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Economic Brief - Building Capacity for Bank Regulation in the Era of Basel III - Volume 2 - Issue 3 - December 2011
W hile the recent financial crisis has severely affected banks all over the world, Africa is one of the world’s regions that have suffered the least. This can be explained by the poor integration of the continent’s banks with the global financial system. Indeed, African economies have long been—and are still largely—characterized by banking systems that tend to offer a limited range of financial instruments, predominantly deposits and loans. In many African countries, capital markets remain peripheral as a vehicle for raising capital. Further, the crisis occurred at a time when many African countries had made commendable efforts to strengthen their financial systems’ resilience to shocks.
At a time when Africa is being encouraged to adopt the Basel III regulatory framework, the continent has an opportunity to explore the challenges and opportunities associated with such a move in the light of the lessons of past experience in capacity development for financial risk management.