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Working Paper 41 - Informal Finance for Private Sector Development in Africa
More than a decade after substantial macroeconomic reforms were initiated in many African countries, aggregate growth, has at best remained inconsistent in many of those reforming countries. While the reasons for poor aggregate performance vary across countries, there is substantial evidence that in many countries, poor private sector investment response in the medium-to-long term has delayed long term growth. The poor response of the private sector might generally be attributed to varying factors in different countries. Indeed, various surveys suggest that a more vigorous response from the private sector in many countries has been impeded by a number of institutional, structural, and financial constraints. (See Box 1).