The Congolese Minister of Economy and Finance, Jean-Baptiste Ondaye, chairs the BEAC Board of Directors in Yaoundé
14 Mar, 2023
The Congolese Minister of Economy and Finance, Jean-Baptiste Ondaye, chaired, Tuesday, March 14, 2023, the first Board of Directors of the Bank of Central African States (BEAC) for the year 2023 , in the premises of the headquarters of this institution in Yaoundé, capital of the Republic of Cameroon.
Very moved by the solemnity of this first Board of Directors, which was held under his governance, the current President of the Central African Monetary Union (UMAC), Jean-Baptiste Ondaye, first greeted the interest that the directors present at this first session accord to the BEAC which, for him, represents the flagship of the integration of the Central African sub-region.
He then noted the very special connotation, marked by solemnity, of this Board of Directors which took place a few days before the Conference of Heads of State of the Economic and Monetary Community of Central African States (CEMAC). .
Despite the global situation strongly shaken by the Russian-Ukrainian crisis which affects supply chains at the international level with, as direct consequences, the soaring prices of raw materials, agricultural and energy; tighter global financing conditions; and the various security tensions in certain countries of the sub-region, the Congolese Minister Jean-Baptiste Ondaye posted a note of satisfaction in the improvement of most of the macroeconomic indicators of the sub-region.
Indeed, according to BEAC estimates, the real Gross Domestic Product (GDP) growth rate in 2022 would stand at 2.9%, against 1.8% in 2021; a budget balance (commitment basis, including grants) in excess of 2.5% of GDP, compared to -1.2% of GDP in 2021; a 14.1% increase in the money supply to 17,414.6 billion CFA francs; and a currency coverage rate, which would drop from 64.0% in December 2021 to 73.07% a year later. However, the inflation rate should jump to 5.6% at the end of December 2022, against 1.6% a year earlier. Still according to the Congolese Minister of Economy and Finance, this trend should continue in 2023, thanks to the good performance of oil prices; the favorable development of relations with the International Monetary Fund (IMF); and the continued implementation of the reforms initiated under the Economic and Financial Reform Program of the Economic and Monetary Community of Central Africa (PREF-CEMAC) and trade regulations.
Jean-Baptiste Ondaye also drew the directors' attention to the risk linked to the international context which, according to him, could call into question the fragile balances of the national economies of the countries of the sub-region.
He finally expressed his gratitude to the President of the Republic of Cameroon, Paul Biya, current President of the Conference of Heads of State of CEMAC, and to the Cameroonian people, for the warm welcome he received. The current President of UMAC also expressed his respectful gratitude to the President of the Republic of Congo, Denis Sassou-N'Guesso, for the choice of his person, to the prestigious post of Monetary Authority of his country.
From our special correspondent Adrien Wayi-Lewy
The Communication Unit of the Ministry of Economy and Finance
