Central Bank Governor Turnover And Inflation In Zambia:Using Complex Wavelets for a Clearer Picture

Figures & data

Table 1. List of African countries with double digit central bank governors (1960–2020)

Country	Number of Central Bank governors (1960–2020)	Average central bank turnover	Longest serving governor (period)
Algeria	11	5.45 years	19 years
Angola	17	3.53 years	7 years
Burundi	11	5.45 years	10 years
DRC Congo	12	5 years	16 years
Egypt	13	4.62 years	10 years
Gambia	11	5.45 years	9 years
Ghana	15	4 years	9 years
Libya	13	4.62 years	12 years
Malawi	14	4.29 years	13 years
Somalia	15	4 years	7 years
Sudan	20	3 years	13 years
Zambia	16	3.75 years	8 years
Zimbabwe	10	6 years	12 years

Statistics self-complied using information from the various Central Bank websites for the individual African economies.

Figure 1. BoZ Central Bank Governor Turnover (1984–2020).

Notes: David Phiri (1984–1986); Leonard Chivonu (1986–1987); Francis Nkoma (1987–1989); Jacques Bussieres (1990–1992); Dominic Mulaisho (1992–1995); Jacob Mwanza (1995–2002); Caleb Fundanga (2002–2011); Micheal Gondwe (2011–2015); Denny Kalyalya (2015–2020); Christopher Mvunga (2020–2021).

Figure 2. Zambia consumer prices inflation (1986–2020).

Table 2. Governor tenure years and their inflation averages

Governor	Start of tenure	End of tenure	Number of years in office	Average inflation
David Phiri	1984	1986	2	37.14%
Leonard Chivonu	1986	1987	1	51.43%
Francis Nkoma	1987	1989	2	73.82%
Jacques Bussieres	1990	1992	2	123.46%
Dominic Mulaisho	1992	1995	3	109.64%
Jacob Mwanza	1995	2002	7	27.92%
Caleb Fundanga	2002	2011	8	14.04%
Micheal Gondwe	2011	2015	4	7.58%
Denny Kalyalya	2015	2020	5	10.24%
Christopher Mvunga	2020	2021	1	14.45%

Notes: Information on previous governors of the BOZ are soured from the BOZ website. Inflation averages are computed using data from the World Bank Development Indicators.

Figure 3. wavelet power spectrum for central bank turnover

Figure 4. wavelet power spectrum inflation

Figure 5. Wavelet coherence plot:Boz Governor turnoTver Vs Inflation.

Figure 6. Phase difference Dynamic (3 years frequency Band).

Figure 7. Phase difference Dynamic (9 years frequency Band).