Mr. Stals comments on financial sector reforms in Africa Contribution by the Governor of the South African Reserve Bank, Dr. C. Stals, at the Sixth Session of the Conference of African Ministers of Finance and Governors of Central Banks arranged by the United Nations Economic Commission for Africa and held in Addis Ababa on 31/3/97. I INTRODUCTION 1.
Background to the South African financial sector reform process Unlike many other countries on the African continent, South Africa has a well-established financial structure which includes a relatively independent central bank, sophisticated modern banking institutions and competitive financial markets. There developed, nevertheless, a need for far-reaching financial reforms in recent years.