This Bulletin examines to what extent the international macro crises over the past few years have affected private capital flows and investment positions in sub-Saharan African (SSA) countries.

Overall it paints a positive picture of increasing private sector capital flows, after a subdued period just after the onset of the global financial crisis of 2008–9.

But it also reports on the rapidly changing nature of private capital flows to SSA, with bond flows, international lending and portfolio flows playing an increasingly important par t in growing private capital flows