Central African Economic and Monetary Community: Recent Developments and Regional Policy Issues
IMF Staff Country Reports, November 11, 2005
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Bibliographic details
- Published: November 11, 2005
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781451806526.002
Recent developments and trends in economic integration
- The paper discusses the recent development and trends in economic integration within the Central African Economic and Monetary Community (CEMAC).
- Trade restrictions and an uneven application of CEMAC rules are identified as constraints on external and intraregional trade.
- CEMAC officials agreed that further trade growth will require "renewed commitment to abide by common trading rules."
Trade and market integration issues
- Trade restrictions constrain both external and intraregional trade.
- Uneven application of CEMAC rules undermines market integration and trade expansion.
- Keywords highlighting focus: authority, CEMAC authorities, CEMAC economy, CFA franc, Exchange rate arrangements, Exchange rates, market, market integration, Sub-Saharan Africa, West Africa.
Structural challenges
- Weak financial sectors in several member countries undermine regional economic resilience.
- The need to increase competitiveness in the non-oil segments of the region’s economies is emphasized.
- Sectoral focus includes Oil and implications for gas and mining taxes and commodity prices.
Policy implications and recommendations
- Renewed commitment by CEMAC members to abide by common trading rules is necessary to support trade growth.
- Strengthening financial sectors in weaker member countries is required to bolster regional stability and integration.
- Policies to increase competitiveness in non-oil sectors are needed to diversify growth and reduce vulnerability to oil price fluctuations.
Source: Central African Economic and Monetary Community: Recent Developments and Regional Policy Issues