CEMAC sub regional growth rate drops to 5.7 %

The Monetary Policy Committee of the Bank of Central African States (BEAC) has announced that the growth rate of economies of the CEMAC sub region could be reviewed at 5.7 percent in 2014 from the initial projection of 6.1 percent.

The announcement was made on 28th October 2014 during a performance evaluation meeting of the BEAC Monetary Policy Committee in Yaounde.

The need to revise the situation in the CEMAC sub region was made after an analysis of the macro-situation across the globe.

The Chairman of the policy committee and Governor of BEAC, Lucas Abaga Nchama noted that the economic situation in developed countries is below expectations, reason why CEMAC countries that export raw materials to the developed world have to expect a slower growth rate.

Another issue that did not favour economic growth is the price of petroleum products.

From a 3.6 percent growth rate projection in July 2014, the sector has scored just 2.5 percent.

Participants at the CEMAC policy meeting also predicted an imminent rise in inflation of approximately 3.7 percent due to the many political crises and increased importation.

The BEAC boss, Lucas Abaga Nchama once again reiterated the bank’s determination to help member countries achieve their earmarked goals and projects.