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{{short description|Monetary union in Africa}}
{{distinguish|Economic Community of Central African States}}
The '''Economic and Monetary Community of Central Africa''', generally referred to by its French acronym '''CEMAC''' (for '''Communauté Économique et Monétaire de l'Afrique Centrale'''; {{langx|es|Comunidad Económica y Monetaria de África Central}}), is an organization of states of [[Central Africa]] established by [[Cameroon]], [[Central African Republic]], [[Chad]], the [[Republic of the Congo]], [[Equatorial Guinea]] and [[Gabon]] to promote [[economic integration]] among countries that share a common currency, the [[Central African CFA franc]].<ref>[http://www.cemac.cf/ CEMAC website] {{webarchive|url=https://web.archive.org/web/20081221123727/http://www.cemac.cf/ |date=2008-12-21 }}</ref> 

There is a strong overlap between CEMAC and [[Economic Community of Central African States]] (ECMAS) in the areas of membership and mandates.{{sfn|Byiers|2017}}

CEMAC's common institutions include its Council of Heads of State ({{langx|fr|Conférence des Chefs d'État}}) and Council of Ministers; a Commission in [[Bangui]], Court of Justice in [[N'Djamena]], and Parliament in [[Malabo]];<ref>{{cite web |website=Union of International Associations - Global Civil Society Database |url=https://uia.org/s/or/en/1100007636 |title=Economic and Monetary Community of Central Africa Parliament (CEMAC-P) |access-date={{date|2024-12-24}}}}</ref> the [[Bank of Central African States]] (BEAC) in [[Yaoundé]]; the [[Central African Banking Commission]] (COBAC) and [[Central African Financial Market Supervisory Commission]] (COSUMAF), both in [[Libreville]]; and the [[Development Bank of the Central African States]] (BDEAC) in [[Brazzaville]]. CEMAC countries also share the [[Regional Insurance Control Commission]] (CRCA, in Libreville) with other African countries of the [[Franc Zone]].

==History==
===Background===
In late 1945, newly liberated France decided to devalue its currency, the [[French franc]], but to leave unchanged the monetary parity in its overseas colonies that had not been affected by similar economic distress. It thus established the [[CFA franc]] (for {{lang|fr|Colonies Françaises d'Afrique}}) for colonies in Africa, and the [[CFP franc]] ({{lang|fr|Colonies Françaises du Pacifique}}) for those in the Pacific Ocean, whereas Caribbean colonies retained use of the French franc and Indochina used a separate pegged currency, the [[French Indochinese piastre]]. 

In Central Africa, the CFA franc had been issued since its creation by the [[Caisse Centrale de la France d'Outre-Mer]] (CCFOM) under an issuance privilege granted by French national legislation. In 1955, the CCFOM was replaced in that role by a new affiliate, the [[Institut d'Émission de l'Afrique Équatoriale Française et du Cameroun]], which in turn was renamed the [[Banque Centrale des États de l'Afrique Équatoriale et du Cameroun]] (BCEAEC) in 1959. 

===UDEAC===
In late 1964, the five newly independent countries (the four of the former [[French Equatorial Africa]], namely the CAR, Chad, Gabon and the Republic of the Congo, plus Cameroon) established the Customs and Economic Union of Central Africa, known as UDEAC ({{langx|fr|Union Douanière et Économique de l’Afrique Centrale}}), by treaty signed in Brazzaville.<ref>{{cite web | title=Traité instituant une Union douanière et économique de l'Afrique centrale | url=http://www.cemac.int/Traite_UDEAC.pdf | access-date=22 July 2012 | publisher=CEMAC | language=fr | url-status=dead | archive-url=https://web.archive.org/web/20130627162056/http://www.cemac.int/Traite_UDEAC.pdf | archive-date=27 June 2013 }}</ref> The Brazzaville Treaty envisioned a [[customs union]] with [[free trade]] between members and a [[common external tariff]] for imports from other countries. It became effective in 1966 after it was ratified by the then five member countries.<ref>{{cite web | title=CEMAC EN BREF | url=http://www.cemac.int/presentationCEMAC.htm | publisher=CEMAC | access-date=22 July 2012 | language=fr | url-status=dead | archive-url=https://web.archive.org/web/20120529055947/http://www.cemac.int/presentationCEMAC.htm | archive-date=29 May 2012 }}</ref>

===Central African Monetary Area===
In 1972, the framework was reformed with a treaty revision and new monetary cooperation agreement that resulted in the BCEAEC's renaming as BEAC and its relocation from Paris to Yaoundé. The transfer was completed in early 1977.<ref name=40ans>{{cite web |website=beac.int |title=1972–2012 : 40 ans d'histoire de la BEAC |url=https://www.beac.int/beac/la-beac/1972-2012-40-ans-dhistoire-de-beac/ }}</ref> [[Equatorial Guinea]] joined the Union on 19 December 1983.<ref>{{cite web | title=PRÉSENTATION | author=Alen Angok | url=http://guineequatoriale-info.net/fr/alencity_fr.htm | work=Ge-Infonet | access-date=22 July 2012 | language=fr }}</ref> 

===CEMAC Treaty (1994) and aftermath===
In 1994, UDEAC signed the Treaty of N'Djamena for the establishment of CEMAC to promote the entire process of sub-regional [[economic integration|integration]] through the forming of [[monetary union]] with the Central Africa [[CFA franc]] as a common currency. As a consequence CEMAC officially superseded UDEAC in June 1999,<ref>[http://www.worldtradelaw.net/fta/agreements/cemacfta.pdf CEMAC Treaty (in French)] {{webarchive|url=https://web.archive.org/web/20070629072045/http://www.worldtradelaw.net/fta/agreements/cemacfta.pdf|date=29 June 2007}}</ref> operating both a customs union and monetary union.

In June 2008, the participating countries signed a new agreement on the Central African Monetary Union ({{langx|fr|Union Monétaire de l'Afrique Centrale}}).<ref>{{citation |title=Convention régissant l'Union Monétaire de l'Afrique Centrale (U.M.A.C.) |publisher=Communauté Économique et Monétaire de l'Afrique Centrale |date={{date|2008/06/25}} |url=https://www.beac.int/wp-content/uploads/2016/11/ConvUMAC-rev.pdf}}</ref>

On December 16, 2024, the CEMAC heads of state were planning to convene an summit with an IMF delegation present,<ref>{{Cite web |title= Afrique Le Cameroun accueille un sommet de la Cemac dans un environnement économique difficile |url=https://www.rfi.fr/fr/afrique/20241216-le-cameroun-accueille-un-sommet-de-la-cemac-dans-un-environnement-%C3%A9conomique-difficile |access-date=2024-12-16 |website=www.rfi.fr |language=fr}}</ref> to discuss the possibility of devaluing the CFA Franc, so that financing from the International Monetary Fund (IMF) can restart.<ref>{{Cite web |title= Sommet de la Cemac : Paul Biya et ses pairs en conclave pour remédier à une situation économique « critique » |url=https://www.jeuneafrique.com/1641313/politique/sommet-de-la-cemac-paul-biya-et-ses-pairs-en-conclave-pour-remedier-a-une-situation-economique-critique/ |access-date=2024-12-16 |website=www.jeuneafrique.com |language=fr}}</ref>

==Overview==

CEMAC's objectives are the promotion of trade, the institution of a genuine common market, and greater solidarity among peoples and towards under-privileged countries and regions.<ref>{{cite web |url=http://www.izf.net/izf/FicheIdentite/CEMAC.htm |title=IZF - Investir en Zone Franc - actualité économique Afrique - zone franc CFA |access-date=2008-05-17 |url-status=dead |archive-url=https://web.archive.org/web/20080517134727/http://www.izf.net/izf/FicheIdentite/CEMAC.htm |archive-date=2008-05-17 }} Communauté Économique et Monétaire de l'Afrique Centrale (CEMAC)</ref> In 1994, it succeeded in introducing quota restrictions and reductions in the range and amount of tariffs.  Currently, CEMAC countries share a common financial, regulatory, and legal structure, and maintain a common external tariff on imports from non-CEMAC countries. In theory, tariffs have been eliminated on trade within CEMAC, but full implementation of this has been delayed. Movement of capital within CEMAC is free.<ref>"National Trade Estimates Report – Cameroon" US Fed News, 31 March 2006</ref>

The CEMAC's financial stability was threatened by the fall in the price of petroleum starting in 2014, as all members except CAR depend heavily on oil revenue. International reserves dropped, and there was discussion of a devaluation of the CFA Franc. Ultimately, the conference of heads of state in 2016 adopted a detailed reform program, the [[PREF-CEMAC]], to stabilize the situation.

== Membership ==
* {{CMR}} 
* {{CAF}} 
* {{CHA}} 
* {{EQG}} 
* {{GAB}} 
* {{CGO}} 

==See also==
* [[West African Economic and Monetary Union]]
* [[Eastern Caribbean Currency Union]]
* [[Economic and Monetary Union of the European Union]]
* [[CEMAC Cup]]

==References==
{{reflist}}

==Sources==
* {{cite web|first=Bruce |last = Byiers|title=ECCAS and CEMAC: Struggling to integrate in an intertwined region|website=ECDPM|date=2017-12-04|url=https://ecdpm.org/work/eccas-and-cemac-struggling-to-integrate-in-an-intertwined-region|ref=|access-date=2024-12-25}}

[[Category:CEMAC]]
[[Category:Economic Community of Central African States]]