Global crisis: CEMAC countries on alert

As the financial hurricane sweeps across the world, financial authorities in the CEMAC sub region are now admitting that they must take precautionary measures to reduce the negative effects of the global financial crisis.
By Yemti Harry Ndienla

Addressing the issue recently, Philibert Azembe, governor of the Bank of CEMAC countries (BEAC), urged various governments to tighten their belts in order to squarely face the crisis.
On this score, the governor suggested that CEMAC countries should cut down spending, accelerate reforms and put in place a regional economic programme as agreed during the last CEMAC heads of State summit.
knowing fully well that member countries are reluctant to carrying reforms that would attract investors, Azembe, further challenged governments of various CEMAC member countries to invest in areas like; health, infrastructures, qualified personnel and to work towards creating an environment which is most conducive to business so as to attract foreign investors and encourage local investment.
Reforms which according to him will not only help in diversifying the economy but will make it durable, enhance growth and reduce its vulnerability in the face of the global crisis.
On the other hand, the BEAC boss pointed out that the CEMAC economies are taking hits due to the fall in the prices of primary products such as coffee, cocoa crude oil in the world market.