Cameroon is set to hold the Extraordinary Session of Conference of Heads of State of the Central African Economic and Monetary Community (CEMAC) on Monday December 16 2024.
The Strategic meeting was announced in a press release on December 13, 2024.
It was in a press release dated December 13 that the Heads of State from the six(06) Central African Economic and Monetary Community (CEMAC) nations are set to meet on December 16 in Cameroon’s political capital, Yaounde.
According Cameroon Business today, sources within the Ministry of Finance and the Bank of Central African States(BEAC) disclosed that the strategic summit will centre on the growing economic challenge in the region.
It added that the leaders will put on the discussion table the region’s declining foreign exchange reserves, which are essential for funding imports of goods and services.
It’s worth noting that these reserves are collectively and partly managed and are held in the French Treasury’s Operations account which have faced a drop significantly.
According to opinions, there is a risk of devaluation of the Central African CFA France as a possible measure to address economic impasse.
However, devaluation is most often not the only measure considered in such circumstances.
Some states have taken measures such as finance laws including the reduction of the state’s standard of living so as to make debt sustainable in a bid to repay creditors of the Paris and London clubs.
A meeting of this sort was held in 2016, with objectives to assess the economic and monetary situation in the CEMAC zone and to adopt appropriate measures aimed at checking the negative effects of the double impact of the security and oil situations on economies in the sub region.
