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Cameroon – Finance: The balance of Beac’s operating account declined from 3288 billion in 2015 to 1155 billion FCFA in 2016

Written by Deckson N.

According to a report by the auditors Mazars Cameroun & Kpmg Afrique centrale, released on 16 April, the overall balance of the operations account of the Bank of Central African States (BEAC) declined by 3288.31 billion in 2015 to 1155.95 billion FCFA in 2016.

Understanding the term “operations account” refers to the one opened by BEAC to the budgetary control and accounting department of the French Ministry of Finance and Public Accounts. The Central Bank, according to its conventions, must imperatively deposit 50% of its external assets. However, the agreement of 3 October 2014 stipulates that this percentage may be reduced to less than 50% but not less than 40%.

In detail, according to the auditors, the BEAC central services have CFAF 513.3 billion in the account. Cameroon  443.6 billion. The Central African Republic, 39.52 billion. The Congo, 124.06 billion. Gabon, 106 billion. Equatorial Guinea, – 7.8 billion. And Chad, – 63.07 billion. This makes a total of 1155.952 billion FCFA.

Nevertheless, Mazars Cameroun & Kpmg Afrique centrale draw the alarm: “Without deferring the above opinion, we draw your attention to the non-compliance by the BEAC of the minimum proportion of centralization of the net external assets on the account Of operations set at 50% for 11 decades out of a total of 36 decades throughout 2016 “. In other words, the Central Bank deposited foreign assets by less than the 40% regime last year.

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Deckson N.

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