SPEECH BY THE CHAIRMAN OF THE MINISTERIAL COMMITTEE OF THE MONETARY UNION OF CENTRAL AFRICA (UMAC) ON THE OCCASION OF THE SWORN INTO OFFICE OF THE GOVERNOR OF BEAC(CENTRAL AFRICAN STATES BANK)

31 Mar, 2017

Chairman of CEMAC

Ladies and gentlemen , members of the Ministerial Committee

Your Excellencies, Ministers, dear collegues

Ladies and gentlemen, members of the decision making and supervisory bodies of BEAC

Ladies and gentlemen, first executives of bodies and institutions of CEMAC

Ladies and gentlemen, representatives of the diplomatic corps and international organizations;

Distinguished guests;

Ladies and gentlemen;

 

I have the pleasure to take the floor today in my quality as current chairman of the ministerial committee of UMAC, on the occasion of the sworn into office of Mr. Abbas Mahamat Tolli, as governor of the Central African States bank (BEAC);

 

On this joyful circumstance, allow me to wish you a warm and sincere welcome in this room of Hilton hotel in Yaounde. Your presence and this important turn out are a testimony to the importance of this event and the interest you have for our common institution of emission a living symbol and flaghsip of the regional integration of central Africa.

 

Your Excellencies, honorable Ministers

Distinguished guests,

Ladies and gentlemen,

 

The longevity, resilience and credibility of BEAC stands as a striking testimony to an audacious and sure bet that our countries made early in the seventies. As a matter of fact, on22- 23 november 1972, they decided to hinge their fate in Brazzaville, by signing two conventions on monetary cooperation between countries of central africa on the one hand and between these countries and France on the other.

 

These conventions which brought our issuing body to its baptismal fonts were particularly an innovation at that time and structuring as regard monetary integration.

 

Based on their strategic importance and their impact on the living conditions of our people, they are written down in golden letters in the economic and financial history of our countries.

 

At all events, they show the strong will of our states to go on a mutually benefical cooperation, which is a precious heritage of their historic ties and a sound base for regional integration.

 

As a key element of this institutional framework, BEAC has for half a century been working for member countries of CEMAC. During that period, it managed in accordance with its statutory missions to - i) define and implement the monetary policy of the Union ; ii) issue notes and metal currency officially in use and discharging of liability iii) implement the exchange policy of the Union iv) possess and manage official foreign exhange reserves of member states v) promote systems of payment and settlement and ensure its smooth operation ; and v) promote financial stability.

 

It goes without saying that the unfailing fulfillment of these tasks by BEAC is a condition for the monetary and financial stability of the whole sub-region, which guarantes macroeconomic stability,

the emergence and the economic development of our countries.

This shows the importance of the post of the first executive of our issuing institution, that of governor of the Central African States Bank(BEAC).

 

On this occasion, I would like, on behalf of the Ministerial Committee and on my own behalf, to express my appreciation to all former governors who have managed the institution since its creation in 1972. Their contribution has been decisive for keeping BEAC as the leader of issuing institutions of Africa.

 

Honourable Ministers, Distinguished guests, Ladies and gentlemen,

 

In the light of the challenges for our sub-region, I can safely assume that the appointment of Mr. ABBAS MAHAMAT TOLLI as governor at the summit of Heads of States of CEMAC held on July 2016 in Malabo on a rotational basis of member states in alphabetical order, as decided in 2010 , proves that our authorities have made a right choice.

 

Allow me to introduce him in a few words. It is not easy to do so taking into account his wealthy and broad background.

Let me just say that Mr. Abbas Mahamat Tolli is a Chadien experienced, people leader and execu-tive. His career background shows that he has occupied top posts in his country and the regional level. So, he is the right man in the right place regarding his appointment as governor of BEAC.

 

Let me also add that the new governor was born on June 04, 1972 in the historic city of Abeche in Chad. He was educated at ENA (higher administrtion school) in Paris, and at the university of Quebec. Afterwards, he was recruited as a civil servant. Then he was known for his work, his abilities and personal qualities and rose at lightning speed.

 

In 2001, he was called on to work in the ministry of finance as director of customs and indirect tax, and in 2003 he became the principal private secretary of the Chadian Head of State, a position implying much responsibility.

 

In 2005, as a civil servant, something new happened in his career. He became a member of government following his appoitment as Secretary of State in charge of finance at the age of 32.

 

From 2006 to 2008, he filled the following positions – Minister of finance, Minister of economy, finance and planning and Minister of finance and computer science.

 

His valuable experience on economic matters acquired in his country allowed him to work for the central african community. In 2008, he was called on to represent Chad in the six-member government of BEAC and to fill the position of Secretary General.

 

After a short stay in his country, he was called on by the Central Afrcan community to fill the position of Secretary general of COBAC and later in 2015 the position of Chairman of BDEAC.

 

Since February 2017, the Governor has been managing our common central bak, a position for which he will need the experience acquired. I am confident that such an experience will be helpful and benefit the whole sub-region.

 

Dear Governor,

 

In the light of the foregoing and on behalf of the ministerial committee of UMAC and on my own behalf, I would like to extend to you my warmest and hartiest congratulations for your outstanding appointment.

 

The Economic and Monetary Community of Central Africa (CEMAC) welcomes you with openthan arms and confidence, taking into account present and future challenges to take up, in an increasingly complex and changing world.

 

Today, as our sub-region is looking forward to achieving economic emergence, it has for more than two years been experiencwing difficulties that may hinder its progress. The present crisis due to the drop in world oil prices is an economic obstacle and a real burden for foreign and pulic accounts. It also puts stress on our foreign exchange reserves.

 

This difficult economic situation cannot but draw your attention, althought it is true that the health and resilience of the common currency that your are going to manage depend on this.

 

It is true that the leaders of the sub-region designed the way forward at the extraordinary summit of Heads of states, on december 23, 2016 in Yaounde. The recommendations made on this occasion were about macroeconomic and structural reforms to implement in order to defuse the crisis as quickly as possible. The measures to be taken go along with the framework designed by the Economic and financial reform program of CEMAC adopted by the conference of Heads of States held on July 30, 2016 in Malabo for a quick and coordinated macroeconomic and structural response at the national and subregional level. This collective approach aims at deeply transforming the economies of CEMAC for strengthening their resilience and and stability in the short and long term.

 

In this context, BEAC being key element of PREF-CEMAC have to put in more efforts . Not only has it to carry out its statutory assignments relating to the second important part of the program, dealing with the monetary policy and the financial system, but it has also to use its expertise for the benefit of states in the designing and impementation of their reforms.

 

As far as the insitution itself is concerned, efforts for the modernization of the Bank should be spee-ded up, particularly the reforms underway on its statutes and the monetary policy. need to be finalized and other porojects launched, so that the Bank be among the top institutions.

 

Thanks to your spirit of unity, I am convinced that these ambitious and realistic oblectives will be achieved with the unfailing support of the goverment and of the staff of the bank.

 

Today you are officially given all the powers and assignments in your quality as senior executive of BEAC. Going by your well kltsnown leadership in the community and beyond, there is no doubt that your action will allow the bank to achieve other results. Your qualities, your commitment Cand your knowledge of the sub-region will be helpful during your term.

 

Let me tell assure you of the availability of the ministerial committee of UMAC to work along with you. I wish you every success in your assignment as was the case in your previous assignments.

 

Seizing this opportunity to once more congratulate and to wish every success, I that you are inaugurated as governor of the Bank of the Central African States.

Long live BEAC

Long live UMAC

Long live CEMAC

I thank you.

Category:SPEECHES
Sub Category:THE MINISTER