BEAC Governor says oil sector performance is partly responsible for the improvement.

The Central African Economic and Monetary Community (CEMAC) is projected to register an increase in its growth rate on good performance of the oil sector and dynamism of the construction and public works sector, among others, the Governor of the Bank of Central African States (BEAC) said in Yaounde on Friday, October 28.

Growth rate is expected to reach 4.8 percent compared with 4 per cent in 2010, Lucas Abaga Nchama told reporters following the third ordinary meeting of the Monetary Policy Committee of BEAC. The Governor of the Bank of Central African States who doubles as President of the BEAC Monetary Policy said the public, external as well as monetary accounts of the sub region were doing fine in conformity with the favourable prices commodity products. On another note, the governor told journalists the rate of inflation may climb during the same period from 1.6 per cent last year to 2.2 percent.

The Yaounde meeting, Abaga Nchama said, was occasion for experts to equally assess the world’s economic situation which he said is marked by a slowdown in the second quarter of 2011. The tsunami and earth quakes in Japan, persistent of sovereign debt crisis in the industrial world, and the putting in place of budgetary cleaning measures in some major economies are largely responsible for the situation, he said. That notwithstanding, differences continue to exist among regions with growth remaining relatively atoned in advanced economies and a slight draw back experienced in emerging countries.

The boss of BEAC which acts as the Central Bank of the Central African sub region, dismissed fears that crisis in the Euro zone are affecting the CFA Franc. He however cautioned actors in the sub region, stating that the zone needs to be vigilant.