Cover -- Contents -- Abbreviations -- Acknowledgments -- Executive Summary -- 1. Sustaining Growth Amid Shifting Global Forces -- Introduction and Summary -- Shifting Global Forces: What Do They Portend for Sub-Saharan Africa? -- Persistent Fiscal Deficits: A Matter of Concern? -- Near-Term Outlook, Downside Risks, and Policy Recommendations -- 2. Fostering Durable and Inclusive Growth -- Introduction -- Recent Growth and Human Development Performance -- The Role of Productivity in Reducing Poverty: The Experiences of Mozambique and Vietnam -- The Job Creation Challenge -- The Financial Inclusion Challenge -- Conclusion -- 3. Improving Monetary Policy Frameworks -- Monetary Policy Landscape in Sub-Saharan Africa -- Snapshot of Monetary Policy Frameworks in Sub-Saharan Africa -- Key Drivers of the Evolution of Monetary Policy Frameworks in Sub-Saharan Africa -- Responding to Challenges -- How to Make Monetary Policy in Sub-Saharan African Countries More Effective -- Conclusion -- Statistical Appendix -- References -- Publications of the IMF African Department, 2009-14 -- Boxes -- 1.1. The East African Community Monetary Union Protocol -- 2.1. Policies that Matter for Increasing a Country's Per Capita Income Performance -- 2.2. Structural Factors Affecting Poverty in Sub-Saharan Africa -- 2.3. Poverty Reduction and the Sectoral Composition of Growth -- 3.1. Global Evolution of Monetary Policy Frameworks -- 3.2. Monetary Policy and Terms-of-Trade Shocks in Sub-Saharan Africa -- 3.3. Adapting Monetary Policy Frameworks to Challenges -- 3.4. The Monetary Transmission Mechanism in the Tropics: A Narrative Approach -- Tables -- 1.1. Sub-Saharan Africa: Real GDP Growth -- 1.2. Sub-Saharan Africa: CPI Inflation -- 1.3. Sub-Saharan Africa: Debt Indicators -- 1.4. Sub-Saharan Africa: Other Macroeconomic Indicators.

3.1. Sub-Saharan Africa: Key Features of Monetary Policy Frameworks, Selected Countries -- 3.2. Sub-Saharan Africa: Central Bank Monetary Policy Instruments, Selected Years -- Figures -- 1.1. Sub-Saharan Africa: Credit Private Sector, 2010-13 -- 1.2. Selected Regions: Projected Real GDP Growth, 2008-18 -- 1.3. International Commodity Prices, Agricultural Products, Average 2014-16 Compared with 2013 -- 1.4. International Commodity Prices, Fuels and Metals, Average 2014-16 Compared with 2013 -- 1.5. Sub-Saharan Africa: Nominal Exchange Rate Developments, U.S. Dollar per National Currency -- 1.6. Sub-Saharan Africa: Equity Flows to Emerging Market and Frontier Economies -- 1.7. Sub-Saharan Africa: Bond Flows to Emerging Market and Frontier Economies -- 1.8. Sub-Saharan Africa: Emerging Market Spreads, 2012-14 -- 1.9. Sub-Saharan Africa: Current Account Balance and Fiscal Balance, 2013 -- 1.10. Sub-Saharan Africa: Inflation -- 1.11. Sub-Saharan Africa: Real GDP Growth Gap, 2009-15 -- 1.12. Sub-Saharan Africa: Overall Fiscal Balance, 2004-13 -- 1.13. Sub-Saharan Africa: Real Total Revenue Excluding Grants Growth Gap, 2009-15 -- 1.14. Sub-Saharan Africa: Total Public Debt, 2009-13 -- 1.15. Sub-Saharan Africa: Change in Primary Expenditure Items, 2010-13 -- 1.16. Sub-Saharan Africa: Change in Total Revenue and Grants, 2010-13 -- 1.17. Ghana and Zambia: Contributions to Real Primary Expenditure Growth, 2010-13 -- 1.18 Sub-Saharan Africa: Change in Total Public Debt-to-GDP Ratio, 2012-13 -- 1.19. Sub-Saharan Africa: Real GDP Growth, Rates and World Percentile -- 2.1a. Sub-Saharan Africa: GDP per Capita (PPP) -- 2.1b. Sub-Saharan Africa: Human Development Index -- 2.2a. Sub-Saharan Africa: GDP per Capita (PPP) and Human Development Index, 2012 -- 2.2b. Sub-Saharan Africa: GDP per Capita (PPP) and Human Development Index Growth, 2000-12.

2.3. Sub-Saharan Africa: Human Development Indicators -- 2.4. Sub-Saharan Africa: GDP per capita (PPP) -- 2.5. Sub-Saharan Africa: Income and Demographic Indicators, 2000-13 -- 2.6. Sub-Saharan Africa: Human Development Index, 1990-2012 -- 2.7. Sub-Saharan Africa: Changes in Poverty and GDP per Capita -- 2.8. Sub-Saharan Africa: Density Estimates of Population-Consumption Distribution -- 2.9. Mozambique: Poverty Rates, 1996 and 2007 -- 2.10. Vietnam: Poverty Rates, 1992 and 2004 -- 2.11. Mozambique: Employment by Sector, 2002-08 -- 2.12. Vietnam: Employment by Sector, 2000-06 -- 2.13. Mozambique and Vietnam: Real GDP and Total Factory Productivity -- 2.14. Mozambique and Vietnam: Total Factor Productivity in the Agricultural Sector -- 2.15. Sub-Saharan Africa: Population by Age Group, 2005-20 -- 2.16. Sub-Saharan Africa: Projected Distribution of Employment by Country Type and Sector, 2020 -- 2.17. Total Factor Productivity in Agriculture, 1961-2010 -- 2.18. Sub-Saharan Africa: Financial Access and Financial Deepening, 2011 -- 2.19. Sub-Saharan Africa: Financial Access and Improvements in Human Development -- 2.20. Sub-Saharan Africa: Financial Access and GDP per Capita, 2011 -- 2.21. Sub-Saharan Africa: Financial Access and Human Development Index, 2011 -- 2.22. Sub-Saharan Africa: Mobile Phones Used to Pay Bills, 2011 -- 3.1. Sub-Saharan Africa: Trends in Inflation, Average Consumer Price Index, 1980-2010 -- 3.2. Sub-Saharan Africa: Inflation, Money Growth, and Velocity, 12-year Average -- 3.3. Sub-Saharan African: Money Targeters: Evolution of Money Multipliers -- 3.4. Sub-Saharan African: Money Targeters: Evolution of Money Velocity -- 3.5. Sub-Saharan Africa: Evolution of Central Bank Credit to the Government and Government Debt -- 3.6. Sub-Saharan Africa: Exchange Rate Arrangements -- 3.7. Sub-Saharan Africa: Financial Deepening Indicators.

3.8. Sub-Saharan Africa: Impact of Changes in Policy Rates on Other Interest Rates-Experience of Selected Countries, 2003-13.