Recovery of CEMAC economic growth

The Vice-President of the Economic and Monetary Community of Central Africa (CEMAC) Commission, Fatima Harama Acyl, in her speech during the opening ceremony of the preparatory meeting for the work of experts for the 33rd Ordinary Session of the Council of Ministers of the Economic Union of Central Africa (CUEA), gave a summary of the financial situation of the subregion.

In her speech, she highlighted the fact that the preparatory work for the 33rd ordinary session of the Council of Ministers is taking place within a specific political and economic context: On political terrain, the celebration in peaceful conditions of both the elections in Cameroon and Gabon, and the 50th Anniversary of Equatorial Guinea Independence should be pointed out. Furthermore, they reflect the democratic maturity and republican ideals of the peoples of our community, united in essentials and respectful of differences. On economic terrain, following a year of recession in 2017, and despite an unpredictable international situation, the latest forecasts show the recovery of economic growth in the CEMAC zone at 1.7% in 2018 and 2.7% in 2019, so we can congratulate the community for these achievements, although efforts must be continued”.

In addition, she restated “the political and economic results and the trust in our capabilities. It is necessary, however, to maintain a solid, active community, aimed at the promotion of peace and economic development, which are the true pillars of integration in our area. This situation demands that we know how to anticipate movements that emerge, and adapt ourselves to a situation in constant development. The current session of the Council of Ministers provides us with this opportunity. The points on the agenda are a synthesis of the main factors that may contribute to the consolidation of CEMAC integration. At this moment, I think it is important to place emphasis on some of the issues put for your consideration. Firstly, it should be said that the project for the Community General Budget if the interpretation of the priority activities that CEMAC intends to carry out/implement throughout 2019. These activities are focussed on common policy, sectoral policy, and the governability of community institutions. In order to ensure that the activities are carried out, the Commission will, in 2019, take vigorous action with regards to developing members, with a view to the mobilisation of the necessary complementary resources.

Based on this, the project for the General Community Budget, balanced between income and costs, is set at 81,446,804,000 Franco CFA. Regarding coordination of economic policy, we know that the exercise of multilateral vigilance is a palpable concrete reality within the community. From that moment, the report prepared to that end will allow them to appreciate the recent results obtained, the perspectives anticipated, and the overall direction for the economic policy formulated by Member States”.

Fatima Harama Acyl also said that, in order to achieve a common market in the CEMAC area, the convention governing the Economic Union of Central Africa demands the adoption of common rules of competition, It is clear that the review of community legislature, in matters of competition, is of an urgent nature. In that is the sense of the reforms carried out in that area. It must be stated, however, that the protection of consumers is a vital imperative. The project by the directorate submitted for your consideration proposes to guarantee CEMAC consumers the benefit of thirteen basic rights inspired in international standards, in particular those under United Nations Resolution 70/186 on consumer protection. It must be pointed out that, with regards to the Regional Economic Programme (REP), the execution of the projects contained in the Operational Plan 2017-2021 should imply a substantial transformation in CEMAC economies”.

Source: Equatorial Guinea Press and Information Office

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