Central African Economic and Monetary Community: Recent Developments and Regional Policy Issues

December 31, 2003

Summary

Macroeconomic developments in the Central African Economic and Monetary Community (CEMAC) region have been satisfactory, but risks to macroeconomic stability persist. The process of convergence remains slow and needs strengthening, notably through the adoption of a fiscal rule and the elimination of bank financing of fiscal deficits. Continued efforts by the banking regulator are needed to strengthen the banking sector. There is a need to accelerate structural reforms, strengthen basic infrastructure, and adopt common sectoral policies aimed at diversifying the regional economy.

Subject: Banking, Fiscal policy, Fiscal stance, Monetary base, Monetary policy, Monetary policy instruments, Oil prices, Oil, gas and mining taxes, Public debt, Taxes

Keywords: Africa, CEMAC, CEMAC authorities, CEMAC country, Central Africa, CFA franc, CR, Fiscal stance, gas and mining taxes, ISCR, lower-than-expected oil-sector growth, member countries of the CEMAC, Monetary policy instruments, nominal GDP growth, Oil, oil GDP, Sub-Saharan Africa, West Africa

Pages:
74
Volume:
2003
DOI:
https://doi.org/10.5089/9781451806502.002
Issue:
398
Series:
Country Report No. 2003/398
Stock No:
1CAEEA0012003
ISBN:
9781451806502
ISSN:
1934-7685

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