CEMAC Economic Crisis: An Extraordinary Summit In Gestation

The Gabonese President, Ali Bongo Ondimba, who doubles as the current President of the Economic Community of Central African States (ECCAS) and his Equatorial Guinean counterpart, Obiang Nguema Mbasogo, have agreed to organize an extra-ordinary summit of Central African Economic and Monetary Community (CEMAC) in view of putting in place measures to combat the economic crisis in the sub-region. The two leaders met in Malabo during a working visit to Equatorial Guinea on Wednesday by President Ali Bongo during which they spoke of the need for an extraordinary summit of CEMAC Heads of State, a release from the Gabonese State House indicated. Though no date has been fixed, both leaders acknowledged the urgent need to diversify the sub-regional economies in a bid to bring a new impetus to the development of the zone. CEMAC’s economic waterloo started when crude oil prices slumped in 2014 affecting the sub-region whose economic mainstay is crude oil.

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