During this extraordinary session of the Central African Economic and Monetary Community (CEMAC), heads of state addressed the worrying economic situation in the region. Cameroonian President Paul Biya insisted on the need for “urgent action” to remedy the situation.
Growing economic challenges, including declining regional growth and dwindling foreign exchange reserves, have led member states to emphasize the importance of continuing structural reforms and adopting prudent financial management policies.
In his speech, Paul Biya affirmed that CEMAC’s net foreign assets have decreased significantly, thus highlighting the urgency of taking corrective measures.
“Our net foreign assets have declined considerably. This situation is worrying and calls for urgent action on our part to reverse this curve,” he declared.
Structuring reforms
The heads of state agreed on the importance of strengthening fiscal consolidation, implementing a stricter debt policy and more rigorously managing banking risks and oil revenues.
These measures are considered crucial to stabilize public finances and ensure the resilience of the regional economy. “If nothing is done, according to various experts, we could face disastrous consequences both for our countries and for our sub-region. This is, in my opinion, an eventuality that we must absolutely avoid”warned President Biya.
International support
The final communiqué from the CEMAC States, including Cameroon, the Central African Republic, Congo, Gabon, Equatorial Guinea and Chad, also calls for reinforced support from international partners to support the economic transformation of the region, particularly in the management of oil revenues.
“The numerous exogenous and endogenous shocks that CEMAC has experienced over the last decade have not got the better of our community space. Indeed, it has shown itself to be resilient in the face of significant fluctuations in the prices of our raw materials, to the unprecedented security and health crises, the devastating effects of climate change and the shortage of financing”added Faustin-Archange Touadéra, President of the Central African Republic.
President Touadéra also highlighted the progress made by the region. “Thus, our community was able to consolidate its economic growth to reach 2.7% in 2024, compared to 1.1% in 2016 and double the level of foreign exchange reserves between 2016 and 2024 thanks to the implementation of more than 60% reforms agreed in our economic and financial reform program”he indicated.
The final CEMAC press release highlights the continuation of structural reforms and the implementation of rigorous financial management.
By adopting a prudent debt policy and calling for international support, CEMAC seeks to guarantee economic stability and avoid a major crisis in the region.
Member countries, including Cameroon, Central African Republic, Congo, Gabon, Equatorial Guinea and Chad, are committed to working collectively to address these challenges.
