CEMAC Heads of State reject CFA Franc devaluation

Central African leaders have refused to devalue the CFA franc during an extraordinary CEMAC summit which ended Friday in Cameroon’s capital Yaounde.

The summit was held in the presence of IMF Managing Director Christine Lagarde and French finance minister Michel Sapin who were there to give suggestions on the way forward for the Central Africa sub region facing significant negative consequences following the fall in petroleum prices.

This summit was an opportunity for us to look at the stakes and come up with solutions to the difficulties we face, Cameroon’s president Paul Biya said.

With a growth rate of about 1 percent against 2.5 percent in 2015, the Central Africa sub region is doing badly compared to West African nations.

The heads of state with the Paris delegation also swiftly discussed the economic impact faced by Central African countries affected by security challenges.