First, we will deliberate on the appropriateness of the mandates of the central banks for Africa’s industrialization agenda. One major issue in Africa is whether the attention of central banks should focus on price stability and financial stability only or should Central Banks in the region be concerned about developmental goals.
Although the focus on price and financial stability has served us well in containing inflation and deepening the financial sector, it has not been able to bring down unemployment or achieve inclusive growth on the continent. This has led to many social problems and general restiveness.