In fact, it is interesting to speculate on the degree to which better monetary policy might account for some of the structural factors I have listed. Consider faster productivity growth. High and variable inflation likely creates a distraction for firms – managers must pay attention to the damage that inflation can do to their balance sheets.
International remittance flows often exceed Foreign Direct Investment in Africa and account for more than twice as much as the world’s total Official Development Aid. In this regard, there is no doubt that the capture of timely, reliable, accurate and comprehensive statistics is pivotal to the region’s macroeconomic policy management and deliberate policy must be designed to attract more inflows from our compatriots abroad.