BEAC Seeks Growth and Investment in CEMAC Regions

Certain reductions were carried out to stimulate growth during a meeting on December 16 at the BEAC Conference hall in Douala.

The Committee of Monetary Affairs, CMA, of the Central Bank of Africa, BEAC, has organised a meeting focused particularly on the repercussions of the global financial crisis. The crisis was said to have affected all countries.
The members of the CMA, during the meeting reached certain decisions which had to do with taking initiatives at the international as well as regional levels to reduce refunding on international monetary system especially in coordination, transparency and responsibility to tackle the effects of the crisis.
At the level of CEMAC, measures have been taken to reduce loans taken from the Central Bank, the reduction of prices of major products such as oil, petroleum, forestry, magnesium, among others. There has to be prudent budget management and the prudent use of resources which will stimulate economic growth as they observed.
In order to back up the real activity and employment in CEMAC and considering the movement involved in monetary conditions in the world and after analysing risk balances, CMA decided to reduce the amount of offers by 75 percent, bank placement by 90 percent, the level of public placement by 11 percent for future reserve generating fund and stabilising mechanism for budgetary receipts from 125 for special deposits.
Reduce renumeration of obligatory reserves from 35 percent and maintain the coefficient for obligatory reserves
CMA exhorted member countries to adopt a strategy of response, prompt and coordination to follow up budgetary affairs, paying attention on average term and to accelerate structural reforms on economic diversification and the sinking of sub-regional integration.
The acceleration to put in action the economy regional programme in CEMAC is to put forth a strong growth in an average term, diversified and durable urgent wake in States. The CMA recommended all member countries and banks that have sustainable resources to carryout an activities that will cause growth and generate employment.
In order to follow up the crisis, the CMA recommended to the Committee of Ministerial Institution for an effectual monitoring committee which understands BEAC, CEMAC, COBAC and member states
Economic growth as was observed will witness a slow down and a drop in 2009, due to the reduction of economic activities brought about by the crisis. This drop will be from five percent in 2008 to three percent in 2009.
Speaking during a press conference the President of BEAC Philibert Andzembe said they do not know how deep the crisis but they have to take measures which will check the situation as things unfold. Some of these measures he said were programmed 20 years ago but the present crisis requires their urgent application. He said joint efforts are needed. “There is need to be optimistic and offensive to face the global financial crisis”, said Andzembe.
EFFA TAMBENKONGHO