Abstract and Keywords
The preponderance of recent evidence on the nexus between financial development and economic growth suggests a finance-leading-growth relationship. This kind of nexus is particularly important to Africa, where sustainable growth has been more elusive than in other continents. This chapter examines the current state of financial development in Africa, especially as regards its relevance as a mechanism for eliciting sustainable economic growth. It analyses the public equity, private equity, private debt, and public debt markets, and identifies the shortcomings of key financial markets across Africa, and suggests policies that can enable these markets to live up to their promise of supporting sustainable economic growth.
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