When Biya lectures peers on debt management!.

But banking on the evaluation of the Cameron Autonomous Sinking Fund, CAA, the debts are "sustainable" as they are within the CEMAC convergence criteria threshold of 70% of GDP. 

Against the backdrop of global conditions, characterised by persistent fiscal deficits, pressure on external reserves, and concerns over the sustainability of public debt and rising interest rates, CEMAC leaders met in Brazzaville last week.

Their objective was to strengthen the financial sovereignty of the Subregion, improve the liquidity of local banking systems, and reduce exposure to external financial shocks.

President Paul Biya, represented at the summit by Finance Minister, Louis Paul Motaze, said “debt is not a problem in itself...the problem is debt sustainability. How do we borrow without strangling public treasuries?".

That is the million-dollar question, especially in a Subregion whose monetary policy is dictated by France.

What economists had predicted before the conference was that the FCFA was going to be devalued, to make goods from the Subregion competitive on the international market.

Instead, Congolese President, Denis Sassou N’Guesso, who is current Chairman of CEMAC, in his address, explicitly called “...for more effective engagement and support from international financial institutions and our bilateral partners for our development efforts.”

A paramount resolution highlighted was the strict obligation to repatriate export earnings, particularly those from hydrocarbons, the mining sector, and raw materials.

The purpose is threefold: to strengthen foreign exchange reserves, support the liquidity of the banking system, and assert more tangible financial sovereignty. 

In the CEMAC zone, the approach is also seen as a means of consolidating the stability of the CFA franc. It is also part of a macro-financial security strategy, where the availability of foreign exchange, policy coherence and the confidence of private actors are treated as a single continuum.

Implementation of the decisions were planned for the coming months to be accompanied by new transparency and oversight mechanisms.   

For economists, "while this initiative to repatriate profits could significantly increase the availability of credit for local businesses and finance key sectors such as infrastructure and agriculture, it raises the challenge of the region's central and commercial banks' ability to manage and secure the massive influx of capital".

The success of the operation will be a major test of the maturity and resilience of the Central African financial system, especially given that it would not augur well for foreign investors who want to keep their profits in their countries.

As the host President said, he didn't want the resolution to be just "announcements" but action. To that effect, a quarterly monitoring mechanism for the CEMAC Regional Economic and Financial Framework abbreviated as PREF-CEMAC was created.

The stated objective is to shift from a cyclical to a continuous approach, reducing the gap between political commitment and its administrative and technical implementation, at both the national and regional levels.

The mechanism will provide for an expanded mandate for the Technical Secretariat to evaluate progress, identify obstacles, issue early warnings, and submit reports to the Heads of State.

In the spirit of the summit, it also aims to strengthen regional credibility by promoting greater transparency among partners and the market.

How that will be done is yet to be seen, especially when some of the leaders and local business gurus hide their corrupt loot in foreign banks and offshore investments.

The Brazzaville Summit highlighted a diplomatic perspective: institutional stability and continuity presented as prerequisites for economic confidence. 

From that perspective, Denis Sassou N’Guesso’s role was described as "unifying, geared towards community cohesion and alignment with a more demanding approach" to advert a shrinking reserve in a region where leaders love luxuries, foreign holidays and oversees medical checkups while keeping their countries in crushing debts with high interests.

The resolutions of Brazzaville are impressive to accelerate negotiations and implementation of economic and financial programmes with the International Monetary Fund, fast-track the repatriation of foreign exchange earnings, and step up the community’s import-substitution strategy.

It is however left to be seen how they impact positively on the cost of living if locally made goods and services like medical care are not patronized by the region’s leaders, known for exorbitant foreign trips at tax payer's expense. 

This article was first published in The Guardian Post Edition No:3687 of Wednesday January 28, 2026