Economic and finance ministers of the Economic and Monetary Community of Central Africa (CEMAC) have resolved to speed up regional and continental integration as part of efforts to boost trade.
The ministers meeting in Cameroon’s capital, Yaounde on Wednesday agreed that regional integration is the path to transforming the sub-region from being developing to developed economies.
“Regional integration is the path we are following. We already have 12 ongoing projects especially in infrastructure to facilitate regional integration of the sub-region,” Alamine Ousmane Mey, Cameroon’s Minister of Economy, Planning and Regional Development who chaired the deliberation told reporters.
“We will work together with our financial and technical partners to ensure that the program me is executed because our greatest ambition now is to achieve emergence and inclusive development so as to provide our citizens with what they need,” he added.
The Council of Ministers’ meeting also proposed 88 billion xaf (about 148,7 million USD) as 2019-2020 budget.
“The budget is focused entirely on the implementation of regional integration,” Daniel Ona Ondo, president of the CEMAC Commission told Xinhua, adding that the proposals on regional integration by the ministers will be scrutinized and adopted on Friday when presidents of the CEMAC countries meet.
CEMAC is made up of Gabon, Cameroon, the Central African Republic, Chad, the Republic of the Congo, and Equatorial Guinea. With a total population of about 37 million, it was established to promote cooperation and exchange among its members. Enditem