The heads of state from the six CEMAC countries met on 16 December 2024 in Yaounde, in an extraordinary summit aimed at addressing the growing economic challenges in the region.
The summit brought together leaders from Cameroon, the Central African Republic, Chad, the Republic of Congo, Equatorial Guinea, and Gabon. Also in attendance were officials from the International Monetary Fund (IMF), the World Bank, the African Development Bank (AfDB), and the French Finance Minister.
President Paul Biya called for urgent action to save CEMAC economies, emphasising the need for solidarity, commitment, and determination to overcome the current economic difficulties. « Our collective strength lies in our ability to work together, » he stated. « The challenges we face are significant, but together, we can forge a path to a more prosperous future. »
The summit’s primary objective was to find solutions to the region’s declining foreign exchange reserves, which have dropped significantly, covering only 2.1 months of imports. The summit unveiled a comprehensive economic recovery plan, focusing on the diversification of economies reliant on oil and gas. Leaders emphasised the urgent need to invest in agriculture, technology, and renewable energy sectors to reduce dependency on volatile commodity prices.
Recognising the critical role of infrastructure in economic development, the leaders resolved to prioritise investments in transport, energy, and digital infrastructure, encouraging public-private partnerships to mobilise resources for these projects.
In light of the economic hardships faced by citizens, CEMAC countries pledged to establish social safety nets aimed at protecting vulnerable populations. This includes targeted financial assistance and job creation programmes.
The summit also called for renewed partnerships with international financial institutions to secure funding for development projects and economic stabilisation initiatives, emphasising the need for transparency and accountability in managing these resources.
The summit concluded with a renewed sense of optimism among the leaders, who recognised that while challenges persist, the resolutions and collaborative spirit demonstrated in Yaounde mark a significant step towards stabilising the CEMAC region. Focus now shifts to implementation. The resolutions made in Yaounde may well serve as the blueprint needed to navigate the economic turbulence facing the region, ensuring a resilient and prosperous future for all member states.
Claudette Chin
