Revised treaty of the Central African Economic and Monetary Community (CEMAC)

The revised CEMAC treaty, signed in Libreville on 30 January 2009 by the six member states including Gabon, replaced the treaty of 16 March 1994 establishing the Community and its 1996 addendum. It sets the goal of balanced development of member states through a common market and a monetary union. It organises the Community around two unions, the Economic Union of Central Africa (UEAC) and the Monetary Union of Central Africa (UMAC), each governed by its own convention. It establishes the institutions and bodies: the conference of heads of state, the Council of Ministers, the Ministerial Committee, the CEMAC Commission, the Community Parliament, the Court of Justice and Court of Auditors, the Bank of Central African States (BEAC) and the Central African Banking Commission (COBAC). It defines Community acts, regulations and directives, which take precedence in Gabonese law.