They met on Tuesday, 04 June 2024 in Yaounde as part of the preparatory activities for the sixth meeting of the Council of Ministers of the Steering Committee for the Harmonisation of Regional Economic Communities in Central Africa (COPIL/CER-AC in French), scheduled for 6 and 7 June 2024 in Yaounde.

Chaired by the Cameroon Minister of Finance, Mr Louis Paul Motaze, who was assisted by the Minister Delegate to the Minister of the Economy, Mr Paul Tasong, the meeting of the Governors of Central and National Banks and the Lead Financial Officials of Central Africa enabled participants to assess two important documents intended to enhance the subregion’s financial and monetary integration momentum. These include the draft Protocol on the establishment of the High Monetary and Banking Authority and the draft Protocol on Central African Financial Markets.
In his opening remarks, the Minister of Finance took stock of financial and monetary integration in Central Africa, recognising that the co-existence of 6 distinct currencies in the sub-region largely hinders intra-zone trade and limits access to regional financial markets. This is a real hindrance to the integration and socio-economic development of the Community. “Appropriate solutions must therefore be devised to promote smoother, more dynamic economic integration based on a stable financial and monetary architecture with greater inclusiveness, strength and the capacity to support the sub-region’s development sustainably”, Minister Louis Paul Motaze indicated. The in-depth analysis of the documents mentioned above, which is part of the process of harmonising the CERs in Central Africa, ultimately aims at establishing a monetary union, with a single currency and a single central bank, overseen by a High Monetary and Banking Authority. It is also envisaged that a Central African High Authority for Financial Markets will be set up. These two institutions are intended to be “mission administrations”.