The G-20 and Financial Regulation in Africa

This policy briefing examines the engagement of African nations with the G-20's financial regulation and development initiatives. It highlights the challenges of aligning international standards, such as Basel II/III, with local developmental goals and identifies the institutional channels through which African countries can influence global financial policy.

• The G-20 manages five primary initiatives relevant to emerging markets and African economies: financial stability and international financial standards, financial inclusion, the development of Local Currency Bond Markets (LCBM), agricultural finance/food price volatility, and trade finance.
• African countries face a significant policy challenge in sequencing the adoption of international financial standards, such as Basel II/III, to ensure they align with local circumstances and developmental objectives like economic growth and financial inclusion.
• G-20 documents generally lack specific references to African concerns, though they acknowledge the need to adapt financial regulations to the circumstances of developing countries. South Africa is frequently mentioned due to its complex financial system, while other African nations are typically cited regarding weak supervisory capacities.
• Several channels exist for African contributions to G-20 processes, including the Global Partnership for Financial Inclusion (GPFI), the Financial Stability Board's (FSB) Regional Consultative Group for sub-Saharan Africa, the Association of African Central Banks (AACB), and the Committee of Ten (C-10).
• The African Development Bank's African Financial Market Initiative, launched in 2008, works in conjunction with the G-20 to develop local currency debt markets, reduce dependency on foreign currency debt, and provide a forum for technical assistance on bond markets.
• While South Africa committed at the 2012 Mexico summit to implement Basel III, Solvency 2, and Treat Customer Fairly (TCF) standards, most other African countries are only beginning to consider or implement these regulatory reforms.
• The author recommends that African countries establish joint monitoring processes with the FSB to assess the impact of G-20 regulations and strengthen existing institutional frameworks through greater member participation to increase their impact on international policy.

APA

Wolff, P. (2013). The G-20 and Financial Regulation in Africa. South African Institute of International Affairs. https://saiia.org.za/wp-content/uploads/2013/11/Policy-Briefing-78.pdf

Chicago

Wolff, Peter. The G-20 and Financial Regulation in Africa. South African Institute of International Affairs, 2013. https://saiia.org.za/wp-content/uploads/2013/11/Policy-Briefing-78.pdf.

Wikipedia

{{cite report |last1=Wolff |first1=Peter |title=The G-20 and Financial Regulation in Africa |publisher=South African Institute of International Affairs |date=November 2013 |url=https://saiia.org.za/wp-content/uploads/2013/11/Policy-Briefing-78.pdf |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{wolff2013g20, author = {Wolff, Peter}, title = {{The G-20 and Financial Regulation in Africa}}, institution = {South African Institute of International Affairs}, year = {2013}, month = nov, url = {https://saiia.org.za/wp-content/uploads/2013/11/Policy-Briefing-78.pdf}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }