Journal Issue

Country Focus: CEMAC

International Monetary Fund. External Relations Dept.
Published Date:
December 2006
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For the Central African Economic and Monetary Community (CEMAC)—Cameroon, Chad, the Central African Republic, Equatorial Guinea, Gabon, and the Republic of Congo—oil is the big story. The region has a common currency—the CFA franc, which is pegged to the euro—and a set of institutions to promote regional economic integration.

The CEMAC region has enjoyed strong per capita income growth, buoyed by the recent oil boom …

However, CEMAC member countries differ significantly in size, income, and …

(percent of total, 2005)

Overall, the region has maintained its competitiveness, but problems are emerging in some of the biggest oil exporters.

(cumulative percent change)

Sources: IMF, World Economic Outlook database, and staff estimates; and World Bank, Doing Business database.

… and savings from the oil windfall have led to sharp improvements in macroeconomic balances.

… their dependence on oil.

CEMAC countries now need to liberalize trade and improve their business climates, which remain among the most distorted in the world.

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