Voice of America
17 Mar 2023, 23:36 GMT+10
Yaoundé, Cameroon - Leaders of Central African states meeting Friday in Cameroon announced reductions and bans on some imports to encourage local production and create jobs.
The leaders from Cameroon, the Central African Republic, Chad, Equatorial Guinea, Gabon, and the Republic of Congo say the ongoing economic slowdown is stifling development, increasing food and fuel prices, and making living conditions unbearable for a majority the region's 55 million people.
Daniel Ona Ondo, president of the Central African Economic and Monetary Community, CEMAC, said conference attendees decided that Central African states will tackle the crisis by reducing or stopping imports of clothing, food, and manufactured goods, mostly from China, Russia, Ukraine, and the European Union.
Ondo said Central African states will produce goods and grow food locally to boost their economies following a severe recession triggered in 2015 when the international price of oil dipped below $50, forcing many oil exporting countries to scale back production.
He said in 2019, the COVID-19 pandemic triggered one of the largest global economic crises in the world, and in 2022, Russia's war in Ukraine provoked extreme price shocks and disruptions in the supply of food crops and oil in Central Africa.
Ondo said CEMAC, through its financial reforms program, is allocating about $5 million for projects, including import substitutions, over the next five years. He said the funds will be raised through contributions from member states and loans.
Before Russia's invasion of Ukraine, Central African states relied on Russia and Ukraine for 80 percent of their wheat imports and 60 percent of petroleum products. Russia's invasion caused disruptions in supply and price hikes, including a 40 percent spike in the cost of fuel.
CEMAC said most of the imported products could be grown locally.
Cameroon's President Paul Biya, outgoing chairperson of the CEMAC Conference of Heads of State, said solidarity is needed among CEMAC member states to put an end to several crises that are making living conditions difficult and causing despair among civilians.
Biya said CEMAC member states that are still reluctant to reduce imports should open their borders for the free movement of goods and people, which is necessary in speeding economic growth and development.
He also said CEMAC members want to establish resilient, stable and prosperous communities at home.
The leaders agreed to continue negotiations to merge the 11-member Economic Community of Central African States (ECCAS) with the six-member Central African Economic and Monetary Community (CEMAC) in a move to boost trade and growth.
ECCAS consists of all CEMAC member states plus Angola, Burundi, the Democratic Republic of Congo, Rwanda, and Sao Tome and Principe.
Get a daily dose of Kenya Star news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Kenya Star.
More Information(250321) -- KHARTOUM, March 21, 2025 (Xinhua) -- Photo taken on March 21, 2025 shows the presidential palace in Khartoum, Sudan. The...
WINDHOEK, 21st March, 2025 (WAM) - On behalf of President His Highness Sheikh Mohamed bin Zayed Al Nahyan, Sheikh Shakhboot bin Nahyan...
Dancers from a folk troupe perform a traditional dance in Port Sudan, eastern Sudan, Feb. 26, 2025. (Photo by Urqia Elzaki/Xinhua)KHARTOUM,...
New Delhi [India] March 21 (ANI) Legendary South African wicketkeeper Mark Boucher has said that Mumbai Indians and Chennai Super Kings...
ABU DHABI, 21st March, 2025 (WAM) - President His Highness Sheikh Mohamed bin Zayed Al Nahyan has sent a message of congratulations...
Kolkata (West Bengal) [India], March 21 (ANI): Indian cricket legend Sachin Tendulkar named his favourite centuries in international...
WASHINGTON, D.C.: The Trump administration is considering strict new travel restrictions for citizens of dozens of countries, according...
WASHINGTON, D.C.: The U.S. government has placed more than 1,300 Voice of America (VOA) employees on leave and slashed funding for...
The president has repeatedly floated the idea of annexing the United States' northern neighbor ...
Cryptocurrencies are still very volatile and are used for shady transactions, Elvira Nabiullina has warned ...
New Delhi [India], March 22 (ANI): India reaffirmed its commitment to finding a peaceful resolution to the Ukraine-Russia conflict...
Abu Dhabi [UAE], March 21 (ANI): United Arab Emirates (UAE) pledged to invest a staggering USD 1.4 trillion in the United States over...