Corporate Governance in Emerging Capital Markets: Whither Africa?

Having debated the pros and cons of alternative governance models in the developed market economies, a case is made for Africa's choice to be in the direction of the institutionally based model. It is emphasized however that the African economies which are restructuring need to adapt the model to the peculiarities of specific economies and that the inputs from more than a single model will be necessary to provide for globally competitive capital markets in these economies.