{"id":43179,"date":"2025-04-09T13:03:44","date_gmt":"2025-04-09T13:03:44","guid":{"rendered":"https:\/\/journalintegration.com\/?p=43179"},"modified":"2025-04-09T13:03:47","modified_gmt":"2025-04-09T13:03:47","slug":"en-quete-de-croissance-la-cemac-a-faille-que-vaille","status":"publish","type":"post","link":"https:\/\/journalintegration.com\/index.php\/2025\/04\/09\/en-quete-de-croissance-la-cemac-a-faille-que-vaille\/","title":{"rendered":"En qu\u00eate de croissance\u2026: la Cemac \u00e0 faille que vaille"},"content":{"rendered":"\n<p><em>Du 24 mars au 5 avril 2025, l\u2019actualit\u00e9 \u00e9conomique sous r\u00e9gionale a \u00e9t\u00e9 marqu\u00e9e par des d\u00e9cisions importantes. Entre la mise en circulation de nouvelles pi\u00e8ces de monnaie, les pr\u00e9visions optimistes de la BEAC, la situation financi\u00e8re sous r\u00e9gionale et la prochaine \u00e9lection au Gabon, cette p\u00e9riode illustre les dynamiques internes d&rsquo;une communaut\u00e9 en mutation.<\/em><\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img fetchpriority=\"high\" decoding=\"async\" width=\"1024\" height=\"649\" src=\"https:\/\/journalintegration.com\/wp-content\/uploads\/2025\/04\/banque-1024x649.jpg\" alt=\"\" class=\"wp-image-43180\" srcset=\"https:\/\/journalintegration.com\/wp-content\/uploads\/2025\/04\/banque-1024x649.jpg 1024w, https:\/\/journalintegration.com\/wp-content\/uploads\/2025\/04\/banque-300x190.jpg 300w, https:\/\/journalintegration.com\/wp-content\/uploads\/2025\/04\/banque-768x487.jpg 768w, https:\/\/journalintegration.com\/wp-content\/uploads\/2025\/04\/banque-1536x973.jpg 1536w, https:\/\/journalintegration.com\/wp-content\/uploads\/2025\/04\/banque-2048x1298.jpg 2048w, https:\/\/journalintegration.com\/wp-content\/uploads\/2025\/04\/banque-663x420.jpg 663w, https:\/\/journalintegration.com\/wp-content\/uploads\/2025\/04\/banque-640x406.jpg 640w, https:\/\/journalintegration.com\/wp-content\/uploads\/2025\/04\/banque-681x432.jpg 681w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Si\u00e8ge de la Beac \u00e0 Yaound\u00e9.<\/figcaption><\/figure>\n\n\n\n<p><strong>1-De nouvelles pi\u00e8ces avec un objectif op\u00e9rationnel pr\u00e9cis<br><\/strong>Le 2 avril 2025, la Banque des \u00c9tats de l&rsquo;Afrique centrale (BEAC) a d\u00e9ploy\u00e9 une nouvelle gamme de pi\u00e8ces dans les six pays membres de la CEMAC. L\u2019objectif affich\u00e9 est double : r\u00e9pondre \u00e0 la p\u00e9nurie chronique de pi\u00e8ces dans les transactions quotidiennes, et renforcer l\u2019identit\u00e9 communautaire \u00e0 travers une iconographie repr\u00e9sentative. Les nouvelles d\u00e9nominations vont de 1 \u00e0 500 FCFA, avec notamment l\u2019introduction d\u2019une pi\u00e8ce de 200 FCFA. Les motifs c\u00e9l\u00e8brent l&rsquo;int\u00e9gration r\u00e9gionale, l&rsquo;\u00e9ducation, la sant\u00e9, ou encore l&rsquo;autonomisation des femmes. Cette mesure s&rsquo;inscrit dans le cadre d&rsquo;une r\u00e9forme plus large de la circulation fiduciaire. \u00abCe qui est mis en \u0153uvre ici rentre dans le cadre des mesures en faveur de la croissance\u00bb, glisse Yves-Blondeau Mbassa, expert camerounais des questions mon\u00e9taires. Pour lui, l\u2019atonie de l\u2019activit\u00e9 \u00e9conomique due \u00e0 la p\u00e9nurie des pi\u00e8ces de monnaie a fortement cr\u00e9\u00e9 un creux dans l\u2019\u00e9conomie informelle de la Cemac. \u00ab Alors, l\u2019objectif op\u00e9rationnel de la mise en circulation de ces nouvelles pi\u00e8ces est d\u2019anticiper sur les incertitudes entourant la reprise. C\u2019est pourquoi, pr\u00e9venante, la BEAC ambitionne d\u2019injecter 500 millions FCFA, en pi\u00e8ces chaque ann\u00e9e, avec un objectif de 3 milliards FCFA d&rsquo;ici \u00e0 2030 \u00bb, explique Yves-Blondeau Mbassa.\u202f\u202f<\/p>\n\n\n\n<p><br><strong>Politique mon\u00e9taire : une d\u00e9tente prudente face \u00e0 l\u2019inflation<br><\/strong>Lors de la session du 24 mars 2025 \u00e0 Malabo, le Comit\u00e9 de politique mon\u00e9taire (CPM) de la BEAC a pr\u00e9vu une inflation moyenne de 2,9 % pour l&rsquo;ann\u00e9e 2025, contre des taux sup\u00e9rieurs \u00e0 3 % observ\u00e9s depuis 2022. Cette baisse marque une stabilisation \u00e9conomique attribu\u00e9e aux politiques de substitution aux importations et \u00e0 la rigueur mon\u00e9taire. En r\u00e9action, la Beac a abaiss\u00e9 son taux directeur principal \u00e0 4,5 %, amor\u00e7ant un cycle de d\u00e9tente mon\u00e9taire pour la premi\u00e8re fois depuis trois ans. Cette d\u00e9cision vise \u00e0 encourager les banques \u00e0 accorder davantage de cr\u00e9dits aux entreprises et aux m\u00e9nages, dans un contexte de relance post-crise.<\/p>\n\n\n\n<p><br>Au regard de tout cet ensemble, une analyse parue le 25 mars dernier sur le site internet de Economist Intelligence voit plus loin\u202f: \u00ab Nous pr\u00e9voyons que la BEAC r\u00e9duira son principal taux directeur de 50 points de base suppl\u00e9mentaires d&rsquo;ici la fin de l&rsquo;ann\u00e9e 2025, pour le ramener \u00e0 4 % d&rsquo;ici la fin de l&rsquo;ann\u00e9e. Nous pr\u00e9voyons \u00e9galement que la BCE proc\u00e9dera \u00e0 des baisses de taux plus importantes que celles de la Beac (de 125 points de base cumul\u00e9s en 2025, contre 100 points de base), creusant ainsi l&rsquo;\u00e9cart de taux d&rsquo;int\u00e9r\u00eat par rapport aux niveaux de 2024 (plus proche de la moyenne historique) et renfor\u00e7ant les r\u00e9serves de change de la Beac.\u202f Cela am\u00e9liorera les conditions de liquidit\u00e9 r\u00e9gionales et soutiendra l&rsquo;activit\u00e9 \u00e9conomique\u00bb, \u00e9crit le magazine britannique.\u202f<\/p>\n\n\n\n<p><br><strong>Des r\u00e9serves de change sous surveillance pour \u00e9viter la d\u00e9valuation<br><\/strong>Encore Economist Intelligence. \u00abLa BEAC accorde la priorit\u00e9 au maintien de l&rsquo;ancrage du franc CFA \u00e0 l&rsquo;euro, et ses politiques sont largement guid\u00e9es par la disponibilit\u00e9 et l&rsquo;\u00e9volution des r\u00e9serves de change, ainsi que par la politique mon\u00e9taire de la Banque centrale europ\u00e9enne (BCE)\u202f\u00bb. Le journal pr\u00e9voit par ailleurs que \u00ab la BEAC maintiendra son principal taux directeur \u00e0 5 % tout au long de 2024, malgr\u00e9 une inflation toujours \u00e9lev\u00e9e, tout en continuant de privil\u00e9gier l&rsquo;activit\u00e9 \u00e9conomique. L&rsquo;assouplissement mon\u00e9taire attendu de la BCE en 2024 creusera l&rsquo;\u00e9cart de taux d&rsquo;int\u00e9r\u00eat, contribuant ainsi \u00e0 soutenir les r\u00e9serves de change de la Beac \u00bb. En clair, souligne Vincent Awoumou, \u00ab compte-tenu des objectifs que la Beac poursuit et des actions qu\u2019elle compte mettre en \u0153uvre pour les atteindre, il appara\u00eet qu\u2019\u00e0 travers ses nouveaux taux directeurs, elle s\u2019applique \u00e9galement \u00e0 la gestion des moyens de paiement et \u00e0 la stabilit\u00e9 financi\u00e8re \u00bb. Plus concr\u00e8tement \u00e9nonc\u00e9 :\u202f en 2024, le solde courant de la Cemac est rest\u00e9 positif \u00e0 6,8 % du PIB, malgr\u00e9 une baisse par rapport \u00e0 7,9 % en 2023. Ce maintien repose en grande partie sur les performances du Gabon et du Tchad, principaux contributeurs aux r\u00e9serves de change. La BEAC a \u00e9galement annonc\u00e9 un renforcement pr\u00e9vu de ces r\u00e9serves \u00e0 hauteur de 7 600 milliards FCFA, soit environ 4,8 mois d\u2019importations, gr\u00e2ce au rapatriement de fonds \u00e0 l\u2019\u00e9tranger. \u00ab Ces efforts sont cruciaux pour maintenir la stabilit\u00e9 du franc CFA, alors que la zone demeure expos\u00e9e aux fluctuations des cours des mati\u00e8res premi\u00e8res. Avec la fin programm\u00e9e de certains programmes du FMI (Congo en avril, Cameroun en juillet), les pays de la CEMAC s\u2019orientent vers un recours accru aux financements domestiques. Cette d\u00e9pendance, bien que n\u00e9cessaire, met sous pression la liquidit\u00e9 bancaire dans la zone. Le FMI et la Banque mondiale incitent la r\u00e9gion \u00e0 n\u00e9gocier de nouveaux accords de financement et \u00e0 acc\u00e9l\u00e9rer les r\u00e9formes structurelles pour assurer une diversification \u00e9conomique effective\u00bb, traduit Vincent Awoumou.<\/p>\n\n\n\n<p class=\"has-text-align-right\"><strong><em>Jean-Ren\u00e9 Meva\u2019a Amougou<\/em><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Du 24 mars au 5 avril 2025, l\u2019actualit\u00e9 \u00e9conomique sous r\u00e9gionale a \u00e9t\u00e9 marqu\u00e9e par des d\u00e9cisions importantes. Entre la mise en circulation de nouvelles pi\u00e8ces de monnaie, les pr\u00e9visions optimistes de la BEAC, la situation financi\u00e8re sous r\u00e9gionale et la prochaine \u00e9lection au Gabon, cette p\u00e9riode illustre les dynamiques internes d&rsquo;une communaut\u00e9 en mutation. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":43180,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","footnotes":""},"categories":[23],"tags":[],"class_list":["post-43179","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-integration-continentale"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>En qu\u00eate de croissance\u2026: la Cemac \u00e0 faille que vaille - Int\u00e9gration<\/title>\n<meta name=\"description\" content=\"En qu\u00eate de croissance\u2026: la Cemac \u00e0 faille que vaille\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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