Central Africa Financial Sector Policy Dialogue
Accelerating Financial Sector Development and Integration in Central Africa
The Making Finance Work for Africa Secretariat (MFW4A) and the African Development Bank (AfDB)
organized in the second half of 2018 two regional Financial Sector Dialogues, in collaboration with the Africa Economic Research Consortium (AERC).
The ECOWAS (Economic Community of West African States) Financial Sector Dialogue took place on 27 and 28 September 2018 in Abidjan, Côte d'Ivoire, while the Eastern and Southern Africa meetings were organized in Nairobi, Kenya, from 24 to 25 October 2018.
This series of regional dialogues aims to provide the ideal opportunity for domestic financial institutions and regional/international DFIs to build up better understanding of their needs, structural changes within the financial ecosystem and therefore adjust their investment strategies in the region. MFW4A and AfDB are organizing a third Regional Financial Sector Dialogue for Central Africa, in Libreville, Gabon on 29-30 January 2019.
The objective of this high-level meeting is to:
- Take stock of the current state of current reforms in the financial sectors of Central Africa;
- Identify priority areas and actions, including innovative financial instruments, where Development Finance Institutions (DFIs) can reinforce their contribution to financing the real economy;
- Adopt a common roadmap for new initiatives in favor of financial sector development; and
- Promote the inclusion of these initiatives in the strategies of the AfDB, domestic financial institutions, as well as regional and international development institutions.
The Central Africa financial sector dialogue will provide an ideal opportunity for assessing the state of play and the progress made in support of the financial integration In CEMAC on the one hand, and in the whole Central Africa region on the other. The Central Africa region consists of eight (8) countries, including Cameroon, Central African Republic, Chad, Democratic Republic of Congo (DRC), Congo, Equatorial Guinea, Gabon and São Tomé and Principe.
Apart from DRC and São Tomé and Principe, the six other countries are members of a monetary and economic union since 1994: the Central African Economic and Monetary Community (CEMAC), with the same currency, a common central bank and a set of institutions working for recent decades to achieve greater economic, financial and monetary integration.
Size disparities relating to these economies and their financial sectors will be taken into account in order to better capitalize on the potential for financial integration between, on the one hand, CEMAC and the two other countries in the region; and on the other hand, regional economic leaders and states fragilized by political instability and low productive base.