The Presidents of the six member states of the Central African Economic and Monetary Community (CEMAC), are expected this December 16, 2024 at Yaounde au Cameroon. According to the press file that our editorial team consulted, this extraordinary Summit is being held at a time when “the macroeconomic situation of CEMAC presents worrying warning signals”.
The concern is becoming clearer, explains the document, “because of inflation above the convergence threshold”. It is also explained by “a risk of over-indebtedness, without excluding a downward trend in external reserves, despite favorable oil prices” in the world.
In reality, the economies of CEMAC “are at increased risk due to slippages and failures in the implementation of recommended reforms and commitments made for economic and monetary stability” within the community.
The experts who worked on the file are categorical about the risks of over-indebtedness in certain member states. The latter “observed an amplification of budgetary imbalances in certain countries”. In the short term, explains the document, this critical situation will compromise “the disbursement of IMF budget support” for the benefit of these countries. And these countries at risk are respectively, Cameroonthe Congo and the Central African Republic.
The Experts also recall that “this situation is worrying both for the CEMAC zone and for its international financial partners”. And for good reason, explain these Experts, “the slippages observed and the uncertain future developments of certain members of the Union could affect the entire area”. A situation which could, indicates the document, “sustainably compromise its development”.
To stem the persistent concerns of the day, the Experts believe that “only a regional commitment from the highest authorities of CEMAC could unblock the situation”. It is for this reason that this extraordinary Summit is decided to Yaounde, “to take the exact measure of the challenges to be met and to decide, in a concerted manner, on solutions likely to overcome this perilous milestone,” said the CEMAC document.
You should know that CEMAC is a community which is made up of Cameroon, the Central African Republic, Congo, Gabon, Equatorial Guinea and Chad. This Summit on December 16, 2024, will be co-chaired by Paul Biya et Faustin-Archange Touadéra. It is the latter who assumes the rotating presidency of the community.
