An extraordinary Summit of the Heads of State of the Central African Economic and Monetary Community (CEMAC) is set to take place on Monday, December 16, in Yaoundé, Cameroon. The meeting comes at a critical time for the region, which is facing “worrying warning signals” due to “slippages and failures in the implementation of recommended reforms,” according to the organization.
This situation threatens to jeopardize the disbursement of International Monetary Fund (IMF) budget support to several member countries.
The summit will bring together the leaders of CEMAC’s six member states and a high-level IMF delegation, including Geneviève Verdier, the mission chief for CEMAC, and Abebe Selassie, director of the IMF’s Africa Department. At the core of the discussions will be concerns over rising public debt across the region, particularly in countries like Congo.
Cédric Jiongo, a CEMAC specialist at Sikafinance, highlighted the gravity of Congo’s fiscal struggles: “Congo is facing significant budgetary difficulties, with public debt nearing 100% of GDP and growing internal arrears. The country has experienced multiple payment delays and has had to reschedule debt repayments. In short, Congo is struggling to manage its current debt.” The regional organization also warns that, over the medium term, the fiscal outlook for CEMAC is expected to worsen, with Gabon anticipated to run larger deficits.
Beyond the economic challenges, the summit carries political significance. It is expected to provide an opportunity for Cameroon’s President Paul Biya to reassert his presence on the regional stage. Since returning to Cameroon on October 21, President Biya has kept a low profile. Hosting this high-stakes summit could mark his first major public appearance in months.
The meeting was originally slated to be held in Bangui, the capital of the Central African Republic. However, CEMAC’s current president, Faustin-Archange Touadéra, reportedly agreed to have the event relocated to Yaoundé, underscoring the regional cooperation required to address these pressing challenges.
The outcomes of this summit will be closely watched as they may determine the future stability of CEMAC’s economies and the extent of IMF support to its member states.