CEMAC : Deepening Regional Integration to Advance Growth and Prosperity
The Central African Economic and Monetary Community (CEMAC), which consists of Cameroon, the Central African Republic, Chad, the Republic of Congo, Equatorial Guinea and Gabon, is one of the oldest regional groupings in Africa. The main objectives...
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| Format: | Report |
| Language: | English |
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World Bank, Washington, DC
2019
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| Online Access: | http://documents.worldbank.org/curated/en/491781560455916201/Deepening-Regional-Integration-to-Advance-Growth-and-Prosperity http://hdl.handle.net/10986/31942 |
| Summary: | The Central African Economic and
Monetary Community (CEMAC), which consists of Cameroon, the
Central African Republic, Chad, the Republic of Congo,
Equatorial Guinea and Gabon, is one of the oldest regional
groupings in Africa. The main objectives for achieving this
are: (i) the creation of a fully functional and effective
customs union, (ii) the establishment of a robust system of
macroeconomic surveillance, and (iii) the harmonization of
sectoral policies and legal frameworks that will create a
common market for goods, capital, and services.Despite this
ambitious vision, regional integration in the CEMAC zone
remains shallow.The oil price shock of 2014-15 severely
affected the six CEMAC economies and promoted re-commitment
to deepening regional integration.At the regional level, the
PREF also aims to: (i) improve the coordination of public
financial management (PFM) and fiscal policy; (ii)
accelerate regional integration through improvements to the
regional economic plan; (iii) improve the business climate;
(iv) increase economic diversification; (v) enhance monetary
policy transmission mechanisms; and (vi) improve prudential
banking supervision.CEMAC is right to focus on reforms to
deepening regional integration as a driver of growth.The
objective of this Regional Study on CEMAC is to support
policy makers in CEMAC in efforts to strengthen regional
integration to support economic growth and to reduce the
need for economic adjustment. The Regional Study focuses
mainly on what can be done at the regional level to support
regional integration, macro-stability and long-term growth
in the CEMAC area; as such, the Regional Study aims to
complement country-specific policies and initiatives to
support macro-stabilization, economic development and integration. |
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