State deposit funds in Cameroon and Gabon clash with BEAC regulators – Cameroon Intelligence Report

State deposit funds in Cameroon and Gabon clash with BEAC regulators – Cameroon Intelligence Report

A high-stakes disagreement is deepening across Central Africa as efforts to set new rules for supervising public deposit institutions have hit a wall. The working group, formed by the Bank of Central African States (BEAC), ended its third and final meeting with just one consensus out of two expected. The main sticking point: who should oversee the Caisses de dépôts et consignations (CDCs), the public institutions in charge of managing dormant fu…

The Australian iron ore producer Genmin Limited has signed a binding memorandum of understanding with the Chinese giant Sinohydro, a subsidiary of the PowerChina Group, for the development of its mining project in Baniaka, in south-east Gabon. The agreement concerns the establishment of an engineering, supply and construction (EPC) contract and the establishment of a...

The Caisses de dépôts et consignations du Gabon et du Cameroun categorically reject the attempt by the Central African Banking Commission (Cobac) to supervise their activities in full. After the work of the group set up by BEAC, a consensus could be found on this sensitive issue. Both countries denounce an infringement of their national sovereignty, a lack of legal basis and a lack of technical justification, preferring partial supervision limit…