Central African Monetary Union (UMAC)

22 déc, 2022

The Minister of Economy and Finance, Jean-Baptiste Ondaye, has been appointed head of the ministerial committee of the Central African Monetary Union (Umac) for a one-year term, at the end of a meeting of the community institution held on 22 December in Douala, Cameroon.


Jean-Baptiste Ondaye succeeds the Central African minister in charge of Finance and Budget, Hervé Ndoba. After praising the work done by his predecessor in the context of a double economic and health crisis, he placed his mandate under the sign of continuity. 


‘’We can only welcome the resilience of our economies in this difficult context. Indeed, economic growth is slowly but surely picking up, our external position has been strongly strengthened and our banking system has remained resilient’’, he said.


The Umac ministerial committee reviews the economic and financial situation of the Member States of the Economic and Monetary Community of Central Africa (CEMAC) in 2022, the situation of foreign exchange reserves, foreign exchange repatriation and the outlook for the year 2023.


CEMAC countries’ economies are marked by a gradual recovery and a restoration of balance, particularly the consolidation of public finances and the strengthening of foreign exchange reserves. Inflation is also reported to be partly due to the crisis between Russia and Ukraine.


‘’This development reflects the implementation of reforms both at the level of the sub-region and at the level of each country... We must once again continue our efforts. The challenges are immense and everyone knows it; our economies are poorly diversified and remain vulnerable to external and internal shocks, intra-community trade remains weak, the high cost of living and food insecurity threaten our populations’’, Jean-Baptiste Ondaye observed.


The budget of the Bank of Central African States for the year 2023, relations between the CEMAC countries which are under discussion with the International Monetary Fund, the process of merging the financial markets of the community and other topics were also on the agenda of the ministerial committee of Umac.


Source: Les Dépêches de Brazzaville