The Heads of State and Government of the Central African Economic and Monetary Community (CEMAC) met in Yaoundé on December 16 2024 under the leadership of President Paul Biya and his Central African counterpart Faustin-Archange Touadéra to discuss the reforms needed to strengthen economic resilience, boost growth and accelerate regional integration mechanisms. This meeting should make it possible to achieve Vision 2025 for the development of the member states.
The implementation of the Vision of the Heads of State to make CEMAC ‘an integrated, emerging economic area where security, solidarity and good governance reign at the service of human development by 2025’ is compromised by the precarious economic situation in the sub-region. Given the urgency of the situation, CEMAC leaders met on 16 December 2024 at the Palais de l’Unité in Yaoundé to identify the endogenous and exogenous challenges that are weakening the economies of member countries.
According to recent data, our net foreign assets have shrunk considerably. This situation is worrying and calls for urgent action on our part to reverse this trend.
Paul Biya, President of the Republic of Cameroon
In a context of economic fragility, regional solidarity is more necessary than ever. The meeting provided an opportunity to strengthen economic cooperation mechanisms and establish a united front in the face of crises.
Today, a number of exogenous and endogenous factors endogenous factors tend to attenuate the performances recorded and consequently slow down the implementation of these ambitious structural reforms. In the face of this, our unfailing and legendary solidarity will undoubtedly make a difference.
Faustin-Archange Touadéra , Chairman of CEMAC
The public debt of the CEMAC countries remains viable, even if the risks of over-indebtedness, in terms of both total debt and external debt, remain high. According to IMF estimates, however, growth in the CEMAC region should reach 3.7% in 2024 and 3.0% in 2025, on the back of increased oil activity in 2024 and robust non-oil production in the short and medium term, particularly in the agricultural and agri-food sectors.
