“The CEMAC Economic and Financial Reform Program (PREF CEMAC), organized on January 24 and 25, 2023 in Douala, its eighteenth ordinary session of the monitoring unit. During this second phase of the pref-cemac, it is a question of priority structural reforms leading to strong, sustainable, job-creating and inclusive economic growth, to concretize the objectives pursued in terms of economic integration, diversification and structural transformation of our economies. Chaired by Antoine Nkodia, President of the CEMAC Economic and Financial Reform Program Monitoring Unit (PREF CEMAC), were present, all the Representatives of Member States and Delegates of Community Institutions, Professor Michel-Cyr DJIENA WEMBOU, Permanent Executive Secretary of PREF-CEMAC, as well as the partners”.
This is in a context marked by a slowdown in the global economy; real GDP growth projected at 3% in 2023, mainly due to high oil prices, the lifting of barrier measures linked to covid-19, a more dynamic recovery of the non-oil sector and the continuation of prudent management of the increase in oil revenues, that the 18th ordinary session of the CEMAC Economic and Financial Reform Program Monitoring Unit (PREF-CEMAC) is open on January 24, 2023 in Douala. Chaired by Antoine Nkodia, President of the said Monitoring Unit. This session held in hybrid mode (face-to-face and videoconference) brought together all the statutory members of the Monitoring Unit as well as the invited partners.
In his address of welcome to all the Representatives of the Member States and the Delegates of Community Institutions, Professor Michel-Cyr DJIENA WEMBOU, Permanent Executive Secretary of PREF-CEMAC recalled that it was a question during these meetings, of _“ prepare and implement rapid, vigorous and coordinated actions, both at national and sub-regional level, for the stabilization of the macroeconomic framework and a structural and profound transformation of the economies of the sub-region, in order to strengthen their resilience and place them on the path of emergence”._
It will also be a question during this session of examining the working documents relating to: the state of the implementation of the decisions and recommendations of the copil; the monitoring by pillar of the matrix of reforms and priority actions of the pref-cemac, with an emphasis on the communication of the BDEAC on its strategic plan 203-2027 and on the mobilization of resources for the financing of development projects of the sub- Region ; the point relating to the operationalization of the unified financial market, and finally the issue of strengthening the statistical systems of the CEMAC countries within the framework of the implementation of STAT-CEMAC. As well as exchanges with representatives of the World Bank and the International Monetary Fund, on their support strategy for the implementation of country programs.
It can be noted that since the holding of the last two ordinary sessions of the copil of the pref-cemac, respectively on April 14, 2022 and August 26, 2022 in Douala, important activities
at the community level have been carried out, as part of the monitoring of the implementation of the reforms and priority actions of this second phase of the pref-cemac.
According to Antoine Nkodia, President of the CEMAC Economic and Financial Reform Program Monitoring Unit (PREF CEMAC), in view of the current context, it is appropriate to recall that the extraordinary summit of the Conference of Heads of State of CEMAC of August 18, 2021, gave a strong signal and marked a decisive turning point in the commitment made by the Member States to resolutely implement priority structural reforms, leading to strong, sustainable, inclusive and job-creating economic growth. Jobs
_ “This meeting is the fifth that we are holding within the framework of the second phase of PREF-CEMAC. Although the implementation of this second phase is already recording convincing results, in particular the completion of 70% of the CEMAC integration projects presented at the Paris Round Table in November 2020, i.e. eight projects which have actually started or are in phase start-up, we must redouble our efforts so that, the objectives and the course set by our Heads of State on the occasion of the Extraordinary Summits of the Conference of Heads of State of 30 July and 23 December 2016, 22 November 2019 and August 18, 2021, are actually achieved.”_ reminded Antoine Nkodia.
aimed at carrying out a real structural transformation towards the industrialization of the CEMAC economies, the COPIL of the PREF-CEMAC having changed the paradigm in the approach to intra-community trade by creating the conditions for strengthening the diversification of the economies of the sub -region through the adoption of studies on the economic and financial impacts of the war in Ukraine and the Community strategy for the import-substitution of local products from the sub-region as well as the recommendations contained therein.
A community strategy, which should through its operationalization, make it possible to guarantee food self-sufficiency, reduce the significant outflow of foreign currency for the import of products that are nevertheless available in the sub-region, and prevent the impact of future shocks on security food in our countries.
In view of the many challenges to be met, in particular inclusive growth, inflation, diversification of economies, social development, development of human capital, consideration of climate change, security and many others to which the States of the sub-region still face, substantial efforts still need to be made.
G. M. Ngalieu / M.L. TENE
