With the transformation of the Economic and Customs Union of Central Africa (UDEAC) into the Economic and Monetary Community of Central Africa (CEMAC), the six countries involved (Cameroon, Congo, Gabon, Equatorial Guinea, Central African Republic and Chad) have adopted a monitoring mechanism whose framework is based on four primary criteria for convergence: (i) a positive or zero-base budget balance; (ii) an annual inflation rate below 3%, (iii) public debt ratio (internal and external) less than or equal to 70% of GDP, and (iv) a non-accumulation by the State of domestic and external arrears on the management of the current period.
However, after two decades of implementation, the CEMAC monitoring program is yet to be fully operational, while its results remain mixed.
It is in this context, and to further reflection on the theme of convergence, that the United Nations Economic Commission for Africa (ECA) conducted a study on the progress and prospects of macroeconomic convergence in Central Africa.
The meeting, therefore, aims to:
- Review the results of the study on "The progress and prospects of macroeconomic convergence in Central Africa";
- Formulate policy recommendations to strengthen macroeconomic convergence in Central Africa.
Participation in the ad hoc expert group meeting is open to ministries in charge of planning, development, finance and regional integration as well as to representatives of ECCAS, CEMAC, Bank of Central African States (BEAC), the Development Bank of Central African States (BDEAC), universities, research centers, and technical and financial partners in the sub-region.
Press Release: English / Français
Concept Note FR / ES / POR
Working Document 1
Working Document 2
Meeting's Concluding Report