(Business in Cameroon) - In its 2017 annual report, the Bank of Central African States BEAC informs that Cameroon held 61% of the CFA2,551.8 billion the Central African region and BEAC had in the French treasury that year.

Namely, BEAC has CFA441.609 billion while Cameroon, Congo, and Gabon have CFA1,579.571 billion, CFA138.338 billion and CFA383.667 billion respectively. As far as Equatorial Guinea and Chad are concerned the balance of their accounts at the French treasury is negative: CFA-50.809 billion and CFA-118.421 billion respectively.

The bank informs that this increase (by 120.7%) of the funds lodged in 2017 is mainly due to partial transfer and the maturity of assets in its investment portfolio.  

Let’s remind that this current account is the one opened by BEAC in the Ministerial Budget and Accounting control Unit of France’s ministry of finance. According to the agreements, BEAC should lodge 50% of all its external assets in that account. In the October 3, 2014, amendment to this agreement, the quota can be below 50% but it should not be less than 40%.

Sylvain Andzongo