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CEMAC economic ministers advocate inclusive development.
CEMAC economic ministers advocate inclusive development.
In a bid to ensure the harmonious management of the CEMAC community so that members work towards inclusive development, economy ministers of the Central African Economic and Monetary Union (CEMAC) met last Wednesday for their 34th ordinary session. They examined burning files and prepared the way for the extraordinary summit of heads of state that held last Friday in Yaounde under the chairmanship of President Paul Biya.
Speaking at the opening of the session, Prof. Daniel Ona Ondo, President of the CEMAC Commission, called for the acceleration of the integration process, diversification of the economies and consolidation of the macro-economic equilibriums as prescribed the heads of state. He said it was also an opportunity to examine the CEMAC budget to the tune of 88 billion proposed by the Interstate Committee.
Ona Ondo announced that the region had emerged from recession caused by oil and security shocks but the growth rate of 2.7 percent attained in 2019 could be better. For this to happen, he prescribed the optimization of the mobilisation of internal fiscal revenue and improvement of business climate so as to significantly reduce poverty. He said it was time for member countries to accompany enterprise so that they could create employment and growth.
The CEMAC Commission President said it was also time to engage in regional projects in the domains of transport and energy estimated at 2800 billion for the structural transformation of the region. He further emphasized on the strengthening of specialized and training institutions f the region and hoped the Commission would soon move back to its head office in Bangui.
Ona Ondo also expressed the wish for the relaunching of economic activities in the North West and South West regions of Cameroon following the holding of the Major National Dialogue.
For his part, Alamine Ousmane Mey, President of the Ministerial Council, also hailed the return of positive growth in the region. He said the persistence of economic and security shocks in the region called for more efficiency in financial management. He called for the institution of a business climate suitable for inclusive development.
Before meeting behind closed doors, Alamine Ousmane Mey, Cameroon’s minister of economy, planning and regional development, signed with Equato-Guinean minister of state at the presidency of the republic in charge of regional integration, Baltazar Engonga Edjo’o, a protocol agreement for the construction of a bridge on the Ntem linking Cameroon to Equatorial Guinea. Baltazar Engonga explained that the bridge would disenclave certain localities, but also improve trade exchanges between the two countries and why not Chad, Gabon and Congo.