Responses by African Governments to the Financial Crisis and Lessons

"This paper identifies the key channels of transmission of the financial crisis to Africa as well as its quantitative impact on the region. It also examines recent policy measures and responses that can be taken by African Governments and regional organizations to cushion the effect of the crisis on economies in the region. The current crisis is also taking place at a time when the African region is slowly recovering from the negative effects of the fuel and food crisis. Against this background, the key challenge facing African countries is how to manage the current crisis to ensure that it does not reverse progress made since the beginning of the new millennium and thus reducing the prospects of achieving the Millennium Development Goals (MDGs)."