President Buhari
President Buhari

President Muhammadu Buhari has said that African countries are in a critical moment, particularly sub-Saharan Africa, which is facing slow growth after 10 years of unprecedented growth.
He made this known in Abuja yesterday during the Conference of African Central Bank Governors.
According to him, “The region suffered a sharp slowdown, owing to slump in commodity prices and softer global economic conditions. Natural resource producers 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. China, a major trade and business partner to a number of African countries is currently slowing as it re-models its economy, sparking fears of further weakening.”
He said that the theme, ‘Unwinding Unconventional Monetary Policies: Implications for Monetary Policy and Financial Stability in Africa,’ was very apt and of special relevance to Africa.
“It corresponds with a period when African economies are confronted with a number of growing challenges which are a threat to growth and the stability of our financial systems.”
He commended the organisers for their lucent topical definition with monetary and financial stability as the pivot he also said that he was impressed at the calibre of experts and policy makers gathered here to brainstorm and chart a way forward for the growth and development of Africa.
“The region is confronted with several global and domestic economic challenges. Most worrisome is the slowdown in growth; weakening global aggregate demand; rising inflation; capital flow reversals as a result of tapering in the United States; rising debt levels; increased exchange rate volatility and depleting external reserves due to dependence on primary commodity exports,” he said.
For his part, governor of Central Bank of Nigeria, CBN, Godwin Emefiele said that with the evolving of literature on the topic and the overwhelming consensus among experts that unwinding unconventional monetary policy could present challenges, including that of financial instability, it had become necessary for central banks to evolve appropriate coping strategies as a safeguard against any negative impact on financial stability.

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