Alamine Ousmane Mey, Cameroon’s Minister of Finance, Chairman of the Ministerial Committee of the Monetary Union of Central Africa.

How do we explain the drop of economic growth forecast to 2.5 per cent down from 2.8 per cent for the Central African Sub-region?

This session of the ministerial committee has given us the opportunity to review the global economic and financial outlook. The prospects are not what we expected though.  We are forseeing about a 3.3 per cent growth at the international level which could be downsized sequel to the imminent World Bank and International Monetary Fund meeting. This is due to the situation emerging countries are facing. Our Sub-region is made up of six countries; five of which are oil producers. The decrease in oil prices has dramatically impacted the budgetary provision of the States and this is a clear indication that the earmarked growth of less than 4 per cent will probably settle at less than 2.8 per cent this year.

Does this mean that countries of the Sub-region are not holding to recommendations such as diversifying their economies and making good use of budgetary choices?

We have to take serious measures to not only revise our financial and fiscal policy, but to diversify our sources of revenue. We also want to promote regional integration, foster business environment so as to attract more investors and to reduce budgetary expenditures. Countries have been making progress in reducing their expenditures considering the revenue level. But in the next years, we have to improve our fiscal performance and strengthen resilience.

What accompanying measures is BEAC proposing at a time the national treasuries of the countries concerned are sufferning from liquidity shocks?

The financial measures taken by the Central Bank are leading to more accomodation of countries since our preferential interests rates have been dropped to about 2.45 per cent down from 2.95 per cent. Other measures are being implemented to assist countries in this difficult period. In the near future, we are going to consistently address all the challenges. We will be able to achieve economic emergence by 2035, but it takes stronger measures. We need proper budgetary management, prioritisation of investments and above all, cautious indebtedness in this current situation.