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South Africa must unlock financial sector for growth, says African Development Bank | SA News

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The African Development Bank (AfDB) says South Africa’s well-developed financial sector has the potential to be the continent’s powerhouse if structural constraints are addressed.

“South Africa has a well-developed and large financial sector with an asset-to-GDP ratio of 88%, well above that of most emerging markets. The financial system consists of banking institutions, pension funds and a dynamic stock exchange,” the bank said in a recent report.

Accounting for 20% of GDP, the country’s financial sector provides broad access to financial services. More than 90% of the adult population uses formal…

Provinces: The country is divided into nine provinces: Eastern Cape, Free State,
Gauteng, KwaZulu-Natal, Limpopo, Mpumalanga, Northern Cape, North West, and Western Cape.

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  2. The difference between the South African football team and a tea bag is that the tea bag stays in the cup