The Central African Economic andMonetary Community (CEMAC), which consists of Cameroon, theCentral African Republic, Chad, the Republic of Congo,Equatorial Guinea and Gabon, is one of the oldest regionalgroupings in Africa. The main objectives for achieving thisare: (i) the creation of a fully functional and effectivecustoms union, (ii) the establishment of a robust system ofmacroeconomic surveillance, and (iii) the harmonization ofsectoral policies and legal frameworks that will create acommon market for goods, capital, and services.Despite thisambitious vision, regional integration in the CEMAC zoneremains shallow.The oil price shock of 2014-15 severelyaffected the six CEMAC economies and promoted re-commitmentto deepening regional integration.At the regional level, thePREF also aims to: (i) improve the coordination of publicfinancial management (PFM) and fiscal policy; (ii)accelerate regional integration through improvements to theregional economic plan; (iii) improve the business climate;(iv) increase economic diversification; (v) enhance monetarypolicy transmission mechanisms; and (vi) improve prudentialbanking supervision.CEMAC is right to focus on reforms todeepening regional integration as a driver of growth.Theobjective of this Regional Study on CEMAC is to supportpolicy makers in CEMAC in efforts to strengthen regionalintegration to support economic growth and to reduce theneed for economic adjustment. The Regional Study focusesmainly on what can be done at the regional level to supportregional integration, macro-stability and long-term growthin the CEMAC area; as such, the Regional Study aims tocomplement country-specific policies and initiatives tosupport macro-stabilization, economic development and integration.
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