Central banks face weight of expectations in sub-Saharan Africa


Much has already been written about the evolving nature of what RG Hawtrey once described, eight decades ago, as “the art of central banking”1 in relation to the advanced economies, focusing on such issues as unconventional monetary policies and the adoption of a macro-prudential focus to policy-making.2 This article will focus on how the art of central banking is evolving in sub-Saharan Africa (SSA) and especially in the frontier markets of the region.

During the 1980s and 1990s, the role of mo

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