Central African organization CEMAC to push for structural reforms to boost post-COVID-19 recovery

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CEMAC
CEMAC

Structural reforms took center stage as heads of State of Economic and Monetary Community of Central Africa (CEMAC) convened virtually in an extraordinary summit Wednesday to advance the region’s sustainable and resilient recovery from the COVID-19 pandemic.

Structural reforms will be accelerated to help create job opportunities, radically transform and diversify the region for the rapidly growing labor force and improve living standards, according to a joint statement issued by the Central African leaders at the end of the summit Wednesday night.

“The Heads of state decided to resolutely implement the policies and priority reforms … to effect a real structural transformation towards the industrialization of the CEMAC economies and create the best conditions for sustained, equitable growth driven by the private sector,” read the statement, underlining the need for member states and sub-regional institutions to make CEMAC’s post COVID-19 community economic recovery plan a common cause.

“Closely coordinated macroeconomic policies among all six countries and regional institutions are necessary to bolster CEMAC’s external and internal stability in the short term, and help the region emerge stronger from the crisis in the period ahead. CEMAC needs to continue fighting the health crisis and accelerate the vaccination campaign to ensure a sustainable recovery,” said Kristalina Georgieva, managing director of the International Monetary Fund (IMF) who attended the summit.

Enhancing transparency in public finances and in the oil and gas sector, strengthening revenue mobilization, supporting strong governance, and implementing business-friendly reforms will be particularly important, Georgieva added.

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

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