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Credit Growth in Sub-Saharan Africa—Sources, Risks, and Policy Responses

Author

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  • Ms. May Y Khamis
  • Mr. Plamen K Iossifov

Abstract

In this paper, we analyze credit growth in Sub-Saharan Africa over the past decade focusing on the post-2002 rapid credit growth in select countries. We develop regression models of the fundamental determinants of bank credit and use them to examine whether they can fully explain developments in rapid credit growth countries. We then argue that rapid credit expansion, whether a manifestation of a credit boom or driven by fundamentals, can give rise to prudential and macroeconomic risks. We detail these risks and discuss the choice of policies to mitigate them. We conclude by evaluating the likely impact of the ongoing global recession and financial crisis on credit growth in Sub-Saharan Africa.

Suggested Citation

  • Ms. May Y Khamis & Mr. Plamen K Iossifov, 2009. "Credit Growth in Sub-Saharan Africa—Sources, Risks, and Policy Responses," IMF Working Papers 2009/180, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:2009/180
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    Citations

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    Cited by:

    1. Ms. Tatum Blaise Pua Tan, 2012. "Determinants of Credit Growth and Interest Margins in the Philippines and Asia," IMF Working Papers 2012/123, International Monetary Fund.
    2. Cho, Yoonyoung & Tien, Bienvenue N., 2014. "Sub-Saharan Africa's recent growth spurt : an analysis of the sources of growth," Policy Research Working Paper Series 6862, The World Bank.
    3. International Monetary Fund, 2013. "Haiti: 2012 Article IV Consultation and Fifth Review Under the Extended Credit Facility," IMF Staff Country Reports 2013/090, International Monetary Fund.
    4. G.A Diah Utari & Trinil Arimurti & Ina Nurmalia Kurniati, 2012. "Optimal Credit Growth," Bulletin of Monetary Economics and Banking, Bank Indonesia, vol. 15(2), pages 3-34, October.
    5. Lorna Katusiime, 2018. "Private Sector Credit and Inflation Volatility," Economies, MDPI, vol. 6(2), pages 1-13, April.
    6. I. Oluwafemi Oni & A. Enisan Akinlo & Elumilade D. Oladepo, 2014. "Impact Of Bank Credit On The Real Sector: Evidence From Nigeria," Global Journal of Business Research, The Institute for Business and Finance Research, vol. 8(3), pages 39-47.
    7. Mr. Plamen K Iossifov, 2021. "Cyclical Patterns of Systemic Risk Metrics: Cross-Country Analysis," IMF Working Papers 2021/028, International Monetary Fund.

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