Question 37
Financial InstitutionsPersonal savings are generally low in West Africa because of
- A.the level of income of the people
- B.the refusal of banks to grant loans.
- C.overpopulation.
- D.cheaper foreign currencies.
Show the answer and explanation
Answer: A (the level of income of the people)
Explanation
Most people earn low incomes and spend almost all of it on necessities, leaving little to save.