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date: 09 March 2021

Abstract and Keywords

Central banks in Africa have implemented far-reaching reforms to ensure greater effectiveness in monetary policy implementation, but they still face considerable challenges ranging from the challenge of linking inflation control and growth to the challenges of exogeneity of inflation drivers, shallowness of financial markets, and weak monetary policy transmission mechanism. While ensuring the preservation of the primary goal of price stability, central banks are now designing frameworks for supporting growth in a countercyclical framework and giving greater attention to financial stability and central bank independence. This chapter brings the challenges into a perspective and tries to explore the way forward for African central banks.

Keywords: Inflation, Price Stability, Transmission Mechanism, Fiscal Dominance, Financial Stability, Exogeneity of Inflation

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