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African Economies have been badly hit by the global Economic slowdown. The impact of international developments has started to be felt greatly in most Africa Countries. Economists and policymakers are becoming increasingly alarmed by the effect of the recessions on their economies especially those economies that are heavily dependent on mining exports and capital inflows. Many econimists have previously argued that tight banking regulation and exchange controls meant African banks were healthier than their global counterparts, immunising the economy to some extent from financial contagion