2016 - Veolia sets up in Cameroon

CEMAC - Central African states have been aiming to accelerate negotiations for an economic partnership agreement with the European Union (EPA) since 2015. This was the outcome of the 2015 summit of heads of state of the member states of the Central African Economic and Monetary Community (CEMAC) meeting at the time in Malabo, Equatorial Guinea. According to local press reports, the president of Gabon, Ali Bongo Ondimba, called for the "signing of a comprehensive, fair and balanced economic agreement". Negotiations between the EU and Cemac Republic of Congo, Gabon, Equatorial Guinea, Chad, Central African Republic Cameroon started much earlier in 2003 then in 2014 Central African countries have been hit hard by the collapse of commodity prices on international markets. According to estimates by the Bank of Central African States (Beac), the countries in the region were growing at 1.7 per cent in 2016, compared to 2.5 per cent last year. But what is CEMAC? CEMAC (French: Communauté économique et monétaire de l'Afrique centrale - CEMAC) is an international organisation made up of a number of Central African states with the aim of promoting economic integration between countries that use the same currency, the CFA franc (XAF). Founded in 1964 under the name Central African Customs and Economic Union (UDEAC), it was transformed into CEMAC in March 1994. How does the local CFA currency work? The CFA franc (XAF) was officially created on 26 December 1945, after six years that France had established the 'franc zone' by imposing a common exchange rate legislation within its colonial empire at the beginning of World War II, the purpose of which was to 'protect itself from the structural imbalances of the war economy' and to continue to source cheap raw materials. CFA stood for 'French colonies of Africa' then, since 1958, for 'French Community of Africa'. When France granted independence to its African colonies in the early 1960s, it imposed a return to the franc zone system. The CFA thus became the franc of the 'African financial community' in West Africa, and the franc of 'financial cooperation in Central Africa' for Central Africa. The franc zone has two subgroups in Africa: CEMAC and the Central African Economic and Monetary Community (CEMAC), which brings together six states : Cameroon, Central Africa, Congo, Gabon, Equatorial Guinea, Chad. CEMAC is Acr. of: Communauté Économique et Monétaire de l'Afrique Centrale. Established by the Treaty of Ndjamena (Chad) on 16.3.1994, it is composed of two unions: the UEAC (Union Economique de l'Afrique Centrale) and the UMAC (Union Monétaire de l'Afrique Centrale). A subsequent convention signed in Libreville on 5.7.1996 established the Cour de justice de la CEMAC. The CEMAC aims to promote a Central African common market in order to establish an ever closer union of the peoples of the member states, to remove barriers to intra-community trade, to coordinate development programmes, the harmonisation of industrial projects, and solidarity in favour of less developed areas. It is governed by a Conférence des Chefs d'État, a Conseil des Ministres ...

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