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How the liquidity crisis turned into a credit mess in Africa

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Over the course of a debate at the Africa Financial Industry Summit (AFIS)* – held in Lomé on 15 and 16 November – one particular diatribe hit home. “When I go to see my banker after he bought government securities the week before, I find it difficult to interest him in my projects, or else it costs me a lot more,” said Joseph Daou, CEO of Zener, a Togolese company specialising in gas and fuel distribution.

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