahel-Saharan States (‘CEN-SAD’), and the → Arab Maghreb Union (AMU) (see also → Regional Co-operation and Organization: African States). The establishment of ECOWAS marked a breakthrough in regional integration in Africa as it embraced for the first time former French, British, and Portuguese colonies.

Globalization and Politics in the Economic Community of West African States Eric M. Edi, Globalization and Politics in the Economic Community of West African States. Durham, North Carolina: Carolina Academic Press, 2007, xii+209pp, ISBN 13: 978-1-59460- 283-2. The series in which this important book appears -Carolina Academic Press Studies on Globalization and Society- seeks to publish provocative books that not only address controversial issues, but also offer innovative methodologies and normative analysis, presented in accessible and engaging manner. Eric M. Edi's book is an excellent contribution to the understanding of the dynamics of globalization in West Africa, which largely satisfies these conditions. Organized into eight chapters, the first three chapters basically provide background issues to the analytical fulcrum of the book. The first situates the problem within methodological and theoretical perspectives, integrating what he called Africa-centered perspective, autocentricity and political interaction framework into a multi-paradigmatic approach. The second traces the history of ECOWAS, underscoring its evolutionary processes, the role of core actors in the process most notably Kwame Nkrumah of Ghana, Eyadema of Togo and Gowon of Nigeria, among others, and its accomplishments in both political and economic terms. Chapter three explores the concept of globalization, reflecting on contending perspectives, the same way it tries to domesticate it to local realities. From chapter four, the book began to interrogate the impact of globalization on politics in west Africa, underscoring the impact of domestic and external pressures for democratization, both of which compelled constitutional changes across most West African States, either by drafting new constitutions as in Benin, Ghana or revising/amending existing constitutions as in Cote d'Ivoire, Guinea-Bissau, Senegal. There were also notable changes in terms of political party and party system, elections and electoral system, and the reconfiguration of the media and civil society landscape. Edi did well analyzing the ups and downs of these changes, including the institutional environment within which they had to operate and how these impact the search for democratic consolidation. Chapter five furthers these discussions by interrogating the question of democracy in West Africa, rooting its arguments in comparative literature on democratization. Edi then makes a powerful case for adapting democracy to local realities. He suggests six propositions -the autochthony of democracy in Africa, alteration of the western heritage, decentering African politics by re-centering the people, moving the trend up, a diversity of routes and the demystification of the ballot box- that should mix to form the bedrock of an African- centered theory of democracy (pp.89-90). Proceeding from this premises, Edi attempts a behavioral analysis of democracy in Chapter six, using the lenses of gender, religion, ethnicity, the military and security forces, political representation, government, rule of law and the mass media. …

States are now recognizing the need to take action to create and improve regional institutions in virtually every region of the world, including Africa, and integration even in West Africa has become fashionable over the years. ECOWAS revised treaty seek to promote supranational tendencies giving room for state reluctance in the implementation of its policies and decision. With the Economic Community of West African States (ECOWAS) as its focal point, the study looks at the integration process in West Africa as well as how it affects state sovereignty in the subregion. Secondary data sources, namely journals and publications, are used in the study. The study finds among other things that ECOWAS uses the needs, policies and activities of state to interfere in the affairs of member states thereby limiting her sovereignty to an extent within the region. The study concludes that with national interest at heart, states knowing both the cost and benefits of integration will usually strive to accomplish their aims and objectives. It recommends that policies and initiatives should be developed to support both state autonomy and regional collaboration to aid development, stability, and economic growth among states and to also encourage both local and foreign investors, contributing to the overall development of the states in the West African Region.

The One Health (OH) approach mobilises collaboration among sectors, disciplines, and communities to foster health and well-being and tackle health, livelihood, and ecosystem threats. The complex interplay between multiple stakeholders and multiscale institutions requires leadership and governance systems to coordinate collaborative operations. However, while many governance systems for OH coordination mechanisms (OHCMs) emerged at global and national levels, these are lacking for regional OH coordination mechanisms (ROHCMs). Showcasing the Economic Community of West African States (ECOWAS) region, a qualitative analysis of online interviews and surveys of 42 national, regional, and international informants from the multiscale human-, animal-, and environmental public health sectors was conducted to develop a governance structure for a ROHCM. Information on regional OH understandings, setups, expectations, governance structures, working procedures, and an OH Strengths, Weaknesses, Opportunities and Threats (SWOT) analysis was collected. The findings on governance structures were validated at three regional meetings and consolidated in the ECOWAS regional OH governance manual. The results show that OH is recognised and endorsed in the region. Multiple regional OH governance models are conceivable in the ECOWAS context. ECOWAS coordinates OH operations through established national OH platforms. However, it faces challenges in implementing OH operations due to legal issues, a lack of resources, strategies, and regional governance. The findings show capacity asymmetry and divergence of expectations concerning OH governance between the public-, animal-, and environmental health sectors. This requires a political dialogue translating the current science-driven results into common grounds for OH policy implementation. Furthermore, a gap in familiarity with the OH approach was observed between the international, regional, and national levels. This work highlights the importance of partnerships between researchers, policy makers, and funders to co-develop regional OH governance structures and guide further regions embarking on this process. One Health impact statement Due to multiple zoonotic diseases and antimicrobial resistance as events of global concern, the One Health approach is perceived internationally as a guiding principle for improved pandemic prevention and preparedness. However, with the high level of complexity that comes with coordination, collaboration and communication across different disciplines and sectors, including the private sector and civil society, implementing One Health encounters challenges if not picked up by appropriate governance, meaning official coordination and communication structures. Research on establishing this governance, including all relevant One Health sectors and disciplines, and leading to evidence-based policy documents, is in high demand. This work aims to foster sustainable One Health structures and their implementation in the Economic Community of West African States (ECOWAS) to benefit the region, member states, the communities within, and the global One Health community.

Foreword by Henry J. Richardson III I. CONTSTITUTIVE 1. Charter of the United Nations (San Francisco, United States, June 26, 1945) 2. The Constitutive Act of the African Union (AU) (Lom, Togo, June 11, 2000) 3. Charter of the Organization of African Unity (Addis Ababa, Ethiopia, May 25, 1963) 4. Revised Treaty of the Economic Community of West African States (ECOWAS) (Contonou, Benin Republic, July 24, 1993) 5. Treaty of the Southern African Development Community (SADC) (Windhoek, Namibia, August 17,1992) 6. Agreement Establishing the Inter-Governmental Authority on Development (IGAD) (Nairobi, Kenya, March 21, 1996) I. CONFLICT & SECURITY A. The African Union (AU) and Organization of African Unity (OAU) 1. Protocol Relating to the Establishment of the Peace and Security Council of the African Union (Durban, South Africa, July 9, 2002) 2. OAU Convention on the Prevention and Combating of Terrorism (Algiers, Algeria, July 14, 1999) 3. African Nuclear Weapon-Free Zone Treaty (Pelindaba Treaty) (Cairo, Egypt, April 11, 1996) 4. Declaration of the Assembly of Heads of State and Government on the Establishment within the OAU of a Mechanism for Conflict (Cairo, Egypt, June 30,1993) 5. Draft Kampala Document for a Proposed Conference on Security, Stability, Development and Cooperation in Africa (CSSDCA) (Kampala, Uganda, May 23, 1991) 6. OAU Convention for the Elimination of Mercenarism in Africa (Libreville, Gabon, July 3, 1977) B. The Economic Community of West African States (ECOWAS) 1. Protocol Establishing the ECOWAS Mechanism for Conflict Prevention, Management and Resolution, Peace-Keeping, and Security (Lom, Togo, December 10, 1999) 2. Framework Establishing the Economic Community of West African States (ECOWAS) Mechanism for Conflict Prevention, Management, Resolution, Peace-Keeping and Security (Abuja, Nigeria, October 31, 1998) C. Southern African Development Community (SADC) 1. Southern African Development Community (SADC) Protocol on Politics, Defense, and Security Cooperation (Blantyre, Malawi, August 14, 2001, not yet in force) 2. The Southern African Development Community (SADC) Organ for Politics, Defense and Security (Gaborone, Botswana, June 28, 1996) D. Inter-Governmental Authority on Development (IGAD) 1. IGAD Protocol on the Establishment of A Conflict Early Warning Mechanism (Khartoum, Sudan, January 11, 2002) I. HUMANITARIAN ISSUES 1. African [Banjul] Charter on Human and People's Rights (Banjul, Gambia, June 27, 1986)

A comprehensive evaluation of the current state of the railway transport system in eleven countries of the Economic Community of West African States (ECOWAS) is presented. Four themes of the railway transportation system comprise of infrastructure, rolling stock, operational performance, telecommunication and signaling are examined in the article. The transport policy regarding the railway transport system is analyzed along with the regulation and institutional framework. The findings of this study show that the railway transportation system is characterized by deteriorated infrastructure, obsolete technologies, fragmented and old databases, scarcely accessible investments, low-quality operations regarding safety and performance, and restricted connectivity and interoperability. Based on the socio-economic context in the region and review of recent railway projects, a series of strategies are proposed to meet future regional visions. These strategies are envisaged to contribute to the development of an efficient and interoperable railway transportation system in the Economic Community of the West African States which in turn will improve the interconnectivity and enhance the economic growth and trade in West Africa.

Exchange of letters constituting an agreement between the United Nations and the Economic Community of West African States regarding the hosting of the “Workshop on Environment Statistics for the Economic Community of West African States Region”, to be held in Abuja, from 19 to 23 May 2008. New York, 23 April 2008 and 28 April 2008

The last 25 years have seen Economic Community of West African States, through the use of various norms, structures and protocols, make the promotion of security and the implementation of humanitarian intervention and the responsibility to protect (R2P) important aspects of the political landscape in the sub-region. The article argues that despite the great strides made by the Economic Community of West African States (ECOWAS) in the implementation of R2P, there are not only challenges (inadequate funds available for peace and security missions, conflicting interests and lack of agreement, poor co-ordination, inadequate human and logistics capacity) with its application in the sub-region, but also concerns about its future. Thus, to promote security and realise the goals of implementing humanitarian intervention and R2P in the ECOWAS sub-region, not only should the actors involved have the requisite capacity but also political will and commitment, citizen awareness, and co-operation among ECOWAS member-states and with the international community should remain crucial to the process.

This article provides a comparative analysis of two decades of Economic Community of West African States–initiated peacekeeping missions in Liberia, Sierra Leone, Guinea Bissau, and Côte d'Ivoire as a basis for understanding Africa's most advanced regional peace and security mechanism. It identifies the issues and debates around ECOWAS Cease-fire Monitoring Group peacekeeping—its merits, shortcomings and challenges, and the evolution of the Economic Community of West African States Peace and Security Framework. In conclusion, it draws attention to the gaps between rhetoric and reality, as a step toward grappling with the prospects for a sustainable people-rooted Economic Community of West African States peace and security agenda for West Africa.

This chapter examines ECOWAS, the Economic Community of West African States, established long (or, more precisely, six years before) the OAU began a gradual ideological move from advocating for political liberation to economic (and wholesome) liberation for Africa. ECOWAS was fronted by Nigeria and Ghana, two island Anglophone nations in an ocean dominated by former French colonies. The latter already had a tradition of cooperation, albeit under the French-designed French West Africa (Afrique-Occidentale française, AOF), formed in 1895. The chapter reflects on the challenges experienced by ECOWAS throughout its existence, especially strong national leaders and parochial differences (Anglophone vs. Francophone orientations) including a tiff over the common currency, Eco, as well as membership to two monetary unions: West Africa Economic and Monetary Union (WAEMU), comprising of Francophone countries that use the West African CFA franc and the West African Monetary Zone (WAMZ) for Anglophone countries, and the challenges of forming the unified, single currency monetary union. It discusses the bloc’s ‘monitoring group’ (which served as the military arm of ECOWAS), the Economic Community of West African States Monitoring Group (ECOMOG) and its several deployments in countries such as Liberia and Sierra Leone. ECOWAS’s pre-REC data on the three variables was inconclusive since it only covers 5 years of non-REC period. However, qualitative case studies, e.g., ECOMOG’s near-deployment in Gambia’s 2016 ‘contested’ election, show that collective regional actions can induce individuals, leaders and nations to change course. However, the actions of France in Mali and Ivory Coast demonstrate that despite ECOWAS’ capacities, achieving regional peace and security can be a daunting task.

Background: Economic institutions are considered as the fundamental cause of economic growth. Economic institutions affect economic growth through allocation of resources like physical and human capital. Unfortunately, there is dearth of empirical studies showing the impact of economic institutions on growth of the Economic Community of West African States (ECOWAS).Aim: This study investigates the impact of economic institutions on economic growth of the ECOWAS.Setting and method: The study applied cause and effect relationship. The study used econometric research techniques of unit root and co-integration tests to establish the time series properties of the data; the vector error correction and co-integration regression models to estimate the population parameters. The research data comprised data obtained from the United Nations Conference on Trade and Development (UNCTAD), the Transparency International (TI) and Heritage Foundation databases. The variables employed were the real gross domestic product (GDP) per capita (RGDPPC), corruption perception index (CPI), property rights protection (PROPRGT), private investment per capita (INVESPC), government expenditure per capita (GOEXPPC) and trade openness (TRAOPN).Results: The results of the data analysed showed that economic institutions represented by the property rights index engender RGDPPC growth in ECOWAS. The CPI could not stimulate RGDPPC growth in ECOWAS. The results also show that all the other variables stimulated growth except trade openness.Conclusion: The study concludes that good economic institutions, private investments, and government intervention by providing security, economic and social infrastructural facilities are conducive for economic growth in the ECOWAS region. The study recommended that more efforts be made at curbing corruption in the region.Background: Economic institutions are considered as the fundamental cause of economic growth. Economic institutions affect economic growth through allocation of resources like physical and human capital. Unfortunately, there is dearth of empirical studies showing the impact of economic institutions on growth of the Economic Community of West African States (ECOWAS). Aim: This study investigates the impact of economic institutions on economic growth of the ECOWAS. Setting and method: The study applied cause and effect relationship. The study used econometric research techniques of unit root and co-integration tests to establish the time series properties of the data; the vector error correction and co-integration regression models to estimate the population parameters. The research data comprised data obtained from the United Nations Conference on Trade and Development (UNCTAD), the Transparency International (TI) and Heritage Foundation databases. The variables employed were the real gross domestic product (GDP) per capita (RGDPPC), corruption perception index (CPI), property rights protection (PROPRGT), private investment per capita (INVESPC), government expenditure per capita (GOEXPPC) and trade openness (TRAOPN). Results: The results of the data analysed showed that economic institutions represented by the property rights index engender RGDPPC growth in ECOWAS. The CPI could not stimulate RGDPPC growth in ECOWAS. The results also show that all the other variables stimulated growth except trade openness. Conclusion: The study concludes that good economic institutions, private investments, and government intervention by providing security, economic and social infrastructural facilities are conducive for economic growth in the ECOWAS region. The study recommended that more efforts be made at curbing corruption in the region

A review and appraisal of Nigeria's solar energy policy objectives and strategies against the backdrop of the renewable energy policy of the Economic Community of West African States

Recent scholarship shows increasing interest in gender, ethnic or national representation within regional and international organizations. In contrast, language as a criterion of representation has rarely been scrutinized. We argue that this constitutes an important oversight for two reasons: (1) language is an important identity marker; and (2) language regimes in international public administrations can uniquely address representativeness relative to both member states and groups of citizens. Our article explores language representation in the Economic Community of West African States, and pursues a twofold objective: first, it extends the applicability of representative bureaucracy theory to the issue of language; and, second, it broadens the scope of representative bureaucracy studies by providing the first study on a prominent West African regional organization. As such, we develop avenues for future research on other regional and international organizations. Points for practitioners The article is of particular relevance for managers in multilingual international and regional organizations. Organizations tend to overlook the role and impact of languages on their functioning, often considering them as a technicality. Taking the example of the Economic Community of West African States, the article argues that linguistic regimes are important for the performance and the legitimacy of the organization in terms of acceptance by both citizens and its member states.

This special issue explores how one particular regional organisation, the Economic Community of West African States (ECOWAS), has defined certain transnational issues as security threats and how it has addressed them. In this introductory article, we begin by providing an overview and analysis of some of the most important transnational security challenges facing West Africa. Specifically, we discuss some of the problems raised by cross-border insurgencies, health challenges, organised criminal activities, terrorism and environmental degradation. We then examine the different levels at which actors have responded to these challenges. The section ‘Security culture: shaping the Economic Community of West African States (ECOWAS) response?’ sets out our approach to thinking about the concept of security culture and asks whether it might be relevant to understanding how and why ECOWAS has focused on responding to certain transnational security challenges and not to others. The final section provides an overview of the other articles in this issue.