(Business in Cameroon) - Measures taken by the Bank of Central African States and the six member states of the CEMAC (Cameroon, Congo and Gabon, Chad, equatorial Guinea and central Africa), as well as international partners, IMF included, to reinforce the region’s economies, which suffered from the crisis in prices of commodities, are yielding results. These include the reduction of public spending in CEMAC’s six countries.

‘’When we look at the way those measures were applied, we can notice a rise in the foreign exchange reserves. They are not yet at the desired level but, we can still notice the increase,” said Louis-Paul Motaze, Cameroon’s minister of economy, planning and regional development (MINEPAT). He declared this during the third meeting of the steering committee of the CEMAC’s economic and financial reforms’ program, held at Douala, the economic capital of Cameroon, on September 28, 2017. 

The minister did not however reveal the current level of CEMAC countries foreign exchange reserves, placed at the French treasury. But, according to IMF’s statistics, the reserves decreased from CFA6,000 billion in 2010 to CFA2,000 in 2016. The statistics were revealed by Kadima Kalondji, resident representative of IMF in Cameroon during a stint in Libreville, Gabon.

BRM