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Extraordinary Summit of CEMAC

Government and Mr Yvon SANA BANGUI, Governor of the Bank of Central
African States (BEAC).

6. The Conference of Heads of State was preceded by the extraordinary
sessions of the Ministerial Committee of the Central African Monetary Union
(UMAC) and the Council of Ministers of the Central African Economic Union
(UEAC), held respectively on 9 and 14 December 2024 by videoconference.

7. The official opening ceremony of the Conference was marked by the opening
address of His Excellency Paul BIYA, President of the Republic of
Cameroon, Summit host, followed by a speech by H.E. Professor Faustin-
Archange TOUADERA, President of the Central African Republic,
current Chairperson of the CEMAC Conference of Heads of State.

8. Addressing the agenda items, the Conference first of all followed with
interest the statement by H.E. Denis SASSOU-N'GUESSO, President of
the Republic of Congo, Dedicated President of CEMAC’s Economic
and Financial Reform Programme (PREF-CEMAC), delivered by Mr
Anatole Collinet MAKOSSO, Prime Minister, on the progress of the
Programme and congratulated him on the work done. The Conference
urged the Dedicated President to speed up implementation of the
Programme to sustainably prevent the Community from exogenous
economic shocks.

9. It then listened to the statements from special guests presented by Mr
Abebe Aemro SELASSIE, Africa Director of the International Monetary
Fund (IMF), and Mr Ousmane DIAGANA, Vice-President of the World Bank
for West and Central Africa and the presentation of the Community Bodies
Joint Report by Mr Yvon SANA BANGUI, Governor of BEAC, on CEMAC’s
economic, monetary and financial situation. The Report revealed the
significant progress recorded since 2016 in the implementation of a number
of measures and structural reforms.

10. However, the level of foreign exchange reserves, which increased from
2.3 months in 2016 to 4.6 months in 2023 due to goods and services
imports, is experiencing a downward trend since 2024. Additionally, the
outlook for commodity prices and international trade seem unfavourable.

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Novembre/Décembre – November/December 2024