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BEAC Reforms: Bank’s Governor grants press conference

04/02/2011The Governor of the Bank of Central African States, Lucas Abaga Nchama has said the Bank is predisposed to nurturing greater relations with journalists so that they can better acquaint themselves with the on-going reforms within the Central Bank.

He was speaking at the headquarters of BEAC in Yaoundé – one year after taking up an office that had been held for a very long time by a Gabonese.

The Governor, who hails from Equatorial Guinea, told reporters that profound reforms had been taken  making it difficult for employees of the bank to engage in reckless actions like those that caused the Central Bank to lose a total of about 30 000 million CFA Francs in 2009.

Business-like and cordial – a grand premier in terms of press conferences organized by a Governor of the Bank of Central African States. This one aims to cultivate a new spirit of friendship between the central bank and pressmen.

Its organization has almost coincided with the anniversary of the appointment, in January 2010, of Lucas Abaga Nchama: the economist and banker from Equatorial Guinea in whom Heads of State of BEAC laid their trust, to swim the bank out of its murky waters.

In 2009, some reckless fellows in the Paris bureau of BEAC plunged the regional financial house into trouble: a total of about 30 000 million CFA Francs went up in flames through dubious placements.

Heads have since rolled, including that of the predecessor to Lucas Abaga Nchama, and suspects are still being pursued in Gabon as well as in other member-countries of BEAC, with court action.

However, relations with the press went rocky because journalists were exposing the scandals in the bank; the institution fought back, charging reporters for publishing inexact news.

This press conference seems to have buried the hatchet as the bank has pledged to enhance the free flow of information, part of which is that more energetic internal reforms are in the pipeline.

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