Yaoundé (AFP) – Cameroonian President Paul Biya on Monday urged central African states to take “urgent action” to face the region’s “concerning” economic climate, in his first public appearance since late October. The 91-year-old strongman, who has been in power for 42 years and is the world’s oldest head of state, returned to Cameroon on October 21 after weeks of absence that fueled rife speculation about his health.
“Our net external assets have declined significantly. This situation is concerning and calls for urgent action on our part to turn the tide,” Biya said at a special session of the Central African Economic and Monetary Community (CEMAC) in Cameroon’s capital Yaoundé. “If nothing is done…we could face disastrous consequences both for our countries and for our sub-region,” the leader said, calling on members like the Central African Republic, Republic of Congo, Gabon, Equatorial Guinea, and Chad to take “concrete steps”.
The CEMAC, which is made up of six countries, aims at fostering economic cooperation in Central Africa. While reports of a possible devaluation of the regional CFA franc currency have recently emerged in the press, “no monetary adjustment is on the agenda” at the “extraordinary summit,” according to a statement issued by the Cameroonian presidency late on Sunday.
The presidents of CAR, Gabon, and Equatorial Guinea attended the event, which also hosted IMF and African Development Bank representatives, while Chad sent its finance minister, Tahir Hamid Nguilin, and the Republic of the Congo its prime minister, Anatole Collinet Makosso.
CAR President Faustin Archange Touadera, who presides over the CEMAC, said the bloc had resisted internal and external shocks over the past decade. The CEMAC “has been resilient to the large fluctuations in raw material prices, unprecedented security and health crises, the devastating effects of climate change, and funding shortages,” he said.
Uniform monetary policy has allowed consolidation of economic growth, which came in at 2.7 percent in 2024 compared to minus 1.1 percent in 2016, thanks to the implementation of more than 60 percent of agreed reforms, he added. Members of the pact will need to “pay particular attention to economic and budgetary balances” in their public finances, Touadera said. They should also support their central bank with a “monetary policy guaranteeing a strong external position and the lasting decline of inflation towards the regional convergence criterion.”
© 2024 AFP
