CEMAC Zone

CEMAC Day Celebrated Amidst Economic Challenges

Business, NEWS, Politics

BUEA, Cameroon- The 11th edition of the Central African Economic and Monetary Community, CEMAC has been celebrated amidst economic challenges.

The day was celebrated, with one of its main challenges too, being the full implementation of its agreement on the free movement of people and goods in the Sub-region.

Ahead of the CEMAC day on March 16, the President of the CEMAC Heads of State, President Paul Biya, acknowledged difficulties slowing the organisation from strengthening the integration process in the sub-region from achieving its 2025 goals.

President Biya was speaking on Sunday, March 15 in Yaounde.

According to Paul Biya, bridging the digital divide and accelerating the development of the circular economy within the sub-region remains one of the challenges which must be met.

While dwelling on the challenges, the CEMAC Boss said the gradual implementation of the free movement of people and goods in the sub-region is commendable.

“It is clear that this cannot be fully achieved without sufficient and quality infrastructure,” he said, furthering that, “The problem of infrastructure remains one of the major constraints on the development of our Community space”.

This year’s celebration was under the theme “Improving physical infrastructure to promote trade between the peoples of CEMAC”.

The theme as Biya outlined, is in line with Thrust 3 of CEMAC Regional Economic Programme, which is devoted in particular to economic infrastructures and the development of Member Community space.

President Biya called on Member countries to reflect on possible solutions that could enable them to meet the sub-region’s infrastructure challenge, in a context characterised by the advent of the African Continental Free Trade Area.

“It is true that the difficult economic context that our community has been going through in recent years calls for rigorous management of our public finances”, he outlined but remained optimistic that the intensification of infrastructure will be an effective lever for the diversification of the CEMAC economies.

“The development of the growth sectors that determine access to the emergence of these economies depends thereon” he stated.

CEMAC is a regional economic bloc comprising Cameroon, Central African Republic, Congo, Gabon, Equatorial Guinea, and Chad.

It first operated under the acronym Central African Customs and Economic Union (UDEAC) and was later transformed into the Central African Economic and Monetary Community (CEMAC) in N’Djamena in 1994.

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