Enhancing Sustainable and Inclusive Growth in the Central African Economic and Monetary Community - Suggested Policies and Structural Reforms

Jul 19, 2026

Enhancing Sustainable and Inclusive Growth in the Central African Economic and Monetary Community presents joint IMF and World Bank guidance to strengthen long-term development outcomes. It reviews CEMAC’s growth record, explains procyclical performance and the links among poverty, inequality, and human capital constraints. The note proposes a three-pillar policy and reform agenda—public financial management, inclusive business and financial sector development, and strengthened sector frameworks—supported by regional integration, social protection, and cross-cutting challenge responses, followed by a credible implementation roadmap.

LanguageEnglish

CategoryResearch & Report

FormatPDF

Pages98

Reading Time4 h 7 min

Executive Summary

Fighting the Pandemic—Planning the Future

Where Do We Come From?

CEMAC—Lackluster Growth Performance over the Past Decades

CEMAC’s Procyclical Growth Performance—A Growth Accounting Approach

Poverty and Inequality in CEMAC: A Multifaced Phenomenon

Human Capital: An Untapped Potential

Reforms and Policies to Enhance Inclusive Growth: A Three-Pillar Approach

Pro-inclusive Growth Reform Pillar 1

Pro-inclusive Growth Reform Pillar 2

Pro-inclusive Growth Reform Pillar 3

The Way Forward: Securing a Credible, Inclusive, Transparent Reform Process

Assessment

Recommendations

Annex 1. CEMAC: A Comprehensive Growth Diagnostic Exercise

Annex 2. The Impact of Governance on Public Investment Efficiency and Growth: A DIGNAR Approach

References

Public Disclosure Authorized Public Disc losure Authorized Public Disclosure Authorized Authorized Enhancing Sustainable and Inclusive Growth in the Central African Economic and Monetary Community Prepared by IMF’s African Department and World Bank’s Africa West Region 2022/002 JOINT IMF/WORLD BANK POSITION NOTE Enhancing Sustainable and Inclusive Growth in the Central African Economic and Monetary Community Suggested Policies and Structural Reforms Prepared by IMF’s African Department and the World Bank’s Africa West Region Copyright ©2022 International Monetary Fund and the World Bank Cataloging-in-Publication Data IMF Library Names: International Monetary Fund. African Department, author. | World Bank. Western Africa Region, author. | International Monetary Fund, publisher. | World Bank, publisher. Title: Enhancing sustainable and inclusive growth in the central African economic and monetary community : Suggested policies and structural reforms / Prepared by IMF’s African Department and the World Bank’s Africa West Region Other titles: Suggested policies and structural reforms. Description: Washington, DC : International Monetary Fund, 2022. | 2022/002 | Joint International Monetary Fund/World Bank position paper. | Includes bibliographical references. Identifiers: 9798400208317 (paper) 9798400221569 (ePub) 9798400221644 (web PDF) Subjects: LCSH: Africa, Central --Economic conditions. | Sustainable development. | Economic Development. Classification: LCC HC945 . I58 2022 Disclaimer: The views expressed in this note belong solely to the authors. Nothing contained in this note should be reported as representing the views of the organizations, member governments, or anyother entity mentioned herein. Any queries on rights and licenses, including subsidiary rights, should be addressed to the IMF Publisher Division, International Monetary Fund, 700 19th St., NW, Washington, DC 20431, USA; telephone: 202-623-7430; e-mail: [copyright@IMF.org](copyright@IMF.org) Publication orders may be placed online, by fax, or through the mail: International Monetary Fund, Publication Services P.O. Box 92780, Washington, DC 20090, U.S.A. Tel. (202) 623-7430 Fax: (202) 623-7201 E-mail: [publications@IMF.org](publications@IMF.org) [www.bookstore. IMF.org](www.bookstore. IMF.org) [www.elibrary. IMF.org](www.elibrary. IMF.org) Contents Executive Summary ................................................................................................ v 1. Fighting the Pandemic—Planning the Future .................................................................. 1 2. Where Do We Come From? ..................................................................................... 3 A. CEMAC—Lackluster Growth Performance over the Past Decades ........................................ 3 B. CEMAC’s Procyclical Growth Performance—A Growth Accounting Approach ........................... 6 C. Poverty and Inequality in CEMAC: A Multifaced Phenomenon ........................................... 8 D. Human Capital: An Untapped Potential ..................................................................... 9 E. Key Messages ............................................................................................... 16 3. Reforms and Policies to Enhance Inclusive Growth: A Three-Pillar Approach ............................ 17 Pro-inclusive Growth Reform Pillar 1 A. Enhancing PFM in CEMAC .................................................................................. 17 B. Strengthening the Management of Public Investments .................................................. 22 C. The CEMAC Framework for Governance in the Extractive Sectors ..................................... 25 D. Strengthening Management and Accountability of State-Owned Enterprises......................... 27 Pro-inclusive Growth Reform Pillar 2 A. Business Climate .........................................

FAQs

What growth challenges does the note identify in CEMAC’s past performance?

It highlights lackluster growth over past decades and explains how procyclical growth behavior weakens resilience. It also connects these patterns to poverty, inequality, and constrained human capital development.

What is the structure of the proposed inclusive growth reforms?

The agenda uses a three-pillar approach: improving public financial management and public investment governance, strengthening business climate and financial inclusion alongside agriculture, and advancing policy frameworks plus sectoral priorities such as learning outcomes and skills.

How does the note recommend ensuring implementation credibility and transparency?

It sets out a way forward focused on assessment and recommendations, emphasizing a credible, inclusive, and transparent reform process to support effective policy execution.

Jul 19, 2026

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