The future promises to be bright for the Central African Economic and Monetary Community following the conclusions of the Board of Governors of the Bank of Central African States, BEAC that met recently in the Chadian capital city of N'djamena. Presided at by its Statutory president, Jean Félix Mamalepot, governor of the bank, the board in its final communiqué observed that the economy of the central African sub region has undergone some progress recording a growth rate of 3.2 per cent as predicted by the International Monetary Fund. The situation, the report said will be consolidated in 2004 when the rates are expected to go up to 4 per cent. Within this context, trade increased by 4.3 per cent and is expected to step up to 6 per cent in 2004.
As far as macro-economic performance is concerned, board members
concluded that Gross National Product of the sub region equally
increased in real terms in 2002 by 4 per cent and is expected to
progress in the same rhythm.
These results will be obtained thanks
to raw material exported by the zone and the setback in the American
dollar, the main currency used for billing exports, the report
said. Other determining factors include: efforts at redressing public
finance, consolidation of peace in the region, and the maintenance of
the rhythm of structural reforms. According to the report, all these
will induce vigour in private consumption and resumption in investment
in the petroleum sector. Inflation rate is expected to drop from 3 per
cent last year to 2.6 in 2003. Taking these and other factors into
consideration, the board recommended that member States continue with
the cleansing of the economic environment. Other improvements were
identified, particularly as concerns currency and credits.