BEAC meeting to examine subregional macroeconomic situation

The six countries in the Economic and Monetary Community of Central Africa (CEMAC) recently met the Executive Board of the Bank of Central African States (BEAC), to look at the state of the currency reserves and the recent evolution in the macroeconomic situation on a global and subregional level, in addition to forecasts for 2018.

The BEAC observed that economic activity would strengthen throughout 2018, following a year (2017) marked by a slight drop in the real Gross Domestic Product (GDP).

For 2018 they predicted growth in the real GDP of 2.1%, against -0.1% in 2017; the community inflationary pressure at 1.8%, against 0.9% in the previous year; the reduction in the budget deficit to 2.4% of GDP, compared to 2.3% in 2017, while the current account deficit (excluding donations) would increase to 4.4% of GDP, compared to 3.3% in 2017.

The executive board, under the presidency of the Gabonese Minister for the Economy, in his capacity as acting president of the Ministerial Committee of the Central Africa Monetary Union (UMAC), Regis Immongault Tatangani, also noted the reports from the Audit Committee and the Board of Censors on the monitoring of the agreement on the operative account and control over the execution of the BEAC budget for the 2017 period.

Furthermore, they approved the Central Bank annual accounts to December 31st 2017, certified by the legal auditors, and the modification of the statutes to recognise the final removal of the legal advances for member States.

Furthermore, the Executive Board followed with interest the presentations given on the trends and challenges for CEMAC States, and the sustainability of the bank’s investment plan in the medium term, the business plan, and the new GIMAC guidelines.

Finally, the board took note of the renewal of the Audit Committee, and approved the composition of the BEAC Compensations Committee.

Source: Official Web Page of the Government of the Republic of Equatorial Guinea

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