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Central Banks’ responses to the Covid-19 pandemic: The case of the Bank of Central African States

Author

Listed:
  • Simplice A. Asongu

    (Yaounde, Cameroon)

  • Nathanael Ojong

    (York University, Toronto, Canada)

  • Valentine B. Soumtang

    (University of Yaoundé II, Cameroon)

Abstract

This study explores the responses to the COVID-19 pandemic by the Bank of Central African States (BEAC), which is the central bank for countries in the Central African Economic and Monetary Community (CEMAC), that is, Cameroon, Chad, Gabon, Equatorial Guinea, Central African Republic, and the Republic of Congo. While hitherto, BEAC had fundamentally focused on fighting inflation and promoting monetary integration and financial stability in its member states, the COVID-19 pandemic, among other factors, has motivated it to also shift its policies towards targeted credit programmes and more economic growth. This study sheds light on four core aspects: (i) the socio-economic context of the CEMAC region prior to the COVID-19 pandemic, (ii) BEAC as a lender of last resort, (iii) historical, contemporary, and future insights surrounding targeted credit programmes, and (iv), suggestions for the path forward in terms of reforms, with emphasis on inclusive growth and monitoring economic development at the regional level.

Suggested Citation

  • Simplice A. Asongu & Nathanael Ojong & Valentine B. Soumtang, 2021. "Central Banks’ responses to the Covid-19 pandemic: The case of the Bank of Central African States," Working Papers of the African Governance and Development Institute. 21/076, African Governance and Development Institute..
    • Handle: RePEc:agd:wpaper:21/076
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    References listed on IDEAS

    as
    1. Vanessa S. Tchamyou & Simplice A. Asongu, 2017. "Information Sharing and Financial Sector Development in Africa," Journal of African Business, Taylor & Francis Journals, vol. 18(1), pages 24-49, January.
    2. Elgin, Ceyhun & Yalaman, Abdullah & Yasar, Sezer & Basbug, Gokce, 2021. "Economic policy responses to the COVID-19 pandemic: The role of central bank independence," Economics Letters, Elsevier, vol. 204(C).
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    4. Simplice A. Asongu, 2014. "Does money matter in Africa?," Indian Growth and Development Review, Emerald Group Publishing Limited, vol. 7(2), pages 142-180, November.
    5. Nchanji, Eileen Bogweh & Lutomia, Cosmas Kweyu & Chirwa, Rowland & Templer, Noel & Rubyogo, Jean Claude & Onyango, Patricia, 2021. "Immediate impacts of COVID-19 pandemic on bean value chain in selected countries in sub-Saharan Africa," Agricultural Systems, Elsevier, vol. 188(C).
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    Keywords

    Covid-19 pandemic; monetary policy; central bank responses; CEMAC; BEAC;
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