(Business in Cameroon) - Chaired by Abbas Mahamat Tolli, statutory president and governor of the Bank of Central African States (BEAC), the Central African financial stability board held an ordinary session on November 21, 2017, at the bank’s central department in Yaoundé. 

At the end of this meeting, Abbas Mahamat Tolli signed a statement which stated that following an assessment of the risks and vulnerabilities weighing on the sub-region’s financial system, the committee has realized that many challenges it faces are related to the evolution of the macroeconomic framework. “The financial system still sustains the adverse effects of commodity prices’ fall leading to the continuation of the financial difficulties for the various actors of the financial system, especially the member States”, the statement reads.  

The committee thus called all the actors to more caution; this more so since the sub-region suffers the fall in oil revenues which represent 25%-85% of the public revenues in the five countries which produce oil within the community of CEMAC.

There is a good news though. The committee lauded the decision of the Conference of Heads of States of the CEMAC on October 31, 2017, to unify the sub-regional financial market.

Sylvain Andzongo