FIFTH ORDINARY SESSION OF THE STEERING COMMITTEE OF THE ECONOMIC AND FINANCIAL REFORM PROGRAM OF CEMAC (PREF-CEMAC)

FINAL NEWS RELEASE

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The Fifth Ordinary Session of the Steering Committee of the Economic and Financial Reform Program of CEMAC (PREF-CEMAC) was held on June 22, 2018, in DOUALA (Republic of Cameroon), under the chairmanship of His Excellency Gilbert ONDONGO, Minister of State, Minister of Economy, Industry and Public Portfolio of the Republic of Congo, Chairman of the said Committee. Professor Daniel ONA ONDO and Mr Dieudonné EVOU MEKOU, respectively President of the CEMAC Commission and Vice-Governor of the BEAC, reported the items on the agenda

Taking part in the work, the Ministers or Representatives of the Member States and the first persons in charge of the following COPIL member structures:

For the Republic of Cameroon : 

• Mr Alamine Ousmane MEY, Minister of Economy, Planning and Spatial Planning;

For the Central African Republic : 

• Mr. Felix MOLOUA, Minister of the Economy, Planning and International Cooperation;

For the Republic of Congo : 

• Mr. Calixte NGANONGO, Minister of Finance and Budget;

• Ms. Ingrid Olga Ghislaine EBOUKA-BABACKAS, Minister of Planning, Statistics and Regional Integration;

For the Republic of Gabon : 

• Mr. Ephraïm MAGNAGA-NGANGA, Deputy Director General of Prospective, Representative Minister of the Economy, Prospective and Development Programming, Plenipotentiary;

For the Republic of Equatorial Guinea : 

• Mr. Lucas ABAGA NCHAMA, Minister of Finance, Economy and Planning;

For the Republic of Tchad : 

• Mr. Issa DOUBRAGNE, Minister of the Economy and Development Planning;

• Mr. Allali MAHAMAT ABAKAR, Secretary of State for Finance and Budget;

For the CEMAC Commission : 

• Professor Daniel ONA ONDO, President;

• Mr Clement BELIBANGA, Commissioner in charge of Economic, Monetary and Financial Policies;

• Mr. Pierre Célestin MEYE BIKA, Chief of Staff of the President of the CEMAC Commission;

For the Bank of Central African States : 

• Mr Dieudonné EVOU MEKOU, Vice-Governor;

• Mr. SALAO ABOUBAKAR, responsible for the merger of financial markets at BEAC;

Pour la Development Bank of Central African States : 

• Mr. Fortunato OFA MBO NCHAMA, President

For the COSUMAF : 

• Mr. NAGOUM YAMASSOUM, President;

For the COBAC : 

• Mr. Maurice Christian OUANZIN, Deputy Secretary General;

For the GABAC : 

• Mr. Gervais MBATA, Permanent Secretary

For the PREF-CEMAC 

• Professor Michel-Cyr DJIENA WEMBOU, Permanent Secretary

For the UNIPACE : 

• Mr. Célestin TAWAMBA, President ; 

Participating in the work as an observer:

• Mr. KADIMA KALONDJI, Resident Representative of the IMF in Cameroon and the Regional Institutions of CEMAC, Representative of the Director of the Africa Department of the International Monetary Fund (IMF);

• Mr. Mazen BOURI, Program Manager at the World Bank;

• Mr Mamadou Malick BAL, Economist at the Central Africa Subregional Office of the United Nations Economic Commission for Africa (ECA);

Also participating in the works:

• Mr. Samuel Dieudonné IVAHA DIBOUA, Governor of the Littoral Region of Cameroon;

• Mr. Jean-Claude NGBWA, President of the Financial Markets Commission of Cameroon (CMF);

• Mr. Pierre EKOULE MOUANGUE, Managing Director of Douala Stock Exchange (DSX);

• Mr. Edouard Célestin BOBOUA MIMATA, Director, Representative Chairman of the Board of Directors of the Stock Exchange of Central African Securities (BVMAC).

Finally, the members of the Monitoring Unit and the Technical Secretariat of PREF-CEMAC were present at this session.

The opening ceremony was punctuated by the speech of the President of the CEMAC Commission, who recalled the main progress recorded in the implementation of the PREF-CEMAC, the economic situation of the Sub-Region remains fragile and the urgent need to intensify efforts for a lasting recovery of its external position.

After adopting the agenda, the Steering Committee took note of the conclusions of the work of the Monitoring Unit, held on June 20 and 21, 2018 in Douala, Republic of Cameroon.

Opening its work by examining the point on the realization of the audits and the reforms of the BDEAC, the COPIL asked the Governor of the BEAC and the President of the BDEAC to make suitable provisions, so that the schedule prescribed by the President in exercise of the CEMAC, for this purpose, is strictly respected.

Given the strategic position occupied by BDEAC in financing the CEMAC economies, the COPIL stressed the need to accelerate the implementation of reforms at BDEAC in order to align its management with the best international standards and to enable it to become the main institution of financing of States and the private sector in the subregion.

In addition, the COPIL has adopted a resolution asking BDEAC to accelerate the process of audits and reforms within it, in consultation with its governing bodies and in compliance with the prescribed rules, and to send it a final report on question at its next regular session.

Examining the merger of the two stock exchanges, the COPIL, after having taken note of the Progress Report No. 1 of the CEMAC financial market mergers, welcomed the progress already made in the process. He then noted the availability of the World Bank and other development partners to accompany the process. He further called for the rapid conclusion of the process of merging CEMAC's financial markets and the respect of deadlines, namely the physical and institutional merger of the two co-existing financial markets until then. November 30, 2018 and the tie-down of newly established institutions to international standards by June 30, 2019.

Taking cognizance of the state of implementation of the second operational plan of the Regional Economic Program (PER) covering the period 2017-2021, the COPIL called for more synergy and coordination between the Member States and the CEMAC Commission for a smooth implementation of this program. He further noted the importance of the regional approach in the negotiations for financing the development of the economies of the Sub-Region.

Addressing the sequence of its session devoted to the meeting with the Natural Resource Societies in the CEMAC zone, the companies were invited to the invitation to know the need for the repatriation of export earnings in order to reinforce the foreign exchange reserves in the CEMAC zone following the fall in oil prices since mid-2014. During the ensuing exchanges, companies were reminded of the relevant provisions of the Community Foreign Exchange Regulations which enshrine the the obligation of systematic repatriation of export earnings and offer concrete possibilities for the opening of foreign currency accounts in commercial banks at the level of the Sub-Region.

The COPIL also urged Member States to pay more attention to the negotiation of new Settlement Conventions or the development and adoption of the new Mining and Petroleum Codes, in order to reassure themselves that they are compliant. Exchange Regulations and can guarantee the repatriation of export earnings in the Member States.

Given the complexity of the subject with regard to the existing conventions, the COPIL has decided to continue the reflection so that a Community strategy is conceived and implemented by the Member States in its next meetings with multinational operating companies. natural resources in the region. To this end, it has set up a committee composed of the Chair of the PREF-CEMAC Steering Committee, the President of the CEMAC Commission and the Governor of BEAC to produce a file on this subject which will be submitted to its next meeting. and taking into account comments and remarks made during this session.

As part of the monitoring of the implementation status of the PREF-CEMAC, the COPIL took note of the measures taken by the Member States in the implementation of the five pillars of this program. He encouraged States to pursue reform and integration actions while placing special emphasis on the diversification of economies.

At the end of the work, the COPIL sent its warm thanks to the President of the Republic of Cameroon, Head of State, His Excellency Paul BIYA, to the Government and the People of Cameroon for the warm welcome and quality of the stay in Cameroon .

The work took place in an atmosphere of serenity, frank collaboration, mutual understanding and fraternity.

Douala, June 22, 2018

PRESIDENT,

Gilbert ONDONGO