Page 113 - Atouts Economiques Cameroun-2019-GB
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                 Cameroon is strongly involved in the African Union’s actions for the promotion of peace and security in Africa
map where Cameroon contributes obviously to the general agreement created on the need to set up forward the United States of Africa.
It should also be noted that a Cameroonian, namely Pr. Pierre Moukoko Mbondjo, is the one leading the African Union’s Institutional Reform Unit.
In the context of the full implementation of the AU’s structures as provided for in the Constitutive Act, Yaoundé was chosen to host the headquarters of the African Monetary Fund (AMF). The Memorandum of Understanding on the Steering Committee for its implementation has been signed.
Cameroon is also actively involved in many actions of the African Union to promote peace and security in Africa. The fruits of such a commit- ment can be seen. For instance, Douala was cho- sen in December 2010 (during the session of the AU’s defence and security committee) to host the African Forces’ continental logistics base (CLB) while waiting for the AU. The decision was endorsed by the conference of Heads of State in January 2011. The process leading to the opera- tionalization of the CLB is under way. Seminars were held in Douala for that purpose.
CEMAC AND ECCAS
In the Central African sub-region, Cameroon is a member of two organizations:
n The CEMAC (Economic and Monetary Community of Central Africa)
n The ECCAS (Economic Community of Central Africa States)
CEMAC
The Heads of State of the former UDEAC zone (Central African Customs and Economic Union), while signing in N'Djamena in 1994 the Treaty of the Economic and Monetary Community of Central African States, inaugurated a new concept of economic integration. Through the two unions, the Central African Economic and Monetary Union and the Central African Monetary Union, Member States agreed a move from a situation of coopera- tion to an accelerated process of economic and monetary integration. Various instruments have so far completed the 1994 Treaty at institutional, legal and community levels.
The CEMAC, a group of six countries of the sub- region (Cameroon, Chad, Central African Republic, Equatorial Guinea, Gabon, Congo Brazzaville), intends, besides strengthening eco- nomic integration between the countries to pro- mote the circulation of people and goods within the zone. To do this, the community has a com- mon currency (the Central Africa CFA franc) whose issue is incumbent upon the Bank of Central African States (BEAC) headquartered in Yaoundé. The BEAC, in collaboration with various national agencies pilots the monetary policy and issues the currency which is legal ten- der and has discharging effect in the CEMAC zone. It controls the exchange transactions with foreign countries and ensures the smooth running of the payment systems. The CFA franc is linked through the French Treasury to Euro with which it has a fixed parity.
VARIOUS PROJECTS
For about fifteen years, the Heads of State of the Economic and Monetary Community of Central Africa (CEMAC) committed themselves to imple- menting an ambitious institutional reform pro- gramme aiming at fast-tracking integration: better circulation of people and goods, launching of a Community airline “Air CEMAC”, reinforcing road infrastructure and intercommunity trade. Over the years, the system unfortunately got fro- zen because of national egoisms.
Actually, in order to create a CEMAC zone inte- grated area, the Heads of State and Government had decided to make effective the free movement of persons by issuing CEMAC’s biometric pas- sports. All the same, a number of States still require entry visas from members of the commu- nity whose procedures for obtaining remain a long and hard battle.
As to launching the community airline Air CEMAC, the idea is postponed indefinitely. The implementation of the Regional Economic
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