(Business in Cameroon) - Following a meeting between President of the commission of the Central African Economic and Monetary Community (CEMAC), Daniel Ona Ondo, and the Guinean Minister of Integration, Baltazar Engonga, in Malabo (Equatorial Guinea) last August 23, the organization of a CEMAC heads of State Summit was decided.

The session which will be held next November, will mainly focus on ways to address the current economic crisis. For the record, the idea of such summit was previously suggested by the Equatorial Guinean President Teodoro Obiang Nguema Mbasogo and the Gabonese President Ali Bango Ondimba.

According to the International Monetary Fund (IMF), the economic crisis is due to the region’s outward-looking economies which are significantly vulnerable to external shocks. Besides, the fiscal slippages caused the region to lose its competitive positions for economic growth. Subsequently, since 2017, most CEMAC countries had sought support from IMF to rebalance budgets and restore external positions. This enables the region to gradually emerge from the crisis. Therefore, GDP growth is expected to be 2.1% this year against -0.1% last year, the Central Bank (Beac) forecasted. However, the crisis is still not over.

S.A