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Bank of Central Africa States (BEAC) Foreign Exchange (FOREX) Regulations Putting Restraints on Prosperity (By NJ Ayuk)

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Delayed transactions aren’t just inconvenient — they can cause weeks-long delays and kill projects

JOHANNESBURG, South Africa, August 13, 2024/APO Group/ — 

By NJ Ayuk, Executive Chairman, African Energy Chamber (https://EnergyChamber.org).

With energy majors and independent companies kicking off new projects in Gabon, Cameroon, Congo, Chad, and Equatorial Guinea, exciting things are happening for the oil and gas industry in the six-nation Central African Economic and Monetary Community (CEMAC). Particularly welcome news concerns Perenco, an Anglo-French company that recently spud a new appraisal well at the Hylia South West Field offshore Gabon. This field holds the potential for substantial oil reserves, estimated to be between 20 million and 100-plus million barrels.

However, the elephant in the room remains: Most of CEMAC’s potential remains untapped. Several factors have created a hostile business environment that hampers CEMAC’s ability to harness its abundant natural resources, raise its people’s standard of living, and participate more fully in the global community. As an example, Gabon and Chad have the 9th and 10th largest oil reserves in Africa, respectively, yet only 67% of Gabon’s population and 8% of Chad’s have access to electricity.

I would like to highlight one of the most frustrating — but easily solvable — barriers to CEMAC’s economic success: The Bank of Central Africa States’ (BEAC) absurd foreign exchange (FOREX) regulations. While said regulations were created with the best of intentions, they have ultimately cost the region countless jobs, foreign investment, and economic health.

Behind the FOREX Regulations

In 2019, BEAC (which governs monetary policy for the six CEMAC nations) took several measures to restrict the flow of foreign currency. The intention was to tackle the problems of low foreign exchange reserves, capital flight, money laundering, and terrorism funding. However, these regulations have only served to kill business in the region — particularly for the energy industry. Despite vehement opposition from local leaders and business owners, these rules stipulate that:

  • All routine transactions over USD 1,700 now require qualifying documentation and government approval.

This measure has skyrocketed the lead time for routine, legitimate money transfers.

“Businesses have complained of waiting months to get hold of hard currency and of being unable to import materials or pay suppliers,” says Celestin Tawamba, president of the Cameroon Employers group. “Slow money transfers mean there is a reticence, a climate of mistrust between operators and their foreign partners.”

Despite official claims that properly documented transfers clear within 48 hours, manufacturers in the Congo and the Central African Republic report that it can actually take two to three months. I invite every BEAC official who supported this particular measure to wait that long for their next paycheck.

Slow payments harm every industry, but the oil and gas sector is particularly vulnerable. Operators rely heavily on imports for equipment, spare parts, and goods to carry out daily operations. Delayed transactions aren’t just inconvenient — they can cause weeks-long delays and kill projects.  

  • Businesses must obtain specific government authorization to open a foreign bank account, or to domicile a foreign currency account in a CEMAC area.

Despite efforts to create a pan-African payment system, financial transactions are generally routed through a Western bank, converted into dollars or euros, and then converted again into the recipient’s preferred African currency. In 2017, only 12% of intra-African payments were cleared within the continent.

In other words, to function properly, modern African businesses must depend on foreign currency and foreign accounts. This particular BEAC rule essentially put hundreds of businesses on hold, dooming them to wade through red tape to conduct normal operations.

Businesses have complained of waiting months to get hold of hard currency and of being unable to import materials or pay suppliers

The Employers’ Group of Cameroon (Groupement Inter-Patronal du Cameroun or GICAM) reported that “71% of businesses considered this difficulty of access to foreign currency to be a major concern.” Because lead times and transaction costs have risen, importers “find it increasingly difficult to pay their foreign suppliers on time.”

These issues hit dollar-dominated industries even harder — particularly the energy sector, which relies heavily on foreign talent and a reliable supply chain. Gabriel Obiang Lima, former Minister of Mines and Hydrocarbons of Equatorial Guinea, called it a “disaster for oil and gas in the Gulf of Guinea” that has led to “dire” currency shortages and delayed transactions.

Similarly, Sonara, Cameroon’s national refinery, saw shortages directly due to “the scarcity of foreign currency and the blocking of its import operations by BEAC.” If a government-subsidized company can’t run properly under these circumstances, then the entire region is in trouble.

  • Export proceeds over 5 million FCFA (Central African Francs) must be repatriated within 150 days of the exportation date.

Like many oil and gas-producing states, the CEMAC region holds reserves of foreign currency to cover imports. In 2018, CEMAC’s reserves were sufficient to cover 2.7 months of imports — a far cry from the five months recommended by the IMF.

To increase foreign currency reserves, the FOREX regulations stipulate that exporters must return their proceeds to CEMAC nations, rather than storing them indefinitely in foreign accounts. While we understand the need to bolster foreign currency reserves, this ruling is not a viable long-term plan: It signals to foreign investors that they cannot turn a profit. We cannot convince energy majors to fund more exploration and development projects under such restrictions.

Lima put it most succinctly in 2019: “Companies are saying ‘I am not going to invest $2-$3 billion there if I cannot take it out.’”

Sadly, little has changed in that regard.

Ironically, foreign currency reserves fell in 2023, rather than remaining stable — the ruling has not even accomplished its short-term goal. BEAC director Abbas Mahamat Tolli blamed oil and gas operators for failing to repatriate foreign currency. Rather than pointing the finger, it might behoove Tolli to cultivate a better relationship with the oil and gas industry that provides 70-75% of CEMAC’s GDP.

International Reputation

In short, these FOREX regulations have created a hostile environment for foreign investors —  and the world has begun to notice.

The International Trade Administration makes scathing references to the FOREX rules in its descriptions of Cameroon, Chad, Gabon, and the Central African Republic, including:

“Almost all business transactions require senior-level government approval, making for a cumbersome process susceptible to political influence and corruption.”

“International companies continue to have difficulties collecting timely payment, and some companies in the oil sector have closed operations.”

Moving Forward

We urge BEAC to seek a reasonable compromise. CEMAC does need practical measures to maintain foreign currency reserves and combat capital flight, money laundering, and terrorism funding — but without costing the region thousands of jobs, local businesses, and the foreign investment that we badly need to unlock CEMAC’s potential. The fact that any operators continue to invest in CEMAC speaks volumes for our abundant natural resources and long-term potential: Let’s create an environment that attracts forward-thinking players rather than repelling them.

Distributed by APO Group on behalf of African Energy Chamber.

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West African Development Bank (BOAD) and PROPARCO Launch a Landmark €200 Million Cross-Financing Operation to Boost the Private Sector in the West African Economic and Monetary Union (WAEMU) Region

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This structure directly addresses current challenges related to reforming the global financial architecture by introducing an innovative and catalytic financial instrument

Together with BOAD, we are reaching a major milestone in our commitment to boosting financing for African economies, particularly within the WAEMU region

NAIROBI, Kenya, May 14, 2026/APO Group/ –On the sidelines of the Africa Forward summit, the West African Development Bank (BOAD) (www.BOAD.org) and PROPARCO, a subsidiary of the AFD Group, announced the signing of an unprecedented €200 million financing agreement (equivalent to approximately CFAF 131 billion). Structured by Galite as a cross-currency transaction between the euro (EUR) and the CFA franc (XOF), this operation is a global first in both its nature and ambition.

 

This structure directly addresses current challenges related to reforming the global financial architecture by introducing an innovative and catalytic financial instrument. It enables:

More efficient allocation of resources through expanded access to the XOF market, helping diversify financing options for local businesses;

Greater stability through support for the WAEMU region’s foreign exchange reserves, ensuring stronger macroeconomic resilience;

Direct impact through the financing of transformative private-sector projects, a key driver of job creation in the region.

Françoise Lombard, Chief Executive Officer of PROPARCO, stated:

“Together with BOAD, we are reaching a major milestone in our commitment to boosting financing for African economies, particularly within the WAEMU region. This initiative is fully aligned with the momentum to reform the development finance architecture by providing a tangible solution to increase the mobilization of local-currency resources in support of the private sector and local economies.

I am delighted by this partnership, which embodies a truly win-win approach and reflects our shared determination to act with ambition and pragmatism to sustainably support the development of the private sector across WAEMU economies, particularly our clients in the region, to whom we will be able to offer more loans denominated in CFA francs.”

Serge Ekué, President of BOAD, stated:

“The partnership between BOAD and PROPARCO reflects the quality and depth of our strategic cooperation.

Through this initiative, BOAD is reaffirming its role as a mobilizer of resources by attracting additional investment for the benefit of the region. Expanding the range of available financing tools is essential to sustainably support the transformation of WAEMU economies.

This transaction marks an important milestone in our collective ability to channel greater financing toward projects delivering strong economic and social impact across Africa.”

 

Distributed by APO Group on behalf of Banque Ouest Africaine de Développement (BOAD).

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Governor of the Central Bank of Egypt and President of Afreximbank Hold a Press Briefing on Egypt’s Ongoing Preparations to Host the 33rd Afreximbank Annual Meetings in Alamein

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The briefing underscored the strong strategic partnership between Egypt and Afreximbank, while highlighting the Bank’s support for key sectors, including financial services, trade, industrial infrastructure, manufacturing, oil and gas, telecommunications, power, and construction

H.E. Mr. Hassan Abdalla, Governor of the Central Bank of Egypt (CBE), and Dr George Elombi, President and Chairman of the Board of Directors of Afreximbank (www.Afreximbank.com), held a joint press briefing at the CBE’s headquarters on 13 May 2026 to address preparations for 33rd Afreximbank Annual Meetings (AAM2026). The AAM2026 will be held under the patronage of H.E. President Abdel Fattah El-Sisi, President of the Arab Republic of Egypt, in Alamein city from 21 to 24 June 2026.

Attended by over 100 local and international media representatives, both in person and virtually, the briefing provided updates on preparations for AAM2026, expected participation, and Egypt’s role as host country for one of Africa’s leading annual gatherings focused on advancing the continent’s economic transformation.

 

In his remarks, H.E. Mr. Hassan Abdalla, Governor of the Central Bank of Egypt, reaffirmed Egypt’s commitment to the successful hosting of the AAM2026 and emphasised the country’s readiness to host the event as well as its long-standing partnership with Afreximbank to support Africa’s economic development, trade and investment.

 

Mr Abdalla said: “Egypt is honoured to host the 33rd Afreximbank Annual Meetings in Alamein, reflecting our continued commitment to supporting Africa’s economic integration, trade expansion, and sustainable development.”

He also noted that these Meetings represent a high-level platform for dialogue and the exchange of views on the future of African economic and financial cooperation.

He added: “The Meetings extend beyond conventional discussions to advance key continental priorities, including trade finance, regional integration, and the pressing need to reform the global financial architecture to better reflect the development needs of emerging economies.

Dr. George Elombi, President and Chairman of the Board of Directors of Afreximbank, expressed his appreciation to H.E. Mr. Hassan Abdalla for his strong support and commitment to hosting AAM2026 in Alamein and for the efforts by all relevant institutions in coordinating these meetings in Egypt.

 

“Egypt and Afreximbank share a common vision to accelerate Africa’s economic development, industrialisation, and widespread economic prosperity across the continent.

 

“AAM2026 will provide a valuable opportunity to strengthen partnerships, unlock investment opportunities, and advance discussions on intra-African trade, Africa’s financial sovereignty, and its economic resilience in an increasingly complex global environment”.

Egypt and Afreximbank share a common vision to accelerate Africa’s economic development, industrialisation, and widespread economic prosperity across the continent

 

Dr Elombi added that “Through our Annual Meetings, Afreximbank aims to identify priority projects and actionable programmes that will accelerate the transformation of Africa’s trade infrastructure. Africa’s pace of growth will be driven by industrialisation and intra-African trade, and achieving this will require significant improvements in processing, logistics, and importantly, policy support from governments.”

 

The briefing underscored the strong strategic partnership between Egypt and Afreximbank, while highlighting the Bank’s support for key sectors, including financial services, trade, industrial infrastructure, manufacturing, oil and gas, telecommunications, power, and construction.

 

Additionally, the press briefing outlined the significant opportunities associated with Egypt hosting AAM2026, including enhancing the country’s position as a regional financial and business hub, supporting the Meetings, Incentives, Conferences and Exhibitions (MICE) sector, creating new opportunities for Egyptian businesses, investors and the broader private sector, as well as providing a major boost to tourism in Alamein.

 

Dr Elombi said that the Bank has provided approximately US$9.5 billion in financing to Egypt over the past three years. He also referenced the groundbreaking of the Afreximbank African Trade Centre (AATC) in New Administrative Capital in December 2025, noting that the landmark US$250 million development will strengthen Egypt’s role as a regional hub for trade facilitation, payments, logistics, and SME development.

 

Dr Elombi further outlined plans for the proposed pan-African Gold Bank, an initiative designed to formalise Africa’s gold value chains, strengthen central bank reserves, and reduce the continent’s dependence on offshore refining and external trading centres.

 

Over the years, Afreximbank’s Annual Meetings have become one of the leading platforms for shaping dialogue on Africa’s economic future and advancing intra-Africa trade. The 33rd Afreximbank Annual Meetings are expected to bring together Heads of State, government ministers, central bank governors, business leaders, academics, entrepreneurs, private sector investors, and development partners. They will deliberate on the key issues shaping Africa’s economic future and trade agenda, while advancing practical solutions for the continent.

 

The AAM2026 programme will offer policy discussions, plenary sessions, business and investment forums, deal-signing ceremonies, major announcements, networking events, bilateral meetings, and forums on intra-African trade and the African Continental Free Trade Area (AfCFTA). It will also feature presentations on trade finance, industrialisation, energy, infrastructure, and digital transformation.

Distributed by APO Group on behalf of Afreximbank.

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DHL Express Sub-Saharan Africa (SSA) celebrates its 53rd Transported Asset Protection Association’s (TAPA) Facility Security Requirements (FSR) certification

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DHL Express SSA is the most TAPA certified company in the Region and was the first company in the TAPA EMEA Region to attain multi-site certification for a Region

LAGOS, Nigeria, May 14, 2026/APO Group/ —

  • Increases TAPA certifications across the Region, total of 53 sites across Sub-Saharan Africa
  • DHL Express the most TAPA-certified company in SSA
  • Lekki contributes to DHL Express surpassing the 500 facility milestone in TAPA certifications worldwide
  • Part of global €250 million investment in world-class security infrastructure by DHL Express

 

DHL Express (www.DHL.com) has announced that its Service Center in Lekki (Nigeria) has officially been certified according to the Transported Asset Protection Association’s (TAPA) Facility Security Requirements (FSR). This certification contributes to the over 500 TAPA certified sites globally and increase the certifications across Sub-Saharan Africa to 53 sites across 19 countries as part of a multi-site certification.

 

As the world’s most TAPA-certified logistics provider, DHL Express continues to set the benchmark for world-class supply chain security. The certification of 53 facilities in SSA strengthens a network that has already exceeded 500 TAPA-certified facilities globally, supported by a worldwide EUR250 million investment in advanced, industry-leading security technologies and processes. DHL Express SSA is the most TAPA certified company in the Region and was the first company in the TAPA EMEA Region to attain multi-site certification for a Region.

 

Anthony Beckley, VP Network Operations and Aviation at DHL Express SSA said: “Security is a cornerstone of DHL’s operations and a critical enabler of trade across Sub‑Saharan Africa. By continuously strengthening security standards at our facilities across the region, we help protect our customers’ shipments while building confidence in the supply chains that connect Africa to the world. As African businesses expand their reach into global markets, they rely on trusted, resilient, and world‑class logistics partners. We are proud to support this growth through industry‑leading security practices, underscored by our achievement of 500 TAPA certifications worldwide.”

Security is a cornerstone of DHL’s operations and a critical enabler of trade across Sub‑Saharan Africa

 

TAPA (Transported Asset Protection Association) certification is a comprehensive process of membership, verification, and auditing designed to ensure the security of customer shipments throughout the supply chain. It is based on rigorous standards such as FSR (Facility Security Requirements) and TSR (Transport Security Requirements), which can be achieved through independent audits or, for Level 3 (basic), via self-certification by a registered Authorised Auditor (AA), followed by submission of documentation to TAPA for validation and issuance of a certificate typically valid for three years. The Security Requirements established by the Association are recognised worldwide as industry benchmarks, making TAPA certification an essential mark of excellence for customers seeking the highest levels of reliability and protection.

 

This achievement not only affirms DHL Express as the global leader in secure logistics but also highlights Nigeria’s strategic contribution to the company’s security excellence in SSA.

 

Adrian Whelan, SVP and Head of Global Security at DHL Express, commented: “The TAPA certification of Lekki and the 53 sites TAPA certified across the SSA Region highlights DHL Express’ commitment to providing our customers in Africa with world-class security infrastructure. Customers want to ship their valuable goods through a secure and resilient supply chain, and DHL Express provides the most secure and resilient supply chain, not only in SSA but globally”.

 

The TAPA FSR certification is a central element of the broader security strategy of DHL Express. As global supply chains become increasingly complex, certified operations ensure consistent protection, risk mitigation, and resilience across the entire DHL network.

 

The achievement of the TAPA FSR certification was formally celebrated on May 13 during an event hosted at the DHL Express Lekki facility in Lagos, Nigeria. The event brought together private and public sector partners who share the aim of building resilient, transparent, and high-standard logistics ecosystems across SSA.

Distributed by APO Group on behalf of DHL Express.

 

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