Bank of Central African States

Bank of Central African States
The Bank of Central African States (BEAC) is a central bank that serves six central African countries which form the Economic and Monetary Community of Central Africa: Cameroon, Central African Republic, Chad, Equatorial Guinea, Gabon, and the Republic of the Congo.
History
Background
In 1920, the French government expanded the note-issuance privilege of the Banque de l'Afrique Occidentale to its central African colonies of Congo, Ubangi-Shari, Gabon, Chad, and later Cameroon. This arrangement was disrupted during World War II, as the colonies controlled by Free France became Free French Africa. The was established in London in December 1941 to manage the regional currency, and was renamed (CCFOM) in 1944. The region's currency was standardized in late 1945 as the CFA Franc.
In 1955, the French government transferred the CCFOM's monetary role in the colonies of French Equatorial Africa to a new entity, the Institut d'Émission de l'Afrique Équatoriale Française et du Cameroun, which in 1959 was renamed the Banque Centrale des États de l'Afrique Équatoriale et du Cameroun (BCEAEC) after it became clear that the colonies would soon become independent nations. The BCEAEC, headquartered in Paris, acted as the new countries' joint central bank throughout the 1960s and early 1970s, similarly as its sister entity the BCEAO for the former colonies of French West Africa.
Establishment and development
On , the five countries gathered in Brazzaville signed Financial Cooperation Conventions between themselves and with France that formed the basis for their continued use of the CFA Franc, rebranded as standing for "Coopération Financière en Afrique" instead of "Communauté française d'Afrique". Under these agreements, the BEAC was established to succeed the BCEAEC and manage the joint currency, with a convertibility guarantee provided by the French Treasury. On , the member states met in Fort-Lamy and decided to locate the new institution in Cameroon. The BEAC held its first board meeting on and started operations on . The full transfer of head office activity from Paris to Yaoundé was completed in early 1977.
Equatorial Guinea joined the currency arrangement and BEAC on .
On , following similar reform pioneered by the BCEAO earlier the same year, the member states granted the BEAC a role of supranational banking supervision entrusted to the (COBAC) within the bank. On , a follow-up agreement harmonized banking regulation in the region, paving the way for the effective establishment of the COBAC in January 1993. The COBAC is chaired by the Governor of the BEAC and managed by a permanent secretary-general.
In late 1999, a new statute reformed the BEAC's governance to ensure greater independence.
In late 2011, the COBAC moved from its temporary location in Yaoundé to Libreville.
Organization and governance
The BEAC has main branches known as National Directorates in the capital or largest city of each of the member states. The BEAC also has branches in Bafoussam and Garoua (Cameroon), Berberati (CAR), Abéché and Moundou (Chad), Ouesso and Pointe-Noire (Congo), Bata (Equatorial Guinea), Franceville, Oyem, and Port-Gentil (Gabon).
As of 2019, the BEAC is governed by a Board of Directors. Its highest monetary policy making body is the Monetary Policy Committee (MPC). The MPC consists of the Governor, two representatives of the French Government, and two representatives from each of the six CEMAC member states, one of which is the BEAC National Director for the country.
Buildings
The buildings of the National Directorates typically dominate the local skyline, respectively inaugurated in Bangui (1979), Libreville (1981), Yaoundé (1982), and N'Djamena (1994). In Malabo, the BEAC took over the former building of the Bank of Equatorial Guinea in July 1985. The BEAC's current head office tower in Yaoundé was inaugurated in 1988. In Paris, the BEAC was located on 29, rue du Colisée, together with the BCEAO, until it moved its representative office to another location in 2007.
Governors
Casimir Oyé-Mba (1978 - 1990)
Jean-Félix Mamalepot (1990 - April 2007)
Philibert Andzembe (July 2007 - June 2008)
(2008 - 2017)
(2017 - to date)
Christian Joudiou, a French national, was the General Manager of the BEAC from 1973 to 1978.
Controversy
Philibert Andzembe of Gabon was Governor of the BEAC from July 2007 until October 2009, when he was fired by the new president of Gabon, Ali Bongo, in response to a bank scandal in which $28.3 million went missing from the bank's Paris branch. In December 2010, a WikiLeaks memo dated June 3, 2005, said that Gabonese officials working for the Bank of Central African States stole US$36 million over a period of five years from the pooled reserves, giving much of the money to members of France's two main political parties.
See also
Banque Centrale des États de l'Afrique de l'Ouest (BCEAO)
CFA Franc
Central African CFA franc
Economy of the Central African Republic
Economy of Cameroon
Economy of Chad
Economy of the Republic of the Congo
Economy of Equatorial Guinea
Economy of Gabon
Central banks and currencies of Africa
List of central banks
References
External links
Official site of Banque des Etats de l'Afrique Centrale
Central African States
Economy of the Central African Republic
Economy of Cameroon
Economy of Chad
Economy of the Republic of the Congo
Economy of Equatorial Guinea
Economy of Gabon
Banks of the Central African Republic
Banks of Cameroon
Banks of Chad
Banks of the Republic of the Congo
Banks of Equatorial Guinea
Banks of Gabon
Banks established in 1972
Cameroon–Central African Republic relations
Central African Republic–Chad relations
Cameroon–Chad relations
Cameroon–Equatorial Guinea relations
Central African Republic–Republic of the Congo relations
Cameroon–Gabon relations
Cameroon–Republic of the Congo relations