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

In: The Economics of Banking and Finance in Africa

Author

Listed:
  • 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)

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.

Suggested Citation

  • Joshua Yindenaba Abor & Elikplimi Komla Agbloyor & George N. Agyekum Donkor & Angela A. Alu, 2022. "The COVID-19 Pandemic and Africa’s Financial Systems: How Do We Reform Post-COVID-19 Financial Systems?," Palgrave Macmillan Studies in Banking and Financial Institutions, in: Joshua Yindenaba Abor & Charles Komla Delali Adjasi (ed.), The Economics of Banking and Finance in Africa, chapter 0, pages 1013-1037, Palgrave Macmillan.
    • Handle: RePEc:pal:pmschp:978-3-031-04162-4_30
    DOI: 10.1007/978-3-031-04162-4_30
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