Press Conference: Report of The Effects of BEAC’s Monetary Policy In Cameroon In 2020
Presentation of The Report of The Effects of BEAC’s Monetary Policy In Cameroon In 2020
Date: January 13 – Time:9:00 am – 10:00 am
Venue: Denis & Lenora Foretia Foundation
Since March 2020, all the economies of the Economic and Monetary Community of Central Africa (CEMAC) have been affected by the COVID-19 pandemic. The economic and social repercussions oblige the authorities in charge of public action to take a series of measures to stop the spread of the disease. In this context, the Bank of Central African States (BEAC), CEMAC’s monetary authority, has decided to conduct an accommodating monetary policy. Among the main measures taken during the meetings of the Monetary Policy Committee (CPM) in 2020 is the reduction of the Interest Rate on Tenders from 3.5% to 3. 25%; the setting of the Marginal Lending Facility Rate at 5%; the setting of reserve requirement coefficients at 7.00% on-demand liabilities and 4.50% on term liabilities; the suspension of liquidity sterilization operations, which had started in February 2020, in favor of refinancing the banking system in order to anticipate the effects of the health crisis of the COVID-19; the raising of the amount of the global envelope likely to be made available to credit institutions in CEMAC countries, to the tune of 500 billion.
The Monetary Policy Report published by the Nkafu Policy Institute analyses the contribution of the monetary policy conducted by the Bank of Central African States (BEAC) to strengthening the resilience of the Cameroonian economy in 2020. More specifically, it examines whether the monetary policy decisions taken by the CPM have influenced the general price level, the average overall effective rates practiced by financial institutions and their deposit and credit operations, as well as the evolution of monetary aggregates.
The report is structured around five key inter-related thematic parts as follows While Part I, examines the socio-economic situation in Cameroon before Covid-19 Part II focuses on the economic and social repercussions of the pandemic on the economic conjuncture in 2020 Part III then, presents BEAC’s responses to this gloomy economic conjuncture while part IV brings forth the reactions of the Cameroonian economy to BEAC’s monetary policy decisions in 2020. Finally, part V proposes some monetary policy options to decision-makers (V).
- OBJECTIVE OF THE EVENT
This press conference has the following objectives:
- To present Cameroon’s socio-economic situation before the start of the Covid-19, its economic and social repercussions as well as BEAC’s responses;
- Conduct an analysis on the contribution of monetary policy to the resilience of the Cameroonian economy in 2020;
- Make some monetary policy recommendations to both the sub-regional monetary authorities and the Cameroonian authorities in favor of more resilient monetary and economic policies.
- DATE, PLACE, AND METHODOLOGY OF THE EVENT
The press conference, scheduled to take place on January 13, 2021, from 09:00 a.m. to 10:00 a.m. (Cameroon time), is organized by the Nkafu Policy Institute – a think tank of the Denis & Lenora Foretia Foundation, located in Simbock, Yaounde – 100 m from the Collège Jésus-Marie
The panel will consist of three (02) speakers and a moderator.
- Dr. Jean Cédric KOUAM – Economic Policy Analyst, Head of Fiscal and Monetary Policy Sub-Section at the Nkafu Policy Institute;
- Ulrich D’POLA – Senior Economic Policy Analyst, Co–Coordinator of the Nkafu Policy Institute;
Dr. Fuein Vera KUM FOMUNJONG – Research Fellow in Economic Affairs at the Nkafu Policy Institute.
- THEMATIC CONCERNS
The press conference will focus on a main question formulated as follows:
“Have BEAC’s monetary policy decisions in 2020 contributed to strengthening Cameroon’s economic resilience?”
- WHO WILL PARTICIPATE?
The event will bring together journalists from print, radio, television, and online media as well as bloggers. No participation fee is required. Other media organizations will have the opportunity to follow the event live on Zoom and Facebook. They will receive the links for this occasion.
At the end of the event, participants are expected to:
At the panel level:
- To present in a succinct manner the economic and social repercussion of the COVID-19 crisis on the economy of Cameroon in 2020;
- To show whether the monetary policy decisions taken by BEAC have effectively and efficiently contributed to strengthening the resilience of Cameroon’s economy in 2020;
At the level of the media:
- Disseminate, write articles, and discuss the report in their various media outlets so that a wider audience understands the analysis and recommendations made.
- PROGRAMME OF THE EVENT
|TIME||ACTIVITY||IN CHARGE PERSON|
|08 :00 a.m. – 09 :00 a.m.||Arrival and networking||Journalists
|09 :00 a.m.||Start of the press conference|
|09 :00 a.m. – 09 :05 a.m.||Welcome address||Foretia Foundation|
|09 :05 a.m. – 09 :35 a.m.||Presentation of the Monetary Policy Report||Panelists (speakers and moderator)|
|09 :35 a.m. – 09 :45 a.m.||Questions and answers session||Journalists and panelists|
|09 :45 a.m. – 09 :55 a.m.||Interviews||Graphic Team (Foretia Foundation)
|09 :55 a.m. – 10 :15 a.m.||Refreshments||Foretia Foundation|
|10 :15 a.m.||End of the press conference and departure|
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