The CEMAC Summit which witnessed the participation of Six Presidents,held on Friday in Yaounde at the Unity Palace.The Heads of State from the Economic and Monetary Community of Central Africa CEMAC,sought ways on how to improve the living conditions of inhabitants from CEMAC Zones.Amongst some major reforms brought in during the summit is the introduction of new integrative Projects with the CEMAC Sub-Region,and a sum of One thousand seven hundred billion was disbursed for the financing of these projects whose implementation will begin between 2023 and 2028.It was equally decided that the projects will be added to the 11 integrative Projects whose implementation rate has attained a realization of 70 percent.Besides strengthening intercommunity trade,the CEMAC integrative Projects will take advantage of the Africa continental free trade area.
Implementing Sub-Regional integration.
According to Dr Joseph Herman Wamba,Economist and financial analyst in an interview on Cameroon Calling Sub-Regional integration is a process with the aim of supporting less Developed Countries.Sub-Regional integration therefore has some steps of economy integration.
-Member states need to reconstitute trade blocks.
-There should be a free trade area and establishment of customs union.
-Implementation of a common market.
He however opines that CEMAC has Soo far relied on raw materials,where as several countries are committed to build their integration on strong pillars such as energy, agriculture,forestry and mining.
Though much has been achieved towards Sub- Regional integration in terms of infrastructural Development and the merging of the two stock exchange market,much still needs to be done.Dr Herman Wamba however says,the position of National Identity Cards or passports established In a member state,is enough to ensure the free movement of people within CEMAC Sub-Region.The Liberalization of the custom sector is a sound reform to enhance the movement of goods and people.
During the summit,it was decided that the 16th ordinary session of the CEMAC Conference of Heads of State will take place in Bangui in the Central African Republic.