Financial Sector and Economic Development in Africa: A Theoretical Concept

The paper examines the concept of institutions in Africa and the impact it plays on the development of the continent. It conducts a theoretical study on the both economic and financial data for about forty one African countries to make inferences that will assist the continent to positively harness her resources and redouble her efforts for a robust growth. It observes that some situations are common to countries irrespective of their income classification and deserves immediate attention for an inclusive growth. It also suggests that the continent needs to focus on infrastructure amongst others so as to reduce the level of poverty in the region. The study opines that institutions should be strengthened and enabling environment becomes crucial for a sustained and long term growth.