20 Years of CEMAC: Little To Celebrate
BMI View: Communauté Économique et Monétaire de l'Afrique Centrale is one of Africa's least-integrated economic blocs, and we doubt that the group's six states will make much progress in addressing the legal, institutional, and infrastructural obstacles preventing a closer union.
Celebrations were held across the sub-region on March 16 to mark the 20th anniversary of the founding of the Communauté Économique et Monétaire de l'Afrique Centrale (CEMAC). The anniversary comes at an awkward time for the bloc, which is struggling to implement a cross-border freedom of movement agreement and has failed to prevent the violent implosion of the Central African Republic (CAR).
Cloyingly optimistic rhetoric cannot hide the fact that CEMAC faces a clear crisis of legitimacy. BMI believes that the bloc will remain one of Africa's least-integrated economic blocs and that its economies will significantly underperform their African peers.
|Central Africa - CEMAC & CEEAC|