We therefore need to continue to promote policies that will prevent political instability. It is heartening to note that political stability is improving in Africa. Although there are still few countries that are facing civil wars, the situation has significantly improved compared to the 1970s and 1980s. Macroeconomic stability is equally important.
With regard to corporate finance, private banks continue to be more active in extending loans, mainly to blue-chip companies, while carefully evaluating the credit risks involved. There seem to be no significant changes in the fund-raising conditions of firms in the markets for such instruments as corporate bonds and CP.