An extraordinary summit of the Economic and Monetary Community of Central Africa (CEMAC) will take place today, bringing together the heads of state from six member countries and a senior delegation from the International Monetary Fund (IMF). The high-level IMF team is led by Geneviève Verdier, head of the IMF mission for CEMAC, and Abebe Selassie, director of the IMF’s Africa department. The summit, hosted by Cameroon’s President Paul Biya, comes at a critical moment for the region, which is grappling with significant economic challenges.
CEMAC leaders are particularly concerned about the mounting public debt in the region, with several member states facing serious fiscal strain. In particular, the Republic of Congo is confronting an economic crisis, with national debt levels approaching 100% of its GDP. The country has struggled to keep up with payments in the financial markets, leading to internal arrears and forcing the government to reschedule debt repayments. Cédric Jiongo, an expert at Sikafinance, highlighted that Congo’s situation exemplifies the wider debt challenges affecting the region, which could undermine efforts to stabilize the economy.
Further financial concerns are centered on Gabon, where projections indicate a worsening budget deficit in the medium term. The country’s draft budget shows a rise in public spending that outpaces investment, with increasing debt repayment obligations adding to the pressure. Despite implementing various reforms, experts warn that Gabon’s economic situation remains precarious, with significant hurdles ahead in balancing fiscal stability and development.
Perhaps the most immediate concern for CEMAC is the region’s foreign exchange reserves, which are expected to fall to just three months’ worth of imports, well below the recommended five months. This decline could leave the banking sector vulnerable, threatening further economic instability. While there are no immediate plans for currency devaluation, CEMAC officials have underscored the need for coordinated action to address these risks and safeguard the region’s financial future.
In addition to these economic discussions, the summit marks a significant moment for President Paul Biya, who will make his first major public appearance since his return from an extended absence in October. The Cameroonian leader has largely remained out of the public eye, sparking speculation about his health. His participation in the summit, held in Yaoundé instead of its initially planned venue in Bangui, Central African Republic, marks a return to the international stage. The relocation of the summit to Cameroon was requested by Central African Republic President Faustin Archange Touadera, who currently serves as the head of CEMAC.
Biya’s return to the political scene follows a period of relative silence, with few public engagements since his return to Cameroon, which fueled rumors about his health. Despite this, his leadership in hosting the summit is expected to bring significant attention to the region’s pressing economic challenges. Observers will be keen to see how the summit shapes the future direction of CEMAC, particularly as member states face rising debt, fiscal imbalances, and vulnerability in their financial sectors.
As the summit unfolds today, all eyes will be on the leaders of CEMAC to see how they plan to address the economic instability facing the region and strengthen cooperation in the face of growing financial pressures.