economies is, however, increasing. the quality and breadth of the papers which will be presented at this conference bears testimony to the tremendous strides which researchers on african economies are making, despite the difficulties that that they face in terms of data and resources. the conference features sessions on a number of themes which are particularly pertinent to the most salient policy challenges facing the african continent. many of papers address issues which are critical to agricultural productivity, including the adoption and benefits of high yield seed varieties, the control of soil erosion, the benefits of dams and the impact of climate change. the modernisation of agriculture is probably the most pressing long term policy challenge facing africa, because it holds the key to structural transformation, alleviating poverty and ensuring food security. as such it is very opportune that researchers have directed so much of their efforts to analysing different aspects of the topic. the conference also features many papers which address the related challenges of human capital and household welfare ; challenges which are also integral to long term development in africa. because of the application of econometric techniques to large scale household data sets, we are now acquiring a better understanding of the microeconomic factors which influence poverty, health, education and household incomes, all of which are issues which will be covered in papers to be presented at the conference. macroeconomics provides a third set of issues which are relevant to the policy challenges facing africa and which feature prominently at this conference. as our economies become more diversified, sophisticated and integrated into the global economy, macroeconomic management will become more complex and challenging, and hence our need for high quality macroeconomic research will become even more critical. papers to be presented at this conference address a number of important macroeconomic topics, including the determinants of growth, exchange rates and inflation, financial liberalisation, and the macroeconomic consequences of oil exports. i would like to finish by briefly discussing the relationship between academic research and policymaking. obviously, there are mutual benefits to be gained by researchers and policymakers from the former undertaking policy relevant research, but i think it is important that researchers maintain their academic independence at all costs. they should not be too close to policymakers, whether in governments or international institutions, or bis central bankers ’ speeches dependent on them for financial resources. if they allow their academic independence to be eroded, researchers will eventually become reluctant to give policymakers messages that they do not want to hear. moreover the economic research agenda should not be dictated by governments or international

institutions ; it should be determined by academics themselves. the utility of research findings to policymakers is not the only valid reason for undertaking research. these issues are relevant to academics all over the world but probably more pressing in africa because the sources of funding for research on african economies are often much narrower than elsewhere. i would like to wish you fruitful deliberations in the conference. bis central bankers ’ speeches