Christine Lagarde says although all six central African states counted on their petroleum resources to improve their economies, Gabon, Chad and Equatorial Guinea have suffered most as a result of reducing world prices. She says they did not diversify their economies like Cameroon did.
Lagarde says Cameroon’s economy has also been affected by the war against the terrorist group Boko Haram.
Lagarde says drastically reducing petroleum prices have had negative consequences on the economies of the six Central African states. She says it is now imperative to drastically reduce ambitious development plans and invest wisely in projects that will improve the living conditions of grassroots populations.
She says Central African member states need to diversify their economies, promote regional integration and the free movement of people and goods, and work together to find solutions to their common problems because unity is strength.
Alamine Ousman Mey, Cameroon’s minister of finance, says in spite of the challenges, his country’s economy has shown some resilience because of the diversification that developed value chains in agriculture, the construction sector and energy supply.
Christine Lagarde said her main call is for Central African countries to implement reforms that will promote stronger and more inclusive growth and reduce social inequalities.
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