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The paper employs a heuristic comparative approach suggested by Ismail (2009) to search for evidence of Dutch disease in oil-rich countries of the Central African Economic and Monetary Community (CEMAC). While these countries have benefitted from high international oil prices in recent years, they have also experienced relatively large real exchange rate appreciations, raising concerns regarding the presence of Dutch disease and casting doubts on their ability to achieve high growth and employment in the long run. To isolate from any dynamics related to the exchange rate regime, we focus on the 14 member countries that constitute the CFA franc zone. We separate them into net oil importers and net oil exporters and look at economic growth, the real exchange rate, and the agricultural and external sectors. Based on traditional models, our findings are broadly consistent with the presence of Dutch disease in the second group during the oil-price boom. Departing from these models yields mixed results, suggesting the need to employ a case-by-case approach.

Communauté économique et monétaire de l'Afrique centrale. --- Petroleum industry and trade--Africa, Central. --- Foreign exchange rates. --- Exchange rates --- Fixed exchange rates --- Flexible exchange rates --- Floating exchange rates --- Fluctuating exchange rates --- Foreign exchange --- Rates of exchange --- Rates --- Investments: Energy --- Foreign Exchange --- Public Finance --- Industries: Energy --- International Factor Movements: Other --- Open Economy Macroeconomics --- Economic Growth of Open Economies --- National Government Expenditures and Related Policies: Infrastructures --- Other Public Investment and Capital Stock --- Demand and Supply of Labor: General --- Economic Development: General --- Nonrenewable Resources and Conservation: General --- Exhaustible Resources and Economic Development --- Resource Booms --- Nonrenewable Resources and Conservation: Government Policy --- Energy: General --- National Government Expenditures and Related Policies: General --- Macroeconomics: Production --- Currency --- Investment & securities --- Public finance & taxation --- Petroleum, oil & gas industries --- Real exchange rates --- Oil --- Expenditure --- Oil production --- Exchange rate adjustments --- Commodities --- Production --- Petroleum industry and trade --- Expenditures, Public --- Equatorial Guinea, Republic of