As elsewhere, exchange rate regimes in sub-Saharan African countries vary greatly, and have evolved over time. Recent IMF work on exchange rate regimes suggests that there is no single prescription, and that the appropriate regime for a country depends on the macroeconomic challenges facing the country and its particular circumstances (see Ghosh, Ostry, and Tsangarides 2010). The exchange rate regime in turn has bearing on economic outcomes, but alongside other macroeconomic policies as well as the strength and depth of institutions.