Financial Sector Development in African Countries

Major Policy Making Issues

  • Omotunde E. G. Johnson

Table of contents

  1. Front Matter
    Pages i-xi
  2. Omotunde E. G. Johnson
    Pages 1-7
  3. Omotunde E. G. Johnson
    Pages 9-77
  4. Omotunde E. G. Johnson
    Pages 79-102
  5. Omotunde E. G. Johnson
    Pages 103-138
  6. Back Matter
    Pages 139-142

About this book


This Palgrave Pivot begins with a broad focus on financial sector development as
a whole, highlighting areas such as the money market, payment system, and the
capital market, as well as issues such as regulatory strategy, capacity building of
financial firms and service providers, and financial inclusion. In the area of foreign
exchange market policies, the book argues that African countries should aim for
social efficiency of the markets, which would include soundness of their foreign
exchange systems, from an economic growth perspective, and fairness from an
income distributional perspective. Finally, in recognition of the fact that some
African countries desire financial systems that are strong enough to be
international centers of finance, the policy-making implications of that ambition
are discussed.
This book will be of interest to scholars and students in development economics,
finance, and money and banking, as well as policy-makers and practitioners.
Further, international organisations and independent research organisations
interested in economic development in general or financial system development
issues will also find this book of value.
Omotunde E. G. Johnson received his PhD in Economics from the University of
California, Los Angeles, USA, in 1970. He has taught at universities including the
University of Sierra Leone and the University of Michigan, USA, and was
International Monetary Fund staff member for more than 25 years. He was
Visiting Research Fellow at the Centre for the Study of African Economies and
Senior Associate Member at St Antony’s College, Oxford University, UK. He has
published a number of books and many articles in academic journals, including
the Journal of Law and Economics, Journal of Money Credit and Banking, World
Development, Kyklos, Journal of Policy Reform, and International Monetary Fund
Staff Papers. His most recent book, published by Palgrave Macmillan, was
Economic Diversification and Growth in Africa: Critical Policy Making Issues.


Macroeconomic policy framework Capital market Financial sector development Economic diversification Financial Inclusion Payment System Sustainable Development Goals Foreign Exchange Market Stock Exchange International Financial Centre money market Fair income distribution Social efficiency

Authors and affiliations

  • Omotunde E. G. Johnson
    • 1
  1. 1.International Monetary Fund RetireeIndependent ResearcherMcLeanUSA

Bibliographic information