The economy of the Central African Economic and Monetary Community (CEMAC) is facing major challenges, and it is in this context that the extraordinary summit of the region’s heads of state is being held in Yaoundé on December 16. The stakes are high, with worrying signals regarding the implementation of recommended reforms, which could jeopardize IMF budget support for several member countries.
A major concern is the increase in public debt in the region, with countries such as Congo struggling to manage their debt, sometimes approaching 100% of GDP. Payment delays and debt rescheduling have been noted, highlighting significant budgetary difficulties. In addition, larger deficits in Gabon and an increase in public spending relative to investment raise questions about the ability of states to maintain a stable financial balance.
At the same time, CEMAC is also concerned about the level of foreign exchange reserves, which could be lower than recommended, putting banks in a fragile situation. Although devaluation is not on the agenda, it is imperative to take concerted measures to strengthen the region’s economic resilience.
On the political level, this summit also has a symbolic dimension, marking a possible return to the forefront for Cameroonian President Paul Biya. After a period of relative discretion, his involvement in this summit underlines the importance of economic and political issues for the region. This return to the spotlight could also be interpreted as a sign of stability and commitment on the part of the president, thus reinforcing his legitimacy to lead the country.
In short, the extraordinary CEMAC summit in Yaoundé is an opportunity for the region’s heads of state to collectively address the major economic challenges they face. The success of this meeting will depend on the ability of leaders to take courageous and concerted decisions to ensure the stability and prosperity of their countries and the region as a whole.