At installation: UMAC boss tasks BEAC gov’t to pursue reforms, guarantee growth.

The President of the Central African Monitory Union, UMAC, Mays Mouissi, who is also Gabonese Minister of Economy and Participations, gave the charge Friday March 1. This was during a ceremony to officially install the BEAC government into office in Yaounde. 

The UMAC boss reminded the BEAC government that structural reforms must be pursued to sustain resilience and achieve shared growth for all CEMAC countries to which the Bank belong.

He sounded confident that, the team has the capacity to deliver on the exacting task which CEMAC Heads of State have handed to them.

Mouissi stated that, the destiny of BEAC which leaders of the sub region have handed to the team must not be toiled with. 

The UMAC head prescribed the need to work in cohesion, unity and ensure the respect of ethics and text in force. 

He remarked that it is only under such circumstances that they can guarantee good governance and open a new page for BEAC.

On behalf of Finance Ministers of CEMAC countries, the Gabonese reiterated that, making BEAC a modern central bank that responds to growth needs is non-negotiable. 

Since creation of BEAC in November 1972, he said, the central bank has recorded successes but remarked that challenges abound given that the world is constantly changing.

Beyond its statutory role, an international context marked by the Russia-Ukraine war, Climate Change and insecurity in some countries, the UMAC president said, has resulted in persistent inflation, threatening the purchasing power of citizens.

He mandated the team to introduce new methods to cushion the shocks of such international constraints on the sub region and protect the purchasing power of citizens.

Beyond the BEAC government, the UMAC Ministerial Committee chairman said, CEMAC countries must become more united and continue to work to build BEAC. 

At the level of Cameroon where the Bank is headquartered, the UMAC president thanked President Paul Biya for constantly supporting the sub region financial regulator.

The Minister of Finance, Louis Paul Motaze, told the team that, the population is looking forward to see a strong and durable bank. 

Besides congratulating members of the team, he assured them of the openness of Cameroon to continue to support the Bank to deliver on its mission.

BEAC Governor says reforms inevitable 

The new Governor of BEAC, Yvon Sana Bangui, told reporters after the installation that, the team under his leadership will live up to the billing. 

Sana said given the constantly changing situation across the globe, they will introduce reforms to ensure CEMAC countries experience growth. He also said they will work to boost financial inclusion.

Enter BEAC government

The BEAC government is composed of: the Governor, Yvon Sana Bangui, of Central African Republic, CAR nationality; the Vice Governor, Michel Dzombala from Congo Brazzville; Secretary General, Miguel Engonga Obiang Eyang of Equato-Guinean nationality. 

The Director General of General Control is Cameroonian, Blaise Eugene Nsom. There is the Director General of Exploitation, Jean-Clay Otoumou, from Gabon. The post of Director General of Studies, Finance and International Relations is occupied by Chadian, Mahamat Djibrine Souleyman. 

The Governor has seven-year non-renewable mandate while the other officials of the government have a six-year mandate. It is also non-renewable. 

Friday’s ceremony had in attendance officials from the six member countries that own BEAC. It is the first time in BEAC’s history that a CAR national is occupying the post of Governor.