As central bankers, we must appreciate new communication trends and develop communication strategies to leverage existing media technology to build confidence of market players. African central banks should also develop a framework for comprehensive education packages to improve financial literacy across all the sectors of the economy. This will enhance market appreciation of monetary policy decisions and central bank actions for appropriate response.
Monetary Policy Credibility 14. Mr. Chairman, monetary policy credibility is crucial for attaining monetary policy objectives, particularly, in a rational expectations environment where economic agents have full information on how the economy works.