CEMAC: Regional Integration on a Progressive Front

After the 14th Summit of the Economic and Monetary Community of Central Africa CEMAC a number  of projects were retained to foster integration the subregion.

On October 3, 2019, some key resolutions were taken at the Second Extraordinary Session of the Steering Committee of the Economic and Financial Reforms Programme dubbed PREF-CEMAC, held in Yaounde at the headquarters of the Bank of Economic and Central African States (BEAC).

The meeting was aimed at adopting 12 regional projects of priority in the CEMAC Sub-Region ahead of the October 11, 2019, Paris meeting of Ministers of Economy and Finance of the Franc Zone.

Priority Projects Selected

– The construction of 12 border posts equipped with axe-weighing machines and IT equipments.
– The setting up of geostationary satellites
– The launching of the CEMAC centres of excellence programme.
– The development of cross border electricity interconnection grids
– The construction of 3 dry ports in Douala, Ngueli (Tchad), and Beloko (Central African Republic).
– The construction of a regional telecommunications optic fiber backbone.

At the end of the extraordinary summit of August 18, 2021, the Heads of State agreed on the need for all the countries of the sub-region to conclude, on the second generation programs in 2021.

In addition, they had made a commitment to finalize the first generation programs with the International Monetary Fund.

The objective was to accelerate structural reforms in order to deal with the economic consequences of the Covid-19 pandemic, aggravated by the war in Ukraine.

Hence the theme: “Assessment of the macroeconomic situation of the CEMAC zone in the context of the Covid-19 pandemic and analysis of recovery measures”.

So far, four out of six countries have already concluded programs with the IMF in accordance with the objectives of the Economic and Financial Reform Program of the Economic and Monetary Community of Central Africa (PREF-CEMAC).

The countries include Gabon, Cameroon, Chad and Congo. As for the implementation of the first generation programs

The Central Africa Republic and Equatorial Guinea are still expected to join the train.

Sub Regional meeting is likely to discuss the possibilities of a stable and strong common currency, the strengthening of sub-regional integration, reflection on cryptocurrency and leadership issues within CEMAC.

Bruno Ndonwie Funwie