CI-NEWS

Central African Stock Exchange: Douala, Cameroon is headquarters

2020-10-06

No: 537

Central African Stock Exchange: Douala, Cameroon is headquarters.

Since September 25, 2020, Cameroon’s economic capital Douala is officially the headquarters of the Central African Stock Exchange (BVMAC) following the headquarters agreement the Minister of External Relations, Lejeune Mbella Mbella, signed on behalf of the government of Cameroon with the Director General of BVMAC, Jean Claude Ngbwa who signed on behalf of the regional financial market. This was in the presence of some Cameroon cabinet ministers and heads of diplomatic missions of some Central African Economic and Monetary Community (CEMAC) member states.

With a social capital of FCFA 6, 842,900,000 distributed to public and private enterprises, BVMAC has become a common and unique capital market across the six CEMAC member states pursuant to the decision of Heads of State conference on October 31, 2017 to unify the financial market. With Henri Claude Oyim a as the President of the Board of Directors, the vision of BVMAC is to be an essential means of financing the projects of enterprises and a milestone for their openness, credibility and durability.

The missions of the institution are to manage the computer listing system, ensure the publicity of the negotiations and the spread of stock exchange information, watch and control the stock exchange on daily basis, provide users with the appropriate services for the listing of their stock-exchange securities and assist and guide companies in their course of animating stock exchange. Minister Mbella Mbella who welcomed the officials on behalf of the Head of State President Paul Biya cited strides Cameroon has taken to ensure the stock exchange becomes operational. He said Cameroon was honoured by the decision of Heads of State for the BVMAC to be headquartered in Douala and expressed the country’s readiness to continue to support the financial market as has been the case.

Speaking on behalf of the President of the Board of Directors of BVMAC, its Director General Jean Claude Ngbwa said considering the international nature of the stock exchange, the signing of the headquarters agreement was necessary as the ceremony marks its legal existence in Douala. He further expressed gratitude to President Paul Biya for making the event possible and stated that all the terms of the agreement will be respected. With all the facilities that Cameroon will give to BVMAC, he said, they are sure that the structure will shine the more at the regional level. The structure needs facilities, immunities as well as tax and customs advantages to enable it benefit from the international development status. He said Cameroon will greatly benefit from economic fallouts. He disclosed that they have started to create awareness in the Cameroonian public and private enterprises to come to the stock exchange in search of finances in order to re-launch their activities, especially during the current COVID-19 pandemic period.

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Central African Stock Exchange: Douala, Cameroon is headquarters