Front Matter

Front Matter

Catherine Pattillo, Anne Gulde, Kevin Carey, Smita Wagh, and Jakob Christensen
Published Date:
August 2006
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    Anne-Marie Gulde, Catherine Pattillo, and Jakob Christensen with Kevin Carey and Smita Wagh

    International Monetary Fund

    © 2006 International Monetary Fund

    Production: IMF Multimedia Services Division

    Cover design: Luisa Menjivar and Massoud Etemadi

    Typesetting: Alicia Etchebarne-Bourdin

    Cataloging-in-Publication Data

    Sub-Saharan Africa: financial sector challenges/Anne-Marie Gulde, Catherine Pattillo, and Jakob Christensen, with Kevin Carey and Smita Wagh—[Washington, D.C.]: International Monetary Fund, c2006.

    p. cm.

    ISBN 1-58906-565-4

    Includes bibliographical references.

    1. Finance—Africa, Sub-Saharan. 2. Financial institutions—Africa, Sub-Saharan. 3. Financial services industry—Africa, Sub-Saharan. 4. Monetary policy—Africa, Sub-Saharan. I. Pattillo, Catherine A. (Catherine Anne). II. Christensen, Jakob. III. International Monetary Fund.

    HG187.5A357G85 2006

    Price: US$19.00

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    The following conventions are used in this publication:

    • In tables, a blank cell indicates “not applicable,” ellipsis points (…) indicate “not available,” and 0 or 0.0 indicates “zero” or “negligible.” Minor discrepancies between sums of constituent figures and totals are due to rounding.

    • An en dash (–) between years or months (for example, 2005–06 or January–June) indicates the years or months covered, including the beginning and ending years or months; a slash or virgule (/) between years or months (for example, 2006/06) indicates a fiscal or financial year, as does the abbreviation FY (for example, FY2006).

    • “Billion” means a thousand million; “trillion” means a thousand billion.

    • “Basis points” refer to hundredths of 1 percentage point (for example, 25 basis points are equivalent to ¼ of 1 percentage point).

    As used in this publication, the term “country” does not in all cases refer to territorial entity that is a state as understood by international law and practice. As used here, the term also covers some territorial entities that are not states but for which statistical data are maintained on a separate and independent basis.

    Some of the documents cited and referenced in this report were not available to the public at the time of publication of this report. Under the current policy on public access to the IMF’s archives, some of these documents will become available five years after their issuance. They may be referenced as EBS/YY/NN and SM/YY/NN, where EBS and SM indicate the series and YY indicates the year of issue. Certain other documents are to become available 10 or 20 years after their issuance, depending on the series.


    Building efficient and sound financial sectors in sub-Saharan Africa (SSA) is vital for poverty reduction and growth. This book discusses the main obstacles and challenges that financial structures pose for SSA economies, and the financial reform agenda. An earlier, shorter version of this book’s material appeared in the May 2006 issue of the Regional Economic Outlook: Sub-Saharan Africa, which was prepared in the Policy Wing of the IMF’s African Department under the direction of Benedicte Vibe Christensen, Deputy Director. Dmitry Gershenson, Amadou Sy, Charles Yartey, and Behrouz Guerami made substantial contributions to the book. Gustavo Ramirez provided research assistance, Anne Grant provided editorial assistance, and Suresh Gulati and Ena Baldwin were responsible for document production. In the IMF’s External Relations Department, Archana Kumar edited the manuscript and James McEuen coordinated production of the publication.

    The book benefited from comments from staff in the African Department and other departments of the IMF. The authors would like to thank their colleagues in the IMF, World Bank, and academia for useful discussions on financial sector issues, and for sharing data. Opinions expressed in the book are those of the authors and do not necessarily represent the views of the IMF, its Executive Directors, or the authorities of the countries covered in the study.

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