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Reassuring Investor Confidence in the Central African Economic and Monetary Community (CEMAC) Region

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CEMAC

CEMAC member countries offer a wealth of natural and mineral resource opportunities for global investors, and addressing regional trade and forex challenges will bolster private sector-led growth

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JOHANNESBURG, South Africa, March 5, 2024/APO Group/ — 

In a bid to safeguard foreign exchange reserves in the region, the Bank of Central African States (BEAC) imposed stricter rules on currency transfers and payments in January 2022 – a move it has been unwilling to reverse despite opposition by energy stakeholders and leaders. Recent regulation significantly impacts dollar-dominated industries – such as the oil and gas sector -, and reform is imperative to regain foreign investor confidence in West African oil and gas.

The upcoming African Energy Week (AEW): Invest in African Energy conference – scheduled for November 4-8 in Cape Town – will delve into the West African region’s vulnerability caused by foreign exchange regulations. Centered around facilitating investment in African oil and gas, the event unites regional energy leaders, financial institutions and foreign investors to discuss strategies for improving business environments; facilitating cross-border deals; and reassuring investor confidence.

AEW: Invest in African Energy is the platform of choice for project operators, financiers, technology providers and government, and has emerged as the official place to sign deals in African energy. Visit aecweek.com for more information about this exciting event.

E&P Remains Top of the Agenda

Member countries of the Central African Economic and Monetary Community (CEMAC) – namely, Cameroon, Chad, Central African Republic (CAR), Equatorial Guinea, Gabon and the Republic of Congo – have all implemented targets to increase hydrocarbon exploration and production through regional collaboration. Gabon aims to produce 220,000 barrel per day (bpd) in the short-term while Congo plans to increase oil production to 500,000 bpd within a year and double gas production within two-three years. Equatorial Guinea also plans to increase regional gas monetization, with agreements with Cameroon to develop the Etinde gas field already in place.

Recent E&P developments are critical for achieving these goals. In Gabon, independent oil and gas company Perenco has spud an appraisal well to assess the quantity of resources at the Hylia South West field. The asset is currently producing 6,000 bpd and the new appraisal well aims to determine its full potential. Independent oil and gas company Vaalco Energy extended the life of the Etame field in Gabon with the replacement of an aging FPSO with an FSO alongside platform upgrades. Now, the project will produce beyond 2030. Energy major TotalEnergies has extended its presence in Gabon by another 25 years, while signing a new contract for the Baudroie-Mérou Marine G5-143 permit, effective until 2047.

Forex has to be something that we are serious about and that is why the African Energy Chamber (AEC) is convening the Africa Energy Finance Summit at AEW

In Cameroon, Perenco has kicked-off a five-well drilling campaign at the Kita Eden field, located in the northern Rio del Rey basin. Discovered 40 years ago, the field has been equipped with a specially-designed shallow water barge. Energy major Chevron is developing the YoYo Block in Cameroon’s Douala Basin, with a bilateral treaty signed between Cameroon and Equatorial Guinea in 2023 paving the way for the field’s joint development with the neighboring Yolanda field. The fields development aligns with Equatorial Guinea’s Gas Mega Hub (GMH) project – aimed at monetizing stranded gas resources across West Africa. Chevron signed a Heads of Agreement in 2023 to progress with the next phase of the GMH.

Meanwhile, Vaalco Energy is nearing FID for the 20 million-barrel Venus development in Equatorial Guinea’s Block P. Following the completion of the joint operating agreement, the company expects to progress with the FEED study, aiming for FID in Q3 or Q4 this year. In Congo, energy major Eni began feeding gas into the Tango LNG facility in December 2023, representing a milestone for the project. Tango LNG is expected to start production in 2024, only 12 months after reaching FID. Perenco also expanded its presence in the country in 2023, acquiring Eni’s participating interests in several permits.

Investment Hinges on Policy Reform

All of these developments demonstrate the potential of West African oil and gas. However, to ensure these finds translate into tangible project developments, CEMAC countries need to prioritize an enabling environment and attracting foreign investment through pro-business policies. CEMAC member countries hold some of the lowest positions in the World Bank’s latest Ease of Doing Business index (2020). Out of 190 countries, Cameroon is 167; Gabon is 168; Equatorial Guinea is 178; Congo is 180; Chad is 182 and CAR is 184. Ineffective fiscal policies are largely to blame as they make it difficult to invest, featuring high tax rates, weak Production Sharing Contracts, and delayed project approval timelines. Additionally, BEAC’s foreign exchange regulation makes it challenging for foreign currency accounts to be domiciled in the region, further impacting FDI.

“Forex has to be something that we are serious about and that is why the African Energy Chamber (AEC) is convening the Africa Energy Finance Summit at AEW, where we will unite governments from across the region to discuss issues relating to enabling environments. We have got to incentivize growth,” stated NJ Ayuk, Executive Chairman of the AEC.

As foreign investment becomes more competitive than ever with FDI shifting towards fewer, capital-intensive projects, incentivizing investment becomes imperative. The judiciary has a role to play in this area, as it provides comfort and long-term security for operators in the region. The judiciary, through reviewing how systems approach labor, arbitration, disputes and how companies are treated, will essentially make it easy to invest. Meanwhile, a shift from resource nationalism to independent systems is expected to further reinstate investor confidence in CEMAC oil and gas, with transparency allowing countries to attract a broad investor base and lessen the volatility of international capital flows. Addressing these challenges, providing fiscal incentives for foreign companies and cutting red tape will not only facilitate cross-border deals but enable member countries to meet their E&P targets.

In addition to foreign exchange policies, local content laws have become restricted with the BEAC regulation, failing to incentivize growth and opportunity for local players. CEMAC countries have the chance to leverage local content to stimulate the development of new fields, attract new investments while making the market increasingly competitive. Policy reform will, therefore, not only attract foreign capital to the region but enabling the growth of domestic markets,

Conversations around improving the investment environment across the CEMAC region will be a key topic during this year’s AEW: Invest in African Energy conference in Cape Town. Under the theme, Energy Growth through an Enabling Environment, the event integrates the entire African energy value chain with the objective to increase investment and make energy poverty history by 2030. Join the conference today and be part of the conversation.

Distributed by APO Group on behalf of African Energy Chamber.

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Africa Finance Corporation Appoints Central Bank of Nigeria (CBN) Governor Yemi Cardoso as Chairman of the Board

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Mr Cardoso’s appointment comes as AFC continues to expand its role in financing and developing strategic infrastructure assets that address Africa’s infrastructure gap, accelerate industrialisation and strengthen regional integration

LAGOS, Nigeria, October 14, 2026/APO Group/ –Africa Finance Corporation (AFC) (www.AfricaFC.org), the continent’s leading infrastructure solutions provider, announces the appointment of Mr. Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), as Chairman of its Board of Directors. He succeeds the immediate-past Chair, Ireti Samuel-Ogbu, who served the Corporation meritoriously during her tenure and continues to serve as a board member.

 




 
 

Mr Cardoso brings extensive experience spanning international banking, investment management, economic policy and public sector leadership. Since assuming office as Governor of the CBN in September 2023, he has led a far-reaching programme of monetary, financial-sector, and institutional reforms to restore macroeconomic stability, strengthen policy credibility, and rebuild investor confidence in Nigeria’s economy.

Under his leadership, the CBN has implemented significant reforms to Nigeria’s foreign exchange market, addressed longstanding foreign exchange obligations, strengthened monetary policy transmission, and enhanced institutional governance and transparency. The Bank has also concluded a recapitalisation programme for the banking sector, aimed at strengthening the resilience and capacity of Nigeria’s financial system to support sustainable economic growth.

I look forward to working with the Board, management and member states to advance The Africa We Build 2050

Prior to his appointment as Governor, Mr Cardoso built a distinguished career in international banking and public service, including a 12-year tenure as Chairman of Citibank Nigeria and service as Commissioner for Economic Planning and Budget in Lagos State. In the latter role, he contributed to economic planning and fiscal management in one of Africa’s largest economies. He holds a degree from Aston University in the United Kingdom and a master’s in public administration from Harvard Kennedy School, where he also served on the Alumni Board.

Mr Cardoso’s appointment comes as AFC continues to expand its role in financing and developing strategic infrastructure assets that address Africa’s infrastructure gap, accelerate industrialisation and strengthen regional integration. His experience in financial sector reform, institutional governance and capital markets will provide valuable perspective on the Corporation’s strategic direction as it mobilises investment to unlock Africa’s economic potential.

Samaila Zubairu, President & CEO of AFC, said: “We are delighted to welcome Mr Cardoso as our Board Chairman. He shares our conviction that Africa’s lasting stability depends on its productive capacity. His leadership will strengthen AFC as we advance The Africa We Build 2050, mobilising African capital to build the infrastructure and industries that create jobs, prosperity and dignity for our people. We also sincerely thank Mrs Samuel-Ogbu for her dedication and contribution to AFC’s board during her tenure.”

Mr. Cardoso commented on his appointment, saying: “A more productive Africa is a more stable Africa. AFC has the credibility and track record to mobilise capital and build the infrastructure and industries that drive transformation. I look forward to working with the Board, management and member states to advance The Africa We Build 2050. Our measure of success must be the productive capacity we create, the industries we enable and the jobs we support.”

AFC continues to advance transformational infrastructure and industrial investments across Africa, with recent milestones including achieving financial close on the US$753 million Lobito Corridor Railway Project in Angola, to support the rehabilitation, upgrade, and long-term operation of the 1,300-kilometre brownfield rail corridor; supporting a US$600 million facility for Dangote Group’s US$7 billion fertiliser expansion programme to scale production in Nigeria; and committing to a combined US$300 million investment alongside Vision Invest in WIOCC Group to accelerate the expansion of critical digital infrastructure across the continent. These investments reflect AFC’s unique approach to developing strategic infrastructure platforms that connect markets, strengthen industrial value chains and mobilise capital at scale to drive Africa’s economic transformation.

Distributed by APO Group on behalf of Africa Finance Corporation (AFC).

 




 

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Ghana Targets End to Liquid Fuel Purchases for Power as Gas Supply Expands

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GECF

Ghana, Senegal and the GECF outlined how African producers can grow domestic gas use alongside exports at the GECF-AEC Strategic Forum

CAPE TOWN, South Africa, October 14, 2026/APO Group/ –Ghana expects to stop procuring liquid fuels for power generation next year, John Jinapor, Minister for Energy and Green Transition, said during a Gas Exporting Countries Forum (GECF)-hosted strategic session at African Energy Week (AEW) 2026 in Cape Town. Ghana has already cut its liquid fuel purchases for electricity from eight cargoes to two, he said, as domestic gas and imports from Nigeria replace diesel and heavy fuel oil in thermal plants.

 




 
 

Ghana’s gas policy prioritizes domestic processing, with gas directed first to power generation and then to industry, Jinapor said. The switch from liquid fuels saved Ghana about $500 million in a single year through import substitution, at a time when electricity demand is growing about 10% annually. Nigeria supplies Ghana through the West African Gas Pipeline, and he said Ghana expects to double those volumes under its current agreements. Ghana is also building a 278 km pipeline to link its main power centers, and is using a levy on pump fuel to fund LPG adoption, targeting 50% penetration within three years.

We are a gas continent before an oil continent

Senegal, which began exporting LNG in 2025, is working to balance exports with supply to its own economy. El Hadji Abdourahmane Diouf, Minister of Energy and Petroleum, said companies often prioritize export markets, leaving governments to secure domestic supply. Senegal is targeting domestic gas supply of around 150 million standard cubic feet per day by 2030, delivered through a national gas network to power plants across the country. Diouf said the network’s pipeline, which has faced delays, is expected within nine months.

Philip Mshelbila, Secretary General of the Gas Exporting Countries Forum (GECF), called the choice between exports and domestic use “a false choice.” In his address, he said: “Exports mobilize capital, revenue and investment confidence. Domestic utilization is the development multiplier.” The GECF’s Global Gas Outlook projects African gas demand will more than double, from 175 billion cubic meters in 2024 to about 374 billion cubic meters by 2055.

Panel moderator Oliver Onyekweli, Partner at McKinsey & Company, noted that only around 3% of gas commercialized in Africa is traded within the continent. Mshelbila said regional cooperation, gas storage and cross-border infrastructure will determine how resilient African markets are to future supply disruptions. He cited the Senegal-Mauritania Greater Tortue Ahmeyim project as a model.

NJ Ayuk, Executive Chairman of the African Energy Chamber, described gas as a “Swiss knife” for African development, with uses spanning power generation, petrochemicals and fertilizers. “We are a gas continent before an oil continent,” he asserted.

Ghana’s gas master plan, currently under review, sets a 15-year blueprint for the country’s gas infrastructure and budgeting.

Distributed by APO Group on behalf of African Energy Chamber.

 

 




 

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Africa Energy Bank to Begin Financing Gas Projects in Early 2027, African Petroleum Producers Organization (APPO) Says

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African Energy Chamber

APPO’s new bank will prioritize regional corridors as GECF forum panelists flag a gap in domestic gas financing

CAPE TOWN, South Africa, October 14, 2026/APO Group/ –The Africa Energy Bank (AEB) will become operational within weeks and begin financing projects at the start of 2027, Farid Ghezali, Secretary General of the African Petroleum Producers Organization (APPO), said during the technical panel of the GECF-AEC Strategic Forum at African Energy Week (AEW) 2026 in Cape Town. The bank, launched by APPO and Afreximbank, will use a corridor approach, prioritizing projects that deliver regional economic development across four pillars: export infrastructure, domestic infrastructure, clean cooking and power.

 




 
 

Ghezali said exports and domestic supply should not compete. “I come from a country where you cannot export any drop of gas if the domestic demand is not satisfied,” he said. APPO and the Gas Exporting Countries Forum (GECF) signed an agreement earlier this year to work jointly on gas corridors, and plan to harmonize transit tariffs and gas contracts across member states.

I come from a country where you cannot export any drop of gas if the domestic demand is not satisfied

The panel focused on why domestic gas markets remain underdeveloped. Rashid Ali Abdallah, Executive Director of the African Energy Commission (AFREC), said recent investment has gone largely into export terminals while regional pipelines struggle to attract funding. He called for regional financing frameworks for cross-border infrastructure, and for joint planning of gas pipelines and power transmission.

In South Africa, industrial consumers face the loss of natural gas supply within about 18 months, with only a short-term coal supply bridge beyond that, said Jaco Human, Executive Officer of the Industrial Gas Users Association of Southern Africa (IGUA-SA). The gas aggregation company was formed to pool demand, share risk and underwrite new infrastructure across the region. Human said a proposed pipeline linking the Orange Basin to Western Cape and inland markets would need around 200 petajoules of annual demand. “We have much more demand than that, so the problem is not an economic one,” he said. “Rather, it is a coordination problem.”

Abubakar Abbas, Senior Energy Forecast Analyst at the GECF, said Africa will require at least $1 trillion over the next 30 years to develop its gas resources. Per capita energy consumption on the continent is about 25 gigajoules a year, well below the global average. Abderrezak Benyoucef, Head of Energy Studies at OPEC, said OPEC expects gas to rise from 17% to 23% of Africa’s energy mix by 2050. Electricity generation is projected to grow from under 1,000 TWh to about 2,700 TWh, with half of it from gas.

The AEB is headquartered in Abuja, where Nigeria handed over the bank’s offices to APPO and Afreximbank in February.

Distributed by APO Group on behalf of African Energy Chamber.

 




 

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