Chapter

Appendix

Author(s):
International Monetary Fund. African Dept.
Published Date:
July 2006
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Table A1.Multilateral Debt Relief Initiative: IMF Relief
CountryUS$ millionsPercent of 2005 GDP2006 Fund Flow Relief as Percent of Government Net Foreign Financing (including grants)Quality of PEM System (benchmarks met, out of 16)
Benin491.15.28
Burkina Faso821.42.09
Ethiopia1140.90.37
Ghana3142.95.57
Madagascar1843.93.54
Mali891.74.011
Mozambique1191.81.14
Niger862.51.95
Rwanda291.41.88
Senegal1351.67.37
Tanzania2962.43.811
Uganda1081.23.88
Zambia5707.93.33
Sources: IMF staff estimates. IDA and IMF paper on “Update on the Assessment and Implementation of Action Plans to Strengthen Capacity of HIPCs to Track Poverty-Reducing Public Spending,” April 12, 2005; available on the Internet at http://www.imf.org/external/np/pp/eng/2005/041205a.htm.Note: Figures refer to relief net of HIPC assistance (available in the HIPC umbrella accounts).
Table A2.Sub-Saharan Africa: Financial Indicators, 2004
Number of Commercial BanksM2/GDP (percent)Bank Assets/GDP (percent)Private Sector Credit/GDP (percent)Central Government Credit/GDP (percent)Capital Adequacy Ratio (percent)Population with Formal Bank Account (percent)
Angola1615.024.14.31.919.62.0
Benin923.514.11.0
Botswana1030.237.017.720.647.0
Burkina Faso821.713.11.22.7
Burundi826.921.50.920.2
Cameroon1017.318.78.81.78.33.7
Cape Verde474.686.034.922.513.3
Central African Rep.316.08.86.51.00.8
Chad78.510.03.30.80.4
Comoros122.119.00.45.0
Congo, Dem. Rep. of98.38.01.10.6
Congo, Rep. of414.68.93.20.93.72.7
Côte d’Ivoire1623.613.83.6
Equatorial Guinea48.89.60.22.7
Eritrea2153.3171.051.0
Ethiopia957.484.321.012.712.3
Gabon617.322.19.32.617.816.0
Gambia, The745.155.612.99.78.0
Ghana932.127.311.68.99.35.0
Guinea716.914.13.820.6
Guinea-Bissau130.59.31.70.5
Kenya4339.038.523.510.116.510.0
Lesotho425.837.05.68.317.0
Liberia326.4
Madagascar724.424.58.54.012.01.4
Malawi1022.732.55.75.323.0
Mali1029.430.119.00.68.0
Mauritius1089.756.421.614.3
Mozambique1325.31.95.014.0
Namibia440.061.942.75.014.828.4
Niger714.39.35.60.6
Nigeria9023.645.013.75.09.6
Rwanda618.218.29.81.518.37.0
Sâo Tomé and Príncipe649.266.418.7
Senegal1235.520.31.711.5
Seychelles6110.9143.828.078.918.0
Sierra Leone719.13.94.838.1
South Africa3566.5109.079.96.813.346.0
Swaziland421.026.517.32.035.3
Tanzania2123.123.07.52.621.25.0
Togo328.615.91.4
Uganda1520.522.15.96.820.66.3
Zambia1521.826.96.57.00.0
Zimbabwe1238.885.921.77.835.717.4
SSA3042.767.439.56.112.626.8
SSA MIC3059.996.070.26.714.041.2
SSA LIC3027.638.312.35.511.27.6
Oil-exporting countries5320.033.611.13.54.97.1
Oil-importing countries2349.477.547.66.814.733.9
CFA countries920.416.111.81.59.83.9
Non-CFA countries3446.572.544.06.812.829.2
Sources: IMF, African Department Financial Sector Profiles, and International Financial Statistics; Beck, Demirgüc-Kunt, and Peria (2005); and Claessens (2005).Note: Where 2004 data are not available, the nearest available data are used. The averages are calculated using PPP-adjusted GDP weights.
Table A3.Sub-Saharan Africa and Comparator Groups: Ownership in the Banking Sector(Share of bank assets)
State OwnershipForeign Ownership
1996–992000–031996–992000–03
Sub-Saharan Africa0.20.10.40.5
Other low-middle-income0.30.30.20.2
Sub-Saharan Africa low-income0.30.20.40.4
Other low-income0.40.40.10.1
CFA countries0.10.10.50.5
Oil producers0.10.20.30.3
Sub-Saharan Africa middle-income0.20.10.40.6
Source: Inter-American Development Bank (IADB) country-level data.Note: The income groupings are based on the World Bank rankings of gross national income (GNI) per capita in 2004. The groups are: low-income, GNI per capita of $825 or less; lower-middle-income, GNI per capita of $826—$3,255. “Low-middle-income” refers to countries in these two groups; low-income refers to the former only.
Table A4.Structure of Nonbank Financial Institutions, 2004
Insurance CompaniesPension FundsOther NBFIs
Assets as percent ofAssets as percent ofAssets as percent of
NumberTotal financial assetsGDPNumberTotal financial assetsGDPNumberTotal financial assetsGDP
Botswana131.61.513917.416.1834.331.7
Ethiopia81.51.411.51.41,0503.02.9
Gabon67.11.911.184.91.3
Ghana182.01.1115.18.12866.03.2
Kenya448.26.878113.22,68915.012.6
Nigeria1182.190.65028.1
Rwanda44.31.5120.67.157.12.4
Seychelles22.13.415.08.335.89.6
Tanzania144.01.0313.04.0
Uganda190.822.5830.3
Zambia83.51.619016.77.04223.19.7
Zimbabwe233.64.1282.02.317110.211.4
Source: IMF, Financial Sector Profiles.
Table A5.Sub-Saharan Africa: Financial Soundness Indicators
YearsSub-Saharan AfricaOther Low-Middle-Income (excluding SSA)Sub-Saharan Africa Low-IncomeOther Low-Income (excluding SSA)
Total problem loans1996–999.28.59.49.1
Percent of assets2000–038.315.69.19.4
Total capital1996–9914.514.115.613.8
Percent of assets2000–0318.917.121.415.7
Liquid assets1996–9926.320.030.521.2
Percent of assets2000–0328.821.228.821.9
Provisioning1996–9944.465.574.840.4
Percent of problem loans2000–0343.939.341.329.6
Source: IMF staff calculations from bank-level data by IADB staff.
Table A6.Sub-Saharan Africa and Comparator Groups: Financial Soundness Indicators by Ownership Category
YearsSub-Saharan AfricaOther Low-Middle-Income (excluding SSA)Sub-Saharan Africa Low-IncomeOther Low-Income (excluding SSA)
Public banks
Total problem loans1996–9912.212.812.814.4
Percent of assets2000–0310.715.415.914.2
Total capital1996–9926.423.621.525.5
Percent of assets2000–0333.831.738.925.4
Liquid assets1996–9928.027.930.533.1
Percent of assets2000–0340.329.639.737.2
Provisioning1996–9965.068.074.824.2
Percent of problem loans2000–0384.031.058.228.4
Domestic private banks
Total problem loans1996–999.46.79.74.0
Percent of assets2000–0312.310.09.64.0
Total capital1996–9912.511.512.45.4
Percent of assets2000–0315.614.517.610.6
Liquid assets1996–9922.917.523.115.8
Percent of assets2000–0323.618.223.017.1
Provisioning1996–9938.370.036.7
Percent of problem loans2000–0338.638.335.5
Foreign banks
Total problem loans1996–997.87.57.5
Percent of assets2000–035.94.06.7
Total capital1996–9916.37.320.28.2
Percent of assets2000–0321.312.124.65.1
Liquid assets1996–9933.219.837.525.4
Percent of assets2000–0336.923.440.124.2
Provisioning1996–9950.050.051.027.0
Percent of problem loans2000–0349.559.053.3
Source: IMF staff calculations from bank-level data by IADB staff.Note: In some cases, indicated by “…” the number of observations was too small to permit a meaningful calculation.
Table A7.Sub-Saharan Africa and Comparator Groups: Banking Sector Income and Costs Overall and by Ownership(Percentage of assets)
Net Interest MarginLoan Loss ProvisionsOverheadProfit Before Tax
1996–992000–031996–992000–031996–992000–031996–992000–03
Sub-Saharan Africa8.08.23.43.57.47.43.03.0
Other low-middle income (excluding SSA)7.16.65.13.47.07.10.21.1
Sub-Saharan Africa low-income8.28.53.73.77.67.73.33.2
Other low-income (excluding SSA)5.54.93.43.05.35.31.11.1
Source: IMF staff calculations from bank-level data by IADB staff.
Public BanksForeign Banks
Net interest marginOverheadNet interest marginOverhead
1996–992000–031996–992000–031996–992000–031996–992000–03
Sub-Saharan Africa8.27.17.27.110.19.87.97.9
Other low-middle income (excluding SSA)9.38.69.29.15.96.26.16.9
Sub-Saharan Africa low-income10.09.49.19.310.910.18.48.1
Other low-income (excluding SSA)6.46.46.77.35.24.13.64.2
Source: IMF staff calculations from bank-level data by IADB staff.
Table A8.Determinants of Banking Sector Depth and Efficiency in Lower-Income Countries
Dependent VariableLoans-to-GDP RatioOverhead Costs
GDP per capita3.4*(0.07)1.8(0.34)–0.2(0.67)0.4(0.36)
Corruption14.4*(0.01)15.2*(0.01)–1.0(0.27)–1.4(0.11)
Inflation–4.4*(0.01)–4.2*(0.01)0.66*(0.03)0.6*(0.04)
Budget balance0.0(0.96)0.2(0.73)0.0(0.70)0.0(0.73)
Interest on public debt0.3(0.57)0.7(0.20)–0.1(0.60)–0.2(0.19)
Concentration–19.2*(0.01)–16.0*(0.01)–2.7*(0.06)–3.5*(0.01)
Sub-Saharan Africa dummy–6.4*(0.04)2.1*(0.01)
Number of observations72727070
R−squared0.590.620.250.36
Source: IMF staff calculations from data in Detragiache, Gupta, and Tressel (2005).Note: P-values in parentheses and coefficients significant at 10 percent are indicated with *. The dependent variables are averages for 1999–2001 and the right-hand side variables cover various periods in the 1990s; see source for details. Regressions include a dummy for transition countries. Overhead costs are expressed as a percentage of bank assets.
Table A9.CFA Franc Zone: Interbank Market Transaction Volumes, 1997–2005(Monthly average, in billions of CFA francs)
CFA Franc Zone: Interbank Markets
199719981999200020012002200320042005
WAEMU
CFA franc billions105.6152.4199.6155.6126.8105.652.848.066.0
CEMAC
CFA franc billions3.919.421.214.723.613.19.27.5
Sources: Banque Central des États de l’Afrique de l’Ouest (BEACO—Central Bank of West African States) and Banque des États de l’Afrique Centrale (BEAC—Bank of Central African States).
Table A10.Sub-Saharan Africa and Comparator Groups: Doing Business Legal and Credit Indicators(Values in 2005)
Sub-Saharan AfricaOther Lower-Income (excluding SSA)Sub-Saharan Low-IncomeOther Low-Income (excluding SSA)
Credit-conducive legal rights index4.34.64.44.4
Credit information index1.52.11.41.4
Public credit registry coverage
(percent of adults)0.83.10.80.8
Private credit bureau coverage
(percent of adults)3.76.90.20.2
Source: World Bank, Doing Business 2005 dataset.Note: The legal rights index ranges from 0 to 10, higher scores indicate that collateral and bankruptcy laws are better designed to expand access to credit. The credit information index ranges from 0 to 6; higher values indicate that more credit information is available from either a public registry or a private bureau to facilitate lending decisions. Both coverage variables reflect the number of borrowers covered by registry or bureau as a percentage of the adult population.
Table A11.Sub-Saharan Africa: Doing Business Indicators and the Private Loan Share
Sub-Saharan Africa RegressionsSub-Saharan Africa Low-Income Regressions
Dependent variable: private loan share of GDP
Legal rights index0.02(0.18)0.01(0.56)0.01*(0.06)0.02*(0.03)
Credit information index0.03*(0.06)0.01(0.86)0.01(0.80)0.00(0.95)
Interest rate spread−0.01(0.12)−0.01*(0.05)−0.01*(0.04)−0.01*(0.02)
GDP per capita0.11(0.01)0.03(0.26)
R−squared0.260.540.250.29
Sources: World Bank, Doing Business 2005 dataset; IMF, International Financial Statistics, and World Economic Outlook.Note: Significance levels in parentheses. Coefficients significant at 10 percent or better are indicated by *.
Table A12.Sub-Saharan Africa and Comparator Groups: Banking Supervision and External Oversight
Sub-Saharan AfricaOther Low-Middle Income (excluding SSA)Sub-Saharan Low-IncomeOther Low-Income (excluding SSA)
Banking supervision
Official supervisory power10.910.611.011.2
Prompt corrective power2.03.12.24.1
Discretionary forbearance1.91.02.00.9
Strength of external audit6.15.86.36.0
External oversight of banking systems
Financial statement transparency4.64.44.74.4
Accounting practices0.90.80.90.9
External ratings & credit monitoring1.01.61.01.6
Private monitoring index7.47.07.46.4
External governance index13.312.413.512.6
Source: IMF staff calculations from indices in Barth, Caprio, and Levine (2004).
Table A13.Sub-Saharan Africa: The Choice of Anchor for Inflation
Number of Countries
Description198019851990199520002004
Exchange rate anchorFrench franc/euro [CFA Zone]141414141414
South African rand [CMA]223333
U.S. dollar1544633
Portuguese escudo001000
Spanish peseta100000
Pound sterling110000
SDR1172100
Other currency composites25910323
Monetary anchorDefined monetary aggregate target3000076
Other5710171214
of which: Fund-supported program4107
Inflation anchorInflation targeting framework000011
DescriptionAs percent of total non-CFA non-CMA countries
U.S. dollar181415221211
Portuguese escudo004000
Spanish peseta400000
Pound sterling440000
SDR39257400
Other currency composites18323711811
Exchange rate anchor837563372022
Monetary aggregate target00002822
Other182537634852
of which: Fund-supported program4026
Money-based anchor182537637674
Inflation anchorInflation targeting framework000044
Source: IMF, Annual Report on Exchange Arrangements and Exchange Restrictions (2004).
Table A14.Expenditure Assignments in Six Sub-Saharan African Countries
CentralRegionalLocal
EthiopiaStandard federal government functions and social sector financing.1Education, health, roads (can be delegated to local). Social sector financing and monitoring.Education and health, including hiring, operations, and maintenance; infrastructure.
TanzaniaStandard unitary government functions including financing and target setting for social sectors.(Minimal regional tier.)Primary education and health, under tight monitoring from center; also water, local roads, extension services.
GhanaStandard unitary government functions, including financing and personnel for social sectors and district employees.Ten Regional Coordinating Councils with limited planning functions.Some public infrastructure; school buildings and maintenance; basic public health functions and municipal services.
UgandaStandard decentralized unitary government functions; policy setting and financing for social sectors.Social sectors and roads, including administration, operations and maintenance; hiring of social sector personnel.Municipal services; social sector administration, operations, and maintenance; infrastructure.
South AfricaStandard federal government functions (quasi-federal system).Concurrent policy-setting powers with center in social sectors, public works, economic affairs; social sector personnel hiring, operations and maintenance, administration, and equipment.Municipal services and utilities.
NigeriaStandard federal government functions and third level education (shared with states).Concurrent policy-setting powers with center in social sectors and public works; social sector personnel hiring, operations, and maintenance; administration; secondary education.Municipal services; primary education, basic health care; some social sector maintenance.
Source: Ahmad and Brosio (2005); and IMF staff calculations.
Table A15.Revenue Assignments in Six Sub-Saharan African Countries1
CentralRegionalLocal
EthiopiaInternational trade taxes, profit and sales taxes from federal government enterprises; income tax on federal employees; excises and federal government user fees.Income and sales taxes from regional public enterprises, plus property taxes on regional government and private property (shared with local); income tax on regional employees.Income tax on local employees, agricultural income tax, certain user fees and charges, merchant taxes, shared property tax revenue.
TanzaniaStandard unitary tax instruments and bases.(Minimal regional tier.)Main local revenue source was Development Levy (a poll tax with amount based on income), now abolished. A range of transaction levies and fees and a property tax.
GhanaStandard unitary tax instruments and bases.(Minimal regional tier.)Taxes on incomes of self-employed, businesses and property. User fees and permits. Only fees and property taxes in major use; also limited tolls and fees.
UgandaStandard unitary tax instruments and bases.Main instrument was Graduated Personal Tax (hybrid income/poll tax) now abolished. Property tax available but little used.Various village market taxes and fees.
South AfricaPersonal and corporate income, sales, value-added, and customs reserved as tax bases for the center.Taxes on bases other than personal and corporate income, general sales, value added, customs, property; provinces can levy a personal income surcharge with approval of center (not yet exercised). Most important sources are road traffic fees and gambling taxes.Property taxes, fees, and regional services charge (hybrid payroll/turnover tax on businesses). Some municipalities have substantial utilities revenue.
NigeriaTaxes on corporate income (including petroleum profits), VAT, taxes on nonresidents, Abuja residents, and personal income tax of certain federal employees.Personal income and capital gains; development and occupancy levies; other fees, levies, and duties (e.g., gambling, roads, stamp duties).User and utility fees.
Sources: Ahmad and Brosio (2005); and IMF staff calculations.
Table A16.Uganda: Education and Health Care Outcomes, 1995 and 2000
Poverty IncidencePrimary School Net EnrollmentInfant MortalityChild (Under 5) Mortality
2000199520001995200019952000
Central2079777772141135
Eastern2868879889176147
Northern37557099106190178
Western6564787598131176
Total356779n.a.n.a.n.a.n.a.
Sources: Ugandan Demographic and Health Survey, 1995 and 2000; and Brosio (2005).
Table A17.Ethiopia: Education and Health Care Outcomes, 1996-2004
1996199820002004
Net primary school enrollment (percent)
Whole country21.028.733.837.8
Rural13.722.528.032.8
Urban68.972.974.577.2
Incidence of consultation at medical clinics (in percent of ill persons)
Whole country49.143.441.147.9
Rural46.440.538.344.7
Urban70.768.366.673.4
Sources: Ethiopian Welfare Monitoring Survey, various years; and Ahmad, Brosio, and Mattina (2005).

Figure A1.Financial Development of Countries Classified by Growth

(Percent)
(Percent)

Source: IMF, World Economic Outlook database, 2004.

Note: The six oil-producing countries are classified separately. The remaining countries are classified by quartiles according to real growth over 1960—2003.

Figure A2.Sub-Saharan Africa: Financial Indicators

Source: IMF, Financial Sector Profiles.

Note: When data were not available for the indicated year, the closest available year was used.

Figure A3.Sub-Saharan Africa: Nonperforming Loans in 2000 and 2004

(Percent of total loans)

Source: IMF, Financial Sector Profiles.

Note: When data were not available for the indicated year, the closest available year was used.

Figure A4.Sub-Saharan Africa and Comparator Groups: Banking Sector Concentration Ratios

Source: World Bank, Financial Structure database.

Note: The income groupings are based on the World Bank rankings of gross national income (GNI) per capita in 2004. The groups are: low-income, GNI per capita of $825 or less; lower-middle income, GNI per capita of $826–$3,255. “Low-middle-income” refers to countries in these two groups; low-income refers to the former only. Sub-Saharan Africa has a small number of upper-middle-income countries (GNI per capita between $3,256 and $10,065), namely Botswana, Equatorial Guinea, Gabon, Mauritius, Seychelles, and South Africa. However, no upper-middle-income countries outside SSA are used in the comparisons.

Figure A5.Sub-Saharan Africa: Size of Economy and Number of Banks

Sources: IMF, Financial Sector Profiles; and World Economic Outlook.

Figure A6.Sub-Saharan Africa and Comparator Groups: Doing Business Costs of Debt and Contract Enforcement and Property Registration

Figure A7.Sub-Saharan Africa: Obstacles to Growth of Private Enterprises

(Percent of companies indicating an obstacle as a serious constraint to growth of business)

Source: World Bank, Investment Climate Surveys, 2005.

Figure A8.Sub-Saharan Africa and Comparator Groups: Real Lending Rates in Sub-Saharan Africa versus Rest of the World

(Percent)

Source: IMF, International Financial Statistics.

Figure A9.Sub-Saharan Africa and Comparator Groups: Funding Sources and Uses

(Percentage change from previous four-year period)

Source: IMF, International Finance Statistics.

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