Libreville, Saturday March 18, 2023 (Gabon Info) – The leaders of the Central African Economic and Monetary Community meeting on March 17, 2023 in Yaoundé, Cameroon have opted for a gradual revision.
the 15the Conference of Heads of State of the Economic and Monetary Community of Central Africa (CEMAC) organized yesterday Friday March 17, 2023 in Yaoundé in Cameroon ended without major progress on the subject of the reform of the CFA franc so desired within said community. Unanimously, the leaders of this sub-region opted instead for “an in-depth reflection” of this currency within the framework of cooperation with France. According to the final communiqué that sanctioned the work in Yaoundé, this mission was entrusted to the Governor of the Bank of Central African States (BEAC), Mahamat Abbas Tolli, and to the President of the CEMAC Commission, Daniel Ona Ondo, “to widen the reflection to the ministers in charge of Finance and the Economy” to whom they will have to “deliver the joint conclusions in the short term, by planning according to a precise timetable, the measures to be taken in the short, medium and long term” .
However, some experts indicate that the reforms relating to the measures taken within the Economic and Monetary Union of West Africa (UEMOA) also using the CFA franc could be put in place. In particular, the change in the denomination of the currency, the closing of the operation account in the books of the Banque de France in order to allow CEMAC to have all of its foreign exchange reserves against 50% currently and the withdrawal French representatives on BEAC’s decision-making and supervisory bodies.
During this summit, the CEMAC leaders committed themselves to greater solidarity within this community and to continuing the integration projects. On the occasion, Chad requested the support of the five other States for its candidacy for the presidency of the Agency for the safety of air navigation in Africa and Madagascar.
At the end of this 15e Conference of Heads of State of the Economic and Monetary Community of Central Africa, Cameroonian President Paul Biya handed over to his Central African counterpart, Faustin Archange Touadera, who becomes current president, while Equatorial Guinea inherits of the presidency of the Commission, hitherto occupied by the Gabonese, Daniel Ona Ondo.
FIN/INFOSGABON/SM/2023
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