Economic Recovery in CEMAC: Is IMF The Ultimate Solution?

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Economic Recovery in CEMAC: Is IMF The Ultimate Solution?

10 Feb 2026 07:03

The Economic and Monetary Community of Central Africa (CEMAC) is a sub-regional bloc comprising six countries notably Chad, Central African Republic, Congo, Equatorial Guinea, Gabon and Cameroon. These economies have for the past decades, faced numerous challenges including fluctuating commodity prices, instability, terrorism, amongst others as well as exogenous factors like Covid-19 and the Russia-Ukraine war. These internal and external factors have affected economic growth in the region in one way or the other. In 2016, the CEMAC leaders met in Yaounde in the presence of officials of the International Monetary Fund (IMF) and the World Bank to seek solutions for the economic crunch and IMF waded in strongly to support countries in dire need. According to IMF projection, economic growth in the CEMAC zone is expected to accelerate to 3.3 per cent in 2026, up from 2.6 per cent in 2025, driven by the non-oil sector. The IMF plays a crucial role in supporting economic recovery in the CEMAC zone, but it’s not the ultimate solution. Though the region faces significant challenges including foreign exchange reserves, excessive reliance on raw materials, and inadequate implementation of structural reforms, the IMF intervention is not the only means for the region to drive economic recovery. However, IMF has been pivotal in providing budgetary support and advice to countries like Congo, Cameroon and Central African Republic, helping to stabilise public finances, reinforce foreign exchange reserves. Apart from the budgetary support, the Bretton Wood institution provided policy advice on fiscal consolidation, monetary policy, and structural reforms to promote economic diversification. It also provided technical assistance to strengthen public finance management, improve governance and enhance the business climate in addition to supporting regional efforts to address the macroeconomic imbalances, strengthen regional institutions, amongst others. Notwithstanding, experts argue that economic growth of the CEMAC region can be driven without necessarily depending on the IMF. They have recommended...