Central Bank Independence and Inflation Targeting: Monetary Policy Framework for Sub-saharan Africa

Open system-holistic family view of the macroeconomic sector sees collaborations and policy coordination between the monetary and fiscal subsystems fundamental and inalienable in the holistic family-macroeconomic sector. Full independence (isolation) of the monetary subsystem from the fiscal subsystem is outlandish. The optimal point of independence shifts each time the system adapts to environmental factors but continues to lie between zero and full independence in the continuum of independence. This holistic view best describes the behaviour of modern macroeconomic sector in an ever increasingly globalized-digitalized economy. Sub-Saharan Africa can also inflation target by suitably embracing the prescribed monetary policy framework.