CEMAC
The Economic and Monetary Community of Central Africa, generally referred to by its French acronym CEMAC (for Communauté Économique et Monétaire de l'Afrique Centrale; Spanish: Comunidad Económica y Monetaria de África Central), is an organization of states of Central Africa established by Cameroon, Central African Republic, Chad, the Republic of the Congo, Equatorial Guinea and Gabon to promote economic integration among countries that share a common currency, the Central African CFA franc.[1]
CEMAC's common institutions include its Council of Heads of State (French: Conférence des Chefs d'État) and Council of Ministers; a Commission in Bangui and Court of Justice in N'Djamena; the Bank of Central African States (BEAC) in Yaoundé; the Central African Banking Commission (COBAC) and Central African Financial Market Supervisory Commission (COSUMAF), both in Libreville; and the Development Bank of the Central African States (BDEAC) in Brazzaville. UEMOA countries also share the Regional Insurance Control Commission (CRCA, in Libreville) with other African countries of the Franc Zone.
History
[edit]The Customs and Economic Union of Central Africa (or UDEAC from its name in French, Union Douanière et Économique de l’Afrique Centrale), (in Spanish: Unión Aduanera y Económica de África Central, UAEAC), (in Portuguese: União Aduaneira e Económica da África Central, UAEAC), established by the Brazzaville Treaty in 1964,[2] formed a customs union with free trade between members and a common external tariff for imports from other countries. The treaty became effective in 1966 after it was ratified by the then five member countries—Cameroon, the Central African Republic, Chad, the Republic of Congo, and Gabon. Equatorial Guinea joined the Union on 19 December 1983.[3][4] UDEAC signed a treaty for the establishment of an Economic and Monetary Community of Central Africa (CEMAC) to promote the entire process of sub-regional integration through the forming of monetary union with the Central Africa CFA franc as a common currency; it was officially superseded by CEMAC in June 1999 (through agreement from 1994). CEMAC currently operates a customs union and monetary union. The common market is in place, but many exceptions to the tariff free regime still exist[citation needed].
UDEAC signed a treaty for the establishment of CEMAC to promote the entire process of sub-regional integration through the forming of monetary union with the Central Africa CFA franc as a common currency; it was officially superseded by CEMAC in June 1999 (through agreement from 1994).[5]
On December 16, 2024, the CEMAC heads of state will convene an summit in the presence of an IMF delegation,[6] on the possibility of devaluing the CFA Franc, in order to regain financing from the International Monetary Fund (IMF).[7]
Ovevrview
[edit]CEMAC's objectives are the promotion of trade, the institution of a genuine common market, and greater solidarity among peoples and towards under-privileged countries and regions.[8] In 1994, it succeeded in introducing quota restrictions and reductions in the range and amount of tariffs. Currently, CEMAC countries share a common financial, regulatory, and legal structure, and maintain a common external tariff on imports from non-CEMAC countries. In theory, tariffs have been eliminated on trade within CEMAC, but full implementation of this has been delayed. Movement of capital within CEMAC is free.[9]
The CEMAC's financial stability was threatened by the fall in the price of petroleum starting in 2014, as all members except CAR depend heavily on oil revenue. International reserves dropped, and there was discussion of a devaluation of the CFA Franc. Ultimately, the conference of heads of state in 2016 adopted a detailed reform program, the PREF-CEMAC, to stabilize the situation.
Membership
[edit]
See also
[edit]- West African Economic and Monetary Union
- Eastern Caribbean Currency Union
- Economic and Monetary Union of the European Union
- CEMAC Cup
References
[edit]- ^ CEMAC website Archived 2008-12-21 at the Wayback Machine
- ^ "Traité instituant une Union douanière et économique de l'Afrique centrale" (PDF) (in French). CEMAC. Archived from the original (PDF) on 27 June 2013. Retrieved 22 July 2012.
- ^ "CEMAC EN BREF" (in French). CEMAC. Archived from the original on 29 May 2012. Retrieved 22 July 2012.
- ^ Alen Angok. "PRÉSENTATION". Ge-Infonet (in French). Retrieved 22 July 2012.
- ^ CEMAC Treaty (in French) Archived 29 June 2007 at the Wayback Machine
- ^ "Afrique Le Cameroun accueille un sommet de la Cemac dans un environnement économique difficile". www.rfi.fr (in French). Retrieved 2024-12-16.
- ^ "Sommet de la Cemac : Paul Biya et ses pairs en conclave pour remédier à une situation économique « critique »". www.jeuneafrique.com (in French). Retrieved 2024-12-16.
- ^ "IZF - Investir en Zone Franc - actualité économique Afrique - zone franc CFA". Archived from the original on 2008-05-17. Retrieved 2008-05-17. Communauté Économique et Monétaire de l'Afrique Centrale (CEMAC)
- ^ "National Trade Estimates Report – Cameroon" US Fed News, 31 March 2006
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