The Head of State last Friday, November 29, received in audience the Governor of the Bank of Central African States.

The mitigating effects of the World economic crisis on the Central African sub region and the measures taken by the Bank of Central African States (BEAC) to attenuate the shocks therein were central in the audience the Head of State , President Paul Biya accorded Lucas Abaga Nchama, Governor of BEAC last Friday, November 29.

“In spite of the timid resumption in advanced countries, growth has slowed down in Emerging nations as well as in Europe which is finding it difficult to come out of the situation”, Lucas Abaga Nchama told reporters at the end of the audience. In effect, the BEAC boss had come to inform the Head of State as a matter of obligation, on the situation in the Central African Economic and Monetary Community (CEMAC) sub region and the measures the bank has so far taken as well as those in the pipeline to lessen the shocks on member nations.

“President Paul Biya is my boss and I have the obligation to report to him at any moment he deems necessary to know the evolution of the Central Bank”, he said, stating that the bank is functioning normally. The six countries that make up CEMAC have not been spared by the waves of the World economic crisis and that explains why BEAC was compelled to revise growth rate down to 3 per cent in 2013 compared to 5 per cent the previous year, Abaga Nchama said. Perhaps one of the things to note is the fact that the level of growth in the sub region which has averaged between 4 and 5 per cent within the past five years is not sufficient enough for  the sub region to attain its goal of emergence.

This state of affairs as explained by the Governor of BEAC has not kept the bank indifferent. “The Monetary Policy Committee of BEAC in its recent meeting took historic measures to support the economies of member States”, he said. One of such measures, he said, is the decision by the bank to accept all treasury bonds issued by member States in a bid to help the various countries undertake their development projects such as the major projects Cameroon is presently involved in. “We will surely continue in the same light with other non conventional measures”, he said.

The Head of State, Abaga Nchama said, particularly showed concern for these measures and congratulated the bank for what has been done sofar. “The audience gave me occasion to receive advice from someone who has a lot of experience like President Paul Biya, notably on the rigour and abnegation in the management of public property like the CFA currency we have in the bank”, he said. The briefing was preceded by the offering of gifts and attribution of the BEAC medal of honour to the Head of State.