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Cameroon – Finances: Beac has identified the vulnerabilities of the Cemac financial system

Written by Deckson N.

The Financial Stability Committee in Central Africa met in Ordinary Session on May 9, 2017 in Yaoundé, the capital of Cameroon, under the presidency of Abbas Mahamat Tolli (photo), Governor of the Bank of Central African States ( Beac).

Analyzing the risks and vulnerabilities of the subregional financial system, the Committee noted that Cemac continues to face many challenges. According to Abbas Mahamat Tolli, “these challenges are mostly related to the effects of weak material prices on public finances and the development of new means of payment“. Expanding on what he calls “new means of payment“, the Governor of Beac said it was electronic money transfers, mobile money, Visa online transactions, Master Card, etc. Which should be better framed.

Nevertheless, Abbas Mahamat Tolli announced the expected recovery of sub-regional economic growth from 0.2% in 2016 to 1.6% in 2017, through the implementation of the economic and financial reform program of Cemac. Not to mention “the concerted actions of all the stakeholders, namely the Member States, the Central Bank and the regulators“.

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Deckson N.