Central African Economic and Monetary Community (CAEMC/CEMAC)

Abstract

Abstract The establishment of the Central African Economic and Monetary Community (‘CEMAC’) fell within the scope of the Lagos Plan of Action for the Economic Development of Africa (1980–2000) as adopted by the Conference of Heads of State and Government of the Organization of African Unity (‘OAU’) (→ African Union [AU]), held on 28 and 29 April 1980. With this instrument, they instructed the Secretary General of the OAU ‘to appoint, as quickly as possible, a Drafting Committee, at ministerial level, to prepare the draft of the treaty establishing the African Economic Community’. This process would involve two stages. The first, during the 1980s, would seek to strengthen the existing economic communities and to establish other economic groups in various regions of the continent (Central Africa, East Africa, West Africa, and North Africa). The second, during the 1990s, would pave the way for the establishment of an African common market (see also → Regional Cooperation and Organization: African States).