This implies that the central bank has to be autonomous or independent enough to take the monetary policy decisions that are required to pursue price stability. The central bank must have total instrument independence which it must pursue without fear or favour. Pursuing the requisite autonomy is the next challenge facing central banks in Africa.
Monetary policy at the end of the day can only hope to achieve one objective, that is, price stability.” Of course, this was not a new insight or perspective on the appropriate objective of monetary policy.