Despite the challenging global and domestic economic environment, the banking sector has remained stable and resilient.
African economies have recently confronted multiple global and domestic shocks. These include the Covid-19 pandemic, the war in Ukraine, the prolonged drought that affected the Horn of Africa, and high global inflation. Global inflation rose from 3.2 per cent in 2020 to 8.7 per cent in 2022, leading to aggressive monetary policy tightening in advanced economies.
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