Thus, there was the need to move away from the direct control to market-based regimes introduced in the late 1980s under the structural adjustments and financial sector liberalization policies pioneered by the IMF and World Bank. 6. These had significant impact on the economies of most African countries.
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.