The wealthy can borrow money to finance their investment needs because bankers trust them. Those who are less well off, and who need loans the most, do not have this access and must call upon the solidarity of their family and community to finance their investments. The same logic can be used at the country level. High income countries borrow, while many poor African countries have a limited access to international capital markets. In recent years, only one fourth of sub-Saharan African countries were able to issue international bonds—and do not have any other alternative but to solicit international aid.
Les personnes fortunées empruntent pour financer leurs investissements car les banques leur font confiance. Ceux qui ont moins de moyen, et qui ont donc davantage besoin de prêts, n'y ont pourtant pas accès et font souvent appel à la solidarité familiale ou communautaire pour leurs investissements. La même logique peut être faite à l’échelle des pays. Ceux à revenu élevé empruntent, tandis que les pays africains à revenu faible n'ont qu'un accès limité aux marchés de capitaux.
La Banque mondiale se fixe un objectif ambitieux : garantir l’accès universel aux services financiers formels d’ici 2020. Même si 700 millions de personnes disposent d’un compte bancaire depuis 2011, environ deux milliards ne sont toujours pas bancarisées (a). À l’heure où la Banque mondiale cherche à développer l’inclusion financière dans le monde entier, elle devrait prendre exemple sur l’Afrique subsaharienne.
The World Bank (WB) has set an ambitious goal of securing universal access to formal financial services by 2020. Although 700 million people have signed up for a bank account since 2011, about two billion worldwide remain unbanked. As the WB seeks to expand worldwide financial inclusion, it should look to Sub-Saharan Africa (SSA) for inspiration.
L’Afrique est à la croisée des chemins. La croissance économique s’est consolidée sur la majeure partie du continent et, dans de nombreux pays, les exportations sont en pleine expansion, les investissements étrangers en hausse et l’aide extérieure moins nécessaire. Les réformes de gouvernance transforment le paysage politique. La démocratie, la transparence et la responsabilisation des pouvoirs publics progressent, donnant aux habitants de la région un plus grand poids dans les décisions qui touchent leur quotidien.
Africa stands at a crossroads. Economic growth has taken root across much of the region. In many countries, exports are booming, foreign investment is on the rise and dependence on aid is declining. Governance reforms are transforming the political landscape. Democracy, transparency and accountability have improved, giving Africa’s citizens a greater voice in decisions that affect their lives.
The 2009 financial crisis demonstrated how closely local government finances and housing policies are intertwined with the financial systems and the economy as a whole. The ramping up of efforts to combat global warming and the prospects created by the COP 21 preliminary discussions have once again thrust local governments into the spotlight, with their growing responsibilities in the areas of adaptation and mitigation.
Sub-Saharan Africa is making significant economic and development strides. Yet, natural disasters, combined with the effects of climate change, rapid urbanization, and conflict situations are threatening these gains, keeping vulnerable and poor communities in a chronic cycle of poverty:
- 425 million people who live in Africa’s drylands are highly exposed to climate shocks, and this number is set to grow by at least 50% by 2030. We cannot fully quantify the human cost, but Kenya alone suffered losses of $12 billion in the 2008 to 2011 drought. Official development assistance (ODA) in humanitarian aid to the Horn of Africa after the 2011 drought was $4 billion, 10% of all aid to Africa.
- Africa’s coastal cities are engines of growth, but are highly vulnerable to flooding and sea-level rise. In the last three years, major floods have hit cities such as Maputo, Dakar, Lagos and Douala. Like droughts, floods won’t go away. Along with periods of extreme heat, strong winds and coastal storms, they are likely to become more frequent.
- Ebola Virus Disease outbreak, from March 2014, was the most widespread, and reached epidemic proportions. The poor bore the brunt, lost their jobs and incomes, had difficulty accessing medical services and suffered psycho-social trauma. On a macro-level, Guinea, Liberia and Sierra Leone are estimated to lose over $1.6 billion in forgone economic growth in 2015.
- Conflicts and disasters often reinforce each other to worsen negative development impacts and increase human suffering. From 2005 to2009, more than 50% of people affected by disasters lived in fragile and conflict-affected states (globally). Fourteen out of the 20 most conflict-affected states are in Africa.
Rwanda’s level of financial inclusion is fast increasing, propelled forward by ambitious targets and innovative policy and regulatory approaches. The 2008 and 2012 FinScope surveys showed that financial inclusion had doubled from 21 to 42 percent and the 2015 iteration is expected to show continued progress. But with such a large and rapid movement of adults into the formal financial sector, ensuring that the ‘newly banked’ are able to effectively and responsibly select and use financial products is critical.