Addressing these challenges remains critical for both minimizing the impact of the global crisis and positioning the continent to take advantage of opportunities arising from the global economic recovery after the crisis.
Credit crunch Although many African economies survived the initial impact of the financial crisis due to lack of direct exposure to the American sub-prime mortgage debts, their access to international capital has been severely curtailed. For example, in the case of Uganda, several entities are reported to have repositioned themselves from borrowing from abroad, to borrowing from the domestic banks.