Talks on future of CEMAC economy, institutions fixed for October.

The former which incorporates all the CEMAC member states also includes the Democratic Republic of Congo, DRC; Angola, Burundi, Sao Tome and Principe, and Rwanda. 

Over the years, UEAC has been calling for complete merger and fusion of CEMAC institutions so as to avoid duplication of effort and resources, as CEMAC continues to maintain different institutions and pursuing economic policies parallel to those of the larger sub region.

During the 42nd ordinary session of the Council of Ministers of UEAC held recently, members agreed to hold a summit of Heads of State of member states on October 11, during which deliberations will focus mainly on the future of CEMAC.

They agreed that the venue of the meeting will be Camp Fidele, in Bangui, capital city of the Central African Republic, CAR. 

Apart from the Heads of State, conveners said Ministers of Finance, Integration and Economic Affairs will also attend the October summit. 

It would be an opportunity for the participants to give informed and realistic suggestions to the Heads of State on the need, and how to merge CEMAC and make sure the larger sub region functions as one, pursuing the same economic policies and running single institutions.

During the just ended session, participants insisted that if the economic and sustainable growth; as well as integration of the CEMAC sub region must be guaranteed, this fusion needs to take place before the next financial year begins.

Therefore, the larger sub region must progress towards having and adopting one community running budget during the 2025 financial year. 

Deliberants stressed that this cumulation and allocation of resources is essential to finance bigger projects and programmes aimed at strengthening regional integration, improving infrastructure, and supporting sustainable development.

In addition, they revealed that the evaluation of the 2023 and 2024 budgets will make it possible to measure the effectiveness of ongoing initiatives and identify areas requiring improvement.

They assured that the UEAC Council of Ministers will also address the issue of strengthening tax cooperation between CEMAC member states, with particular accent given to the harmonisation of tax regimes. 

They also talked on the establishment of a community tax procedures book and a border tax framework that aims to stimulate fair competition and improve national tax revenues.

In addition, discussions on allocations from the CEMAC Development Fund, FODEC, will be a key moment to define regional economic priorities and strengthen fiscal governance. 

The modernisation of administrative procedures was also at the heart of their deliberations, as well as revision of customs regulations and customs values to simplify trade and improve the competitiveness of companies in the region.

Officials stressed that these reforms are essential to accelerate the development of the common market and promote the free movement of goods, services and persons.

Meanwhile, representatives of CEMAC, during the session, insisted that the sub region´s commitment to the welfare of the larger area and its sustainable development is demonstrated and reflected in ambitious initiatives being implemented on ground. 

This includes financing the Congo Basin Blue Fund and the elaboration of a sustainable sub regional mining code; actions which top CEMAC officials say aim at protecting the natural resources of the area, while supporting inclusive and environmentally friendly economic development. 

This story was first published in The Guardian Post Edition No:3254 of Wednesday October 09, 2024