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Yaoundé - 24 October 2021 -
Economy

CEMAC: Central Bank BEAC revises the 2021 growth forecast upward to 1.6% of GDP

CEMAC: Central Bank BEAC revises the 2021 growth forecast upward to 1.6% of GDP
  • Comments   -   Monday, 04 October 2021 12:08

(Business in Cameroon) - On September 27, 2021, at the end of the third regular meeting, via videoconference, of its Monetary Policy Committee, the Bank of Central African States (BEAC) revised its 2021 growth forecast to 1.6% for the CEMAC region. In April 2021, the central bank had forecast a 1.9% growth for the subregion after the 1.7% recession recorded in 2020. However, in June 2021, it revised that forecast downward to 1.3%.  

This time, the issuing institution’s optimism is motivated by “the revival of economic activities” following the increase of Covid-19 vaccine coverage. According to the central bank, this revival could go on in the medium term in a context marked by fading global uncertainties thanks to progress in the Covid-19 vaccination campaigns as well as the rewards of structural reforms initiated in the framework of the Pref-Cemac and the second-generation programs with the IMF. 

In Cameroon for instance, the government concluded a new 3-year program with the IMF on July 29, 2021. This program was backed by about XAF375 billion financial support. At the same time, the country has been multiplying Covid-19 vaccination campaigns to encourage the unwilling population to get vaccinated. 

We are devising several strategies to boost our vaccination capabilities. But currently, 68,000 people are vaccinated, representing close to 13% of our target,” explained the Minister of Public Health during a meeting on June 9, 2021.

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