Of the projected 5.8 per cent growth rate, stakeholders say only 4.1 per cent is feasible.

Contrary to the initial projections that the rate of economic growth in the central African sub-region could attain 5.8 per cent in 2013, stakeholders have said the growth would instead slow. The Governor of the Bank of Central African States, BEAC, Lucas Abaga Nchama, has said economic growth in the sub-region is now envisaged at 4.1 per cent for 2013. The turnaround, he noted, is as a result of a projected decrease in petroleum products, one of the main exports of the sub-region and a reduction in public investment expenditure of some member countries.

In a press conference at the BEAC headquarters in Yaounde last Friday March 22 after the first ordinary session of the BEAC’s Monetary Policy Committee (CPM) for 2013, Mr Abaga Nchama,  who is also the Statutory Chairman of CPM, said despite the slow in economic growth, the skies remain brighter for the sub-regional growth vis-à-vis other economies across the globe. Updated information on the economic performance of the sub-region, he noted, showed that real economic growth stood at 6.6 per cent in 2012 up from 5.2 per cent in 2011 and an average inflation rate established at 3.7 per cent at the end of December 2012 against 2.7 per cent in 2011.  

Besides the 4.1 per cent projected economic growth rate for 2013, Mr Abaga Nchama said CPM also arrived at some far-reaching conclusions on the economies of the sub-region. The committee among others, decided to maintain BEAC’s intervention conditions on banking institutions in the sub-region, maintain the coefficient of obligatory reserves and the remuneration rate of the reserves as well as interest rates on public placements.