Cameroon Tribune (Yaoundé)
Martin Nkematabong
30 June 2009
Economists have emphasized the need to diversity the CEMAC countries' exports to contain the global financial crisis.
The Monetary Policy Committee (CPM) of the Bank of Central African States (BEAC) has envisaged a series of measures to revamp the economic growth in the Central Africa's six nations which has slowed sharply due to the global slowdown. Speaking to journalists after its second ordinary annual meeting, which held at the BEAC conference room in Douala, the committee's president, Philibert Andzembe, revealed that the economic growth rate of the CEMAC region dropped from 4 per cent in 2008 to 2.1 per cent in 2009 due to the fall in the prices of petroleum products and other primary commodities such as timber and mineral resources upon which the CEMAC countries heavily rely. He also remarked that a steady inflation rate is creeping into the sub region due to price fluctuation in the world market.
To contain the impact of the global crisis within the CEMAC sub region, the CPM concurred on the necessity to initiate urgent stratagems aimed to diversify the CEMAC member country export commodities, and also reinforce economic integration within the sub region. The committee agreed to decrease the interest rate on tender to 25 points, reduce bank penalty fees, scale down bank interest rates to 25 points, as well as trim down compulsory reserve rate to 5 points.
Asked how soon these measures would be applicable, Mr. Andzembe said all will be set before the end of 2009 financial year, adding that the BEAC is ready to make more cash available for short term loans, cooperate with member country economic operators to identify other products which appeal to the world market, and also revamp internal financial management policies of the CEMAC member countries. The CPM president was optimistic that the burden of the global crisis will lessen within the sub region by 2012.
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