The COVID-19 Pandemic and Africa’s Financial Systems: How Do We Reform Post-COVID-19 Financial Systems?

Joshua Yindenaba Abor (), Elikplimi Komla Agbloyor (), George N. Agyekum Donkor () and Angela A. Alu ()
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Joshua Yindenaba Abor: University of Ghana Business School
Elikplimi Komla Agbloyor: University of Ghana Business School
George N. Agyekum Donkor: ECOWAS Bank for Investment and Development
Angela A. Alu: University of Ghana Business School

Chapter Chapter 30 in The Economics of Banking and Finance in Africa, 2022, pp 1013-1037 from Palgrave Macmillan

Abstract: Abstract The COVID-19 crisis wreaked havoc on economies and financial systems all around the world. This chapter examines the impact of this pandemic on Africa’s financial systems. It also discusses how to reform post-COVID-19 financial systems in Africa. The crisis has put a lot of pressure on African banks, and has hurt deposit taking, lending, profitability and stability. There has also been a detrimental impact on Africa's insurance, investment and pension sectors. FinTech businesses have also encountered certain hurdles because of the crisis, but have been presented with opportunities for development and financial inclusion. Capital markets in Africa have generally underperformed during the COVID-19 period and this situation may decline further post-COVID-19. African countries must develop measures to minimize the crisis’ impacts and restore growth and prosperity to their economies and financial systems. There is clearly the need to implement early and ambitious policy responses and reforms in Africa’s financial systems to ensure soundness and stability to drive growth on the continent.

Keywords: COVID-19 pandemic; Crisis; Financial systems; Reforms; Africa (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:pal:pmschp:978-3-031-04162-4_30

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DOI: 10.1007/978-3-031-04162-4_30

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