The Africa Department of the International Monetary Fund (IMF) organized a high-level conference on the theme “Modernizing Monetary Policy Frameworks in Africa”. On the occasion, the director of the department, Abebe Aemro Selassie, spoke about the modernization of monetary policy in sub-Saharan Africa.

Taking stock of the progress made by central banks in sub-Saharan Africa, the IMF's Africa director described as "impressive" the achievements of the last three decades preceding the covid-19 pandemic. Indeed, average inflation in the region has fallen by about thirty percentage points. In the mid-1990s, up to thirty countries in the region were experiencing double-digit inflation.

This progress has been made "thanks to the commitment of policy makers in sub-Saharan Africa, which has translated into the courageous reforms they have undertaken", said Abebe Aemro Selassie. Reforms targeted price-based monetary policy frameworks and greater flexibility in exchange rate regimes; combined with governance measures to make central banks more independent and accountable.