CEMAC presidents convene in Cameroon

By Al Mayadeen English
Source: agencies
18 Mar 2023 00:13

The six-nation group (CEMAC), which adopts a unified currency: the CFA franc, comprises of the Central African Republic, Chad, Gabon, Equatorial Guinea, the Republic of Congo, and Cameroon.

A roundabout near the Place du 20 Mai, 1 December 2005, Yaoundé, Cameroon (Wikimedia Commons)

The Economic and Monetary Community of Central Africa (CEMAC) held a one-day conference to discuss the regional economy and the impact of the war in Ukraine.

President Paul Biya hosted five other African Presidents in Cameroon where they held a private meeting not open to the press.

The six-nation group (CEMAC), which adopts a unified currency: the CFA franc, comprises of the Central African Republic, Chad, Gabon, Equatorial Guinea, the Republic of Congo, and Cameroon.

Most CEMAC members are oil-exporting states, the prices of which have spiked after the war in Ukraine.

In the most recent statement of the organization, the respective presidents appraised the "exceptional" economic measures executed by the organization to contain the consequences of the Ukraine war.

The statement also emphasized "the importance of pursuing the post-Covid-19 economic recovery plan".

Last July, in a meeting with Cameroonian President, president Emmanuelle Macron said The global food crisis will last longer than the war in Ukraine will. Cameroon is a resource-rich country and also a major food producer for Central Africa.

Back in February, Russia's Ambassador to Chad, Vladimir Sokolenko, announced that Moscow and N'Djamena are discussing the formation of a bilateral intergovernmental commission on economic cooperation to stimulate business and investment.

Chad's projected oil reserves are estimated to be 1 billion metric tons. Oil production accounts for 70% of Chad's budget.