Opened by Madame Congolese Minister of Planning, Statistics and Regional Integration, Ingrid Olga Ghislaine Ebouka-Babackas, on behalf of her colleague Calixte Nganongo in charge of Finance and Budget of which is acting, and closed by Ambassadeur Nagoum Yamassoum, President of the Supervisory Commission of Central African Financial Market (COSUMAF), the first day of the financial market of Economic and Monetary Community of Central Africa (CEMAC), held in Brazzaville-Kintélé on Tuesday, March 3, 2020, under the main theme “Stakes and challenges of the unified regional financial market in Central Africa” enabled the participants to adopt 13 recommendations to revitalise the Central African Transferable Securities Stock Exchanges (BVMAC).
We publish, below, an excerpt from the synthesis of the work carried out around this central theme and the 6 themes of panels.
“The organisation of this day was a continuation of the stimulus measures adopted by the Heads of States on 3 December 2016. The revitalisation of the financial market was at the centre of this problem of reviving CEMAC’s economies. Thus, on October 31, 2017, the Heads of State decided to unify the two financial markets.
This day allows COSUMAF and BVMAC to review the actions already taken under this reform.
These include: the reform of the regulatory corpus, an essential guarantee for the credibility and security of the market, with the support of external partners; the draft regulation on the organisation and functioning of the market; the draft general regulation of COSUMAF; the regulation establishing securitization in CEMAC; the various provisions relating to taxation of financial markets in Central Africa and the diversification of financial instruments.
The COSUMAF initiative aims at raising awareness and make all the stakeholders aware of the challenges of the new unified market. It will be followed by the organisation of several seminars and restitution workshops in all CEMAC countries.
During this day, participants took part in the work around six panels : Panel 1 : Contribution of the financial market to the CEMAC economic and financial Reform Programme (PREF-CEMAC) ; panel 2 : Accelerating the development of the CEMAC financial market ; panel 3 : Issuance of Sukuk; what potential for development in CEMAC ?; panel 4 : Financial market and long term investors; panel 5 : Anchoring sustainable development in CEMAC through the development of green bonds, and panel 6 : Collective investment organisations in transferable securities (OPCVM) and revitalization of the CEMAC financial market.
Discussions and contributions enabled the participants to make 13 recommendations:
1- States must communicate, as soon as possible, a list of public and private companies to be admitted to the BVMAC listing;
2- The CEMAC countries must intervene, on an increased basis, on the financial market, for pour le financing of projects with high growth potential;
3- The central structures of the market must communicate and popularise the opportunities of using the financial market;
4- The States and central structures must promote financial and stock market culture through educational actions;
5- Regulators must put in place mechanisms to monitor the quality of the certification carried out by statutory auditors;
6- The Bank of Central African States (BEAC) must draw up a rate curve allowing the actors to improve their pricing;
7- The States must declare, under national regulations, community regulations relating to the initial public offering of companies of a certain level of capitalisation;
8- The CEMAC States must issue a CEMAC bonds issue which would be more global than those issued by individual States;
9- BEAC, COSUMAF and COBAC must, each with regard to it, develop the regulations for the inclusion of Sukuk-type issues, in particular for investors and mutual funds for assets securitisation;
10- The structures of the financial market must appropriate the principles of Islamic finance;
11- Banks and financial market players must work in synergy and promote their complementarity, in particular through displaying securities prices at bank counters;
12- Regulators must provide a regulatory frame conducive to the development of green finance;
13- Issuers must make more use of financial rating».
The press office of the Ministry of Finance