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Inflation, Interest Rates, and Exchange Rates in Africa

In: The Economics of Banking and Finance in Africa

Author

Listed:
  • Matthew Kofi Ocran

    (University of the Western Cape)

  • Johannes Peyavali Sheefeni Sheefeni

    (University of the Western Cape)

  • Emmanuel Oduro-Afriyie

    (Absa Bank Ghana)

Abstract

This chapter discusses the performance of inflation, interest rates, and exchange rates in Africa. The approach is to look at the stylizsed facts, theories, and how well the theories explain the stylizsed facts. The three dynamic variables largely determine the outcomes of national output, labour, and financial markets in national economies. African countries have had diverse experiences with inflation, interest rates, and exchange rates across time and country. Over the last decade, there has been a general improvement in the macroeconomic fundamentals across the region. For example, the average inflation rate has fallen steadily since the high of the early 1990s. Interest rates have also fallen in response to the low inflation outcomes. On the exchange rate front, there have been marked differences in volatility, and this has often been dependent on the exchange rate regime in each country.

Suggested Citation

  • Matthew Kofi Ocran & Johannes Peyavali Sheefeni Sheefeni & Emmanuel Oduro-Afriyie, 2022. "Inflation, Interest Rates, and Exchange Rates in Africa," Palgrave Macmillan Studies in Banking and Financial Institutions, in: Joshua Yindenaba Abor & Charles Komla Delali Adjasi (ed.), The Economics of Banking and Finance in Africa, chapter 0, pages 23-59, Palgrave Macmillan.
    • Handle: RePEc:pal:pmschp:978-3-031-04162-4_2
    DOI: 10.1007/978-3-031-04162-4_2
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