Financial markets have deepened with innovative products alongside increasing integration of African markets to the global financial markets. 7. As time progressed, it became imperative for African central banks to pursue forward-looking monetary policy to tackle price stability which is a necessary condition for sustainable growth.
In so doing, some of our members such as Ghana, South Africa, and Uganda adopted the Inflation Targeting monetary policy framework, while other central banks de-emphasized the role of monetary  aggregates and started incorporating elements of forward-looking monetary policy frameworks. 8.