As the Dow Jones desperately keeps going down, and Western banks keep navigating in troubled waters, Africa is firmly resisting and her finances and economy are said to be healthier than ever.
“In Togo we are not dealing with the crisis”, T. Gnasosounou of Cauris Investissement, told me in early October in The Hague. His understanding of the current crisis is that there is much liquidity in the West but ‘bankers don’t know how to use this money’, while ‘in Africa it’s the opposite’.
“The crisis is not affecting us at all”, adds F. Swai of Akiba Commercial Bank in Tanzania. She explains that this immunity comes from the fact that none of the collapsed or collapsing banks have no chapters in her country. However, she adds, the Central Bank of Tanzania is consulting with commercial banks to strengthen regulations.
The urgent issue now is to know how long African banks will stay in calm waters in a globalized and market-based world economy