The extraordinary CEMAC summit held in Yaoundé is of paramount importance in the current context of Central Africa. The leaders of the six member countries of the organization met to discuss the serious economic difficulties facing the region. With growth expected to fall from 3.3% to 2.3% between 2022 and 2023, it is clear that urgent and concerted measures must be taken to avoid an economic and financial crisis with devastating consequences.
Under the presidency of Cameroonian President Paul Biya, the alarm was quickly sounded on the critical situation of the economies of the Economic and Monetary Community of Central Africa. The risks are well known and the speeches of the leaders, in particular that of President Faustin Archange Touadéra of the Central African Republic, highlight the challenges to be met: inflationary tensions, weak consolidation of economic growth, fragile public finances and depreciation of foreign exchange reserves.
The recommendations from this extraordinary summit are urgent and require immediate implementation. President Biya stressed the importance of moving from words to actions to ensure concrete results. Abebe Selassie, Director of the IMF’s African Department, welcomed the initiative of the CEMAC member countries and pledged to provide technical and financial support to support the measures envisaged.
In conclusion, the CEMAC meeting in Yaoundé highlighted the seriousness of the economic situation in Central Africa and the urgency of action to avoid a crisis. Leaders committed to implementing important reforms and strengthening the region’s resilience. It is now crucial to take action and ensure that the decisions taken at this extraordinary summit are translated concretely on the ground for the well-being of the populations of CEMAC.