During its meeting on September 23 in Yaoundé, the Monetary Policy Committee (MPC) of the Bank of Central African States (BEAC) shared optimistic economic forecasts for 2024, predicting a growth rate of 2.9% and a decrease in inflationary pressures.
The Monetary Policy Committee (MPC) of the Bank of Central African States (BEAC) met on Monday, September 23, at the bank’s headquarters in Yaoundé, under the chairmanship of Governor Yvon Sana Bangui. During this meeting, crucial information about the region’s economic outlook was shared.
According to the MPC’s deliberations, the year 2024 looks promising with an expected economic growth rate of 2.9%, a significant increase from the previous year’s 2.2%. This improvement is attributed to the strong performance of non-oil activities, which are expected to grow by 3.5% in 2024, compared to 2.9% in 2023.
Furthermore, macroeconomic projections for the coming year reveal a downward trend in inflationary pressures, with an average annual rate projected at 4.2%, down from 5.6% in 2023. This decrease in inflation is a positive signal for the CEMAC economy, providing a more stable and investment-friendly environment.
As part of its monetary policy, the MPC decided to keep the main policy rates unchanged: the interest rate on tenders remains at 5.00%, the marginal lending facility rate stays at 6.75%, and the deposit facility rate remains at 0.00%.
This decision, based on a thorough analysis of economic and financial developments, reflects BEAC’s confidence in the current situation of the region. Indeed, despite a still notable level of inflation, the observed decline indicates a positive trend that strengthens the external position and economic stability of the CEMAC zone.
This MPC meeting of BEAC thus marks an important step in the management of the region’s monetary policy, highlighting the ongoing efforts to promote economic growth, financial stability, and the prosperity of CEMAC member states.
