Some countries on the African continent are as financially competitive as some developing or high-income regions. However, according to the ICAEW, the lack of access to finance represents a big challenge in Africa. In its report Economic Insight: Africa Q3 2016, the accountancy and finance body notes that whilst some countries have excellent financial soundness, access to credit remains a challenge for many Africans.
According to Making Finance Work for Africa (MFW4A), only 23% of African households had access to formal or semi-formal financial services in 2015. Most African countries have very limited access to private credit, which hinders their development.
The two most sophisticated countries in Africa are South Africa and Mauritius. The other African countries should follow their example to spur the development of the continent.