Central African heads of states discuss economic consequences of COVID-19

By Aurore Bonny

DOUALA, Cameroon (AA) - Leaders of the Economic and Monetary Community of Central African States (CEMAC) met Wednesday for a virtual summit to assess the macroeconomic situation of the sub-region in the context of the coronavirus and analyze recovery measures.

"With the onset of the COVID-19 pandemic, macroeconomic and budgetary balances have deteriorated,” Cameroon’s President Paul Biya, who is the current head of CEMAC, said in his opening address.

“The dynamics of our foreign exchange reserves have weakened. Our regional integration has had insufficient knock-on effects on intra-community trade. The weak structural diversification of our economies and the extraversion of our development models have limited our capacity to react.

"The achievement of the 2030 sustainable development goals is now seriously compromised," he said.

Biya acknowledged security crises and vulnerabilities arising from climate change pose serious threats to the sustainable development process of the bloc.

The essence of the closed-door proceedings was set out in a final communique that was read aloud on national television by Cameroon’s Economy Minister Alamine Ousmane.

Among other things, the leaders gathered at the summit in the presence of donors, reviewed measures to contain negative effects of crises as well as policies to support post-coronavirus economic recovery.

They resolved to accelerate vaccination campaigns and promote a controlled reopening of economies in the sub-region by taking advantage of bilateral and multilateral initiatives.

The CEMAC bloc also indicated that they are open to the support and solidarity of the international community to promote broad and equitable access to vaccines and an equitable pharmaceutical industry in Central Africa.

"Africa needs broad and equitable access to vaccines. Indeed, how can we achieve herd immunity with less than 5% of our citizens currently vaccinated?" asked Biya.

He and his counterparts also "noted with satisfaction the gradual consolidation of the level of community trade reserves at more than three months of exports, thus reinforcing external stability and avoiding a monetary readjustment.”

But they expressed a wish for initiatives to suspend, restructure or alleviate debt and for the implementation of the G20 common framework to ensure the sustainability of public finances.