Bank of Central African States
Encyclopedia
The Bank of Central African States is a central bank
that serves six central Africa
n countries which form the Economic and Monetary Community of Central Africa:
Philibert Andzembe of Gabon was Governor of the BEAC from July 2007 until October 2009, when he was fired by the new president of Gabon, Ali Bongo, in response to a bank scandal in which $28.3 million went missing from the bank's Paris branch. Jean Félix Mamalepot, also from Gabon, was Governor for preceding 17 years.
In December 2010, a Wikileaks
memo dated July 7, 2009, said that Gabonese officials working for the Bank of Central African States stole US$36 million over a period of five years from the pooled reserves, giving much of the money to members of France’s two main political parties.
Central bank
A central bank, reserve bank, or monetary authority is a public institution that usually issues the currency, regulates the money supply, and controls the interest rates in a country. Central banks often also oversee the commercial banking system of their respective countries...
that serves six central Africa
Central Africa
Central Africa is a core region of the African continent which includes Burundi, the Central African Republic, Chad, the Democratic Republic of the Congo, and Rwanda....
n countries which form the Economic and Monetary Community of Central Africa:
- CameroonCameroonCameroon, officially the Republic of Cameroon , is a country in west Central Africa. It is bordered by Nigeria to the west; Chad to the northeast; the Central African Republic to the east; and Equatorial Guinea, Gabon, and the Republic of the Congo to the south. Cameroon's coastline lies on the...
- Central African RepublicCentral African RepublicThe Central African Republic , is a landlocked country in Central Africa. It borders Chad in the north, Sudan in the north east, South Sudan in the east, the Democratic Republic of the Congo and the Republic of the Congo in the south, and Cameroon in the west. The CAR covers a land area of about ,...
- ChadChadChad , officially known as the Republic of Chad, is a landlocked country in Central Africa. It is bordered by Libya to the north, Sudan to the east, the Central African Republic to the south, Cameroon and Nigeria to the southwest, and Niger to the west...
- Equatorial GuineaEquatorial GuineaEquatorial Guinea, officially the Republic of Equatorial Guinea where the capital Malabo is situated.Annobón is the southernmost island of Equatorial Guinea and is situated just south of the equator. Bioko island is the northernmost point of Equatorial Guinea. Between the two islands and to the...
- GabonGabonGabon , officially the Gabonese Republic is a state in west central Africa sharing borders with Equatorial Guinea to the northwest, Cameroon to the north, and with the Republic of the Congo curving around the east and south. The Gulf of Guinea, an arm of the Atlantic Ocean is to the west...
- Republic of the CongoRepublic of the CongoThe Republic of the Congo , sometimes known locally as Congo-Brazzaville, is a state in Central Africa. It is bordered by Gabon, Cameroon, the Central African Republic, the Democratic Republic of the Congo , the Angolan exclave province of Cabinda, and the Gulf of Guinea.The region was dominated by...
Philibert Andzembe of Gabon was Governor of the BEAC from July 2007 until October 2009, when he was fired by the new president of Gabon, Ali Bongo, in response to a bank scandal in which $28.3 million went missing from the bank's Paris branch. Jean Félix Mamalepot, also from Gabon, was Governor for preceding 17 years.
In December 2010, a Wikileaks
Wikileaks
WikiLeaks is an international self-described not-for-profit organisation that publishes submissions of private, secret, and classified media from anonymous news sources, news leaks, and whistleblowers. Its website, launched in 2006 under The Sunshine Press organisation, claimed a database of more...
memo dated July 7, 2009, said that Gabonese officials working for the Bank of Central African States stole US$36 million over a period of five years from the pooled reserves, giving much of the money to members of France’s two main political parties.
See also
- Banque Centrale des États de l'Afrique de l'Ouest (BCEAO)
- Central banks and currencies of AfricaCentral banks and currencies of AfricaThere are two African currency unions associated with multinational central banks; the West African Banque Centrale des Etats de l'Afrique de l'Ouest and the Central African Banque des Etats de l'Afrique Centrale...
- CFA FrancCFA francThe CFA franc is the name of two currencies used in Africa which are guaranteed by the French treasury. The two CFA franc currencies are the West African CFA franc and the Central African CFA franc...
- JFPI CorporationJFPI CorporationJFPI Corporation is an international closed-end investment and economic empowerment conglomerate based in Africa.While 100% of the shares are owned by private individuals, it is managed by a 53-member Board of Directors, representing each nation contained by Africa.JFPI promotes the growth of...
- Central African CFA francCentral African CFA francThe Central African CFA franc is the currency of six independent states in central Africa, Cameroon, Central African Republic, Chad, Republic of the Congo, Equatorial Guinea and Gabon. CFA stands for Coopération financière en Afrique centrale...
- Economy of AfricaEconomy of AfricaThe economy of Africa consists of the trade, industry, and resources of the people of Africa. , approximately 922 million people were living in 54 different countries. Africa is by far the world's poorest inhabited continent...
- Economy of the Central African RepublicEconomy of the Central African RepublicThe Central African Republic is classified as one of the world's least developed countries, with an estimated annual per capita income of $700 ....
- Economy of CameroonEconomy of CameroonFor a quarter-century following independence, Cameroon was one of the most prosperous countries in Africa. The drop in commodity prices for its principal exports —petroleum, cocoa, coffee, and cotton — in the mid-1980s, combined with an overvalued currency and economic mismanagement,...
- Economy of ChadEconomy of ChadLandlocked Chads economic development suffers from its geographic remoteness, drought, lack of infrastructure, and political turmoil. About 85% of the population depends on agriculture, including the herding of livestock. Of Africa's Francophone countries, Chad benefited least from the 50%...
- Economy of the Republic of the CongoEconomy of the Republic of the CongoThe economy of the Republic of the Congo is a mixture of village agriculture and handicrafts, an industrial sector based largely on petroleum extraction, support services, and a government characterized by budget problems and overstaffing. The Congo's growing petroleum sector is by far the...
- Economy of Equatorial GuineaEconomy of Equatorial GuineaEquatorial Guinea is a small country at the west coast of Central Africa. Despite a per capita GDP of more than US$30,000 which is as of 2008 the twentieth highest in the world, Equatorial Guinea ranks 121st out of 177 countries on the United Nations Human Development Index.-Economy...
- Economy of GabonEconomy of GabonGabon enjoys a per capita income four times that of most nations of sub-Saharan Africa. This has supported a sharp decline in extreme poverty; yet because of high income inequality a large proportion of the population remains poor.-Resources:...