On Friday, April 11, 2025, at the national headquarters of the Bank of Central African States (BEAC) in Brazzaville (Republic of Congo), the Steering Committee (COPIL) of the Economic and Financial Reform Program of the Economic and Monetary Community of Central Africa (CEMAC-PREF) held its 21st ordinary session.

The proceedings of this session, which took place in person and via videoconference, were chaired by the Congolese Minister of Finance, Budget and Public Portfolio (MFBPP), Christian Yoka. They were attended by BEAC Governor Yvon Sana Bangui.

The eight items on the agenda included "The review and adoption of the revised draft PREF-CEMAC matrix, included in item 3, relating to the implementation of the decisions and resolutions of the Extraordinary Summit of CEMAC Heads of State of December 16, 2024, and additional measures for the subregion's economic recovery"; "Update on the operationalization of the unified financial market"; and "The processing of the remaining funds made available to States by BEAC, through the Development Bank of Central African States (BDEAC), and allocated to the response to COVID-19 and the strengthening of national health systems."

Opening the proceedings, the Congolese Minister in charge of Finance specified that "the revised Draft Matrix, submitted by the PREF-CEMAC Monitoring Unit, incorporates the additional measures prescribed by the Conference of Heads of State and those recommended by the Ministerial Committee of the Central African Monetary Union (UMAC). This Draft Matrix also takes into account the recommendations resulting from the various tripartite consultations (Member States, Community Institutions and Technical and Financial Partners). These additional measures, which complement the Economic and Financial Reform Program currently being implemented in the sub-region, aim to preserve the viability of public finances and the stability of the financial sector; to consolidate the external position of CEMAC and, ultimately, to strengthen the resilience of the economies of the Member States. They concern the first three pillars of this Program, namely: Pillar 1: Fiscal Policy (11 additional measures); Pillar 2: Monetary Policy and Financial System (19 additional measures); and Pillar 3: Structural Reforms (2 additional measures)."

According to Christian Yoka, the implementation of PREF-CEMAC actions by member states and community institutions has now made it possible to reverse the trend of deterioration in macroeconomic indicators observed in 2016 and 2020 and to restore growth momentum. "However, this growth, which has returned, remains weak."

The Return of Growth in Figures and the Challenges to Overcome

According to the BEAC, the growth rate of real gross domestic product (GDP) in CEMAC has returned to positive territory since 2021. It was estimated at 2.6% in 2024, compared to 1.9% in 2023, a much better situation than that of the recession this sub-region experienced in 2016 and 2020, when the growth rates were -1.4% and -1.8%, respectively. The BEAC forecasts economic activity to consolidate to 2.9% in 2025 and 3.6% in 2026. Similarly, inflation has begun a downward trend, reaching 4.1% in 2024 compared to 5.6% in 2023. CEMAC's foreign exchange reserves covered 4.6 months of imports of goods and services in 2024, a level close to the 5-month threshold recommended for oil-producing countries.

However, experts believe that beyond the improvement in these economic indicators, new challenges remain within the subregion and could undermine the viability of the economies in the short and medium terms. These include, in particular, weak economic growth, as well as risks related to over-indebtedness of states and the weakening of CEMAC's external position. These new challenges require not only the acceleration of the implementation of the major structural reforms contained in the PREF-CEMAC matrix, but also the implementation of additional measures.

In light of the above, the Congolese Minister of Finance called for a redoubled effort. "We are called upon to redouble our efforts to ensure that the objectives and course set by our Heads of State are effectively achieved, as part of the implementation of the actions in the revised PREF-CEMAC matrix. The aim is to converge towards higher economic growth rates in real terms by 2029; improved external accounts; more diversified economies; a more resilient financial system; successful structural reforms that give a significant role to the private sector; and stronger regional integration in terms of trade in goods, services, and factor mobility," urged Christian Yoka, Chairman of the PREF-CEMAC Steering Committee.

The Communications Unit of the Ministry of Finance, Budget, and Public Portfolio