President Muhammadu Buhari says he is worried about rising inflation, restrictions in capital flows and depleting forex reserves.
Speaking at the Association of African Central Banks (AACB), Buhari said the symposium, titled ‘Unwinding unconventional monetary policies: implications for monetary policy and financial stability in Africa’ was fit for the times.
Speaking at the Association of African Central Banks (AACB), Buhari said the symposium, titled ‘Unwinding unconventional monetary policies: implications for monetary policy and financial stability in Africa’ was fit for the times.
“The region is confronted with several global and domestic economic challenges. Most worrisome is the slowdown in growth, weakening global demand, rising inflation, restrictions in capital flows, rising debt levels, increased exchange rate volatility and depleting external reserves,” Buhari said.
“Those of us who rely on only natural resources such as Nigeria, Angola, South Africa, and Mozambique have been hit the hardest. We have also had to contend with the effect of the Ebola Virus Disease, which struck some countries in the West-African Sub-region.
“Furthermore, China, a major trade and business partner to a number of African countries is currently slowing down as it remodels its economy, sparking fears of further weakening.”
He said “African Central Banks have been at their best in keeping African economies afloat through proactive and effective combination of conventional and innovative monetary policies”.
“I urge you to continue to look for original homegrown solutions, not to rely on ‘fit for all purposes’ prescriptions handed down from abroad. The world is a dynamic place and with innovation, we can survive.
