(Ecofin Agency) - The Governing Board of the Bank of Central African States (BEAC) presided by the Cameroonian Minister of Finance, Alamine Ousmane Mey, met in ordinary session on Monday 28 September 2015 in Yaoundé, Cameroon.
During this session, the Board noted that, "revised macroeconomic forecasts in 2015 present a downturn in economic growth with a rate of 2.5%". This new growth forecast is less than the 2.8% projected two months ago, during the Bank board meeting held on 20 July.
And for good reason, notes the Board, the economies of CEMAC member states are "in a context marked by the weakening of crude oil prices and fragile conditions in certain countries facing security problems". The Governing Board has, to this end "reiterated its recommendations to the States, in effect notably to rationalise its budgetary choices, diversify its economic base and deepen sub regional integration."
According to BEAC, there will be "a fall in inflationary pressure considering the year as a whole with an inflation rate of 2.8% against 3.2% in 2014, a worsening of the budget deficit, commitment basis, excluding grants, remaining at -4.2% of GDP against -1.5% in 2014, a balance of current account deficit of -11.4% of GDP against -4.3% in 2014 and foreign currency coverage ratio of 70.1%”.
The Governing Board has furthermore adopted an amended budget of the BEAC for the financial year 2015, with expenses and revenues at FCFA 344,634 million.
