Economic Diversification As Great Chance For Growth

It is a familiar song recalling some of the issues raised by the extra-ordinary Summit of CEMAC conference of Heads of State that held in Yaounde on 16 December, 2024. Faced with the risk of a looming economic hardship, an extra-ordinary gathering of leaders of the Central African Economic and Monetary Community took place at the Unity Palace in Yaounde. The host President, Paul Biya delivered two keynote speeches – one at the opening and the other at the closing. Having as main concern to forestall any economic and monetary crisis that could be obnoxious to the wellbeing of their peoples, the best way out must be the identification of lasting policy-decisions.

Evidently, all speakers at the conference and even experts before the gathering have been unanimous that something has to be done to get the economies of the sub-region on the path of sustained growth. It may not necessarily require an economic expert to pinpoint some of the shortfalls that have over the years hampered progress within the CEMAC. Apart from egocentric attitudes, there has also been a crucial problem of being assertive in taking resolute positions for common interests, let along bolder economic priorities. Many see the sub-region as excessively rich in both top-soil and sub-soil resources which have for decades been coveted by developed and de- veloping nations. A young and dynamic youth population, capable of surmounting several odds, coupled with rich natural resources ought to serve as an assert for CEMAC countries. Unfortunately, with a near stagnant economic environment, most of the youthful population keep looking elsewhere to express their talents, at times to the detriment of their motherland. On the other hand, foreign powers see the sub-region as a fertile ground to get the rich minerals and other resources to power their industries.

Ironically, CEMAC countries that are endowed with the resources have remained poor and unable to ensure sustained progress because of lack of vision. Economists have at times expressed worries with the uncalculated spiral of indebtedness that some of the countries indulge in. This could have partly explained why President Paul Biya invited his peers in his opening speech at the conference to change the narrative. “So let's seize the oppor- tunity of this meeting to adopt concrete mea- sures to boost our economies and ensure the sta- bility of our public finances.” Mr Biya said at the meeting.

This is certainly not new to anyone within the CEMAC sub-region. The concern has been how to go about the indispensable economic transforma- tion that can change the paradigm and power sustainable growth. With a vast variety of minerals, timber, cash crops like, cocoa, coffee, banana, rubber and the list continues, it iss a curiosity to note that most of the CEMAC countries have been unable to settle on a bold industrialisation ap- proach to locally process the raw materials. Yet, experts have been clear on the issue. Notably, that failing to improve on the value chain of the na...