Revamping CEMAC Economies : Solidarity On Collective Challenges

The December 16, 2024 Yaounde extra-ordinary Summit of Heads of State of the Central African Economic and Monetary Community (CEMAC) which set out to, among others, define a roadmap to boost the economy of the sub-region, strengthen its resilience in the face of external shocks, and to draw up guidelines for strengthening structural reforms with a view to improving the economic performance of member countries, has come and gone. With four Heads of State (Cameroon, Central African Republic, Equatorial Guinea and Gabon), a Prime Minister (Congo) and Minister of State (Chad) in attendance, the conclave came up with a blueprint whose execution is awaited to see how far it can revive the dwindling fortunes. For one thing, the turnout in honour of the invitation of the host Head of State, Paul Biya and the current President of the CEMAC Heads of State Conference, CAR’s Prof. Faustin Archange Touadera, demonstrated the feeling of oneness to common challenges. Inasmuch as economic and monetary situation of the sub- region may not be alarming, it is at least clear that global and domestic challenges abound. The weak export potential of the sub-region and the heavy reliance on imports, even for goods that could be produced locally, shatters its trade balance and by extension external reserves that usually facilitate international trans- actions, maintain stability in the domestic currency, and manage multifaceted economic challenges. In the face of this and in view of setting foundations to counter any impending danger, there was need to act. In fact, the summit demons- trated, once again, that the leaders of the CEMAC countries are keen to finding joint and lasting solutions to common problems that can ensure the macroeconomic stability of the zone and improve the standard of living of its populations.

The Way Forward

It emerged from the long in-camera discussions that CEMAC needs to go beyond reliance on crude oil export to keep the economies moving from one level to the other. In their opening speeches, the co-hosts of the Summit, Presidents Paul Biya of Cameroon and CAR’s Faustin Archange Touadera underlined that countries absolutely need to diversify their economies, put in place measures and resources to ensure the structural transformation of the economies, work in synergy and above all, ensure judicious management of all resources at their disposal.

According to President Paul Biya in his closing remarks, “As we have noted in the past, we need to further diversify our economies, accelerate the pace of structural reforms in governance, fiscal discipline, improving the business climate and d...