Abuja - President Muhammadu Buhari has advised African Central Banks to reject “fit-for-all- purposes” prescriptions handed down from abroad as it addresses the continent’s current economic challenges, Daily Trust reports.
Buhari who spoke at the opening of the 2016 annual meeting of the association of African Central Banks which opened in Abuja on Thursday, urged African apex banks to continue to look for “innovative home-grown solutions” to fix the continent’s troubled economy.
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The theme of the symposium was “Unwinding Unconventional Monetary Policies: Implications for Monetary Policy and Financial Stability in Africa.”
The major challenges, he noted, were slowdown in growth; weakening global demand; rising inflation; restrictions in capital flows; rising debt levels; increased exchange rate volatility and depleting external reserves.
He called for proactive and effective combination of conventional and innovative monetary policies.
- News 24