In spite of achieving gains in the past decade in withstanding internal and external shocks, the CEMAC regional bloc during its summit on December 16 fell short of taking concrete decisions that could boost the macroeconomic sector of the region, hence fostering development.
In the wake of global shocks and a looming economic impasse, Heads of State and Government as well as stakeholders who participated in an extraordinary CEMAC summit at the Unity palace in Étoudi, Yaoundé fell short of addressing key economic imperfections within the subregion like devaluating the Franc CFA nor did they agree to come up with a super currency that could resist or shocks.
In a final communique released on December 16, 2024, the leaders of the Central African Republic, Congo, Gabon, Équatorial Guinea and Chad called for an end to reckless borrowing and spending.
The leaders also appealed to their international partners like the international Monetary Fund, IMF, World Bank and others for support to finance structural adjustment of economies to withstand global shocks, hence improving the living conditions of citizens.
With a strong call for collective efforts towards economic prosperity, the leaders in sync with the central bank commission for Central Africa, BEAC and other regional institutions reiterated the need to defend the independence and reinforce the bank towards achieving more development in the region.
But with all decisions, are they realistic enough to withstand the wind that lies ahead? Can central Africa stabilize its macroeconomic sector without bold steps? Experts fear without a proper strategy put in place, despite holding summits, CEMAC countries would keep moving in circles.
