Financial management of the Bank of Central African States (BEAC) by every means has been stricter in recent years. The efforts of the administration under the Governor, Lucas Abaga Nchama, to institute rigorous internal control, are paying off. Results are telling: The sub-regional institution in 2010 recorded a positive balance sheet of FCFA 7.9 billion. This was an evolution from the shouting FCFA 29.5 billion deficit of 2009, masterminded by the then not-so-good management which was not unrelated with the change of power at the helm.
Speaking during a press dinner at the bank’s headquarters in Yaounde on Wednesday February 8, 2012, Abaga Nchama said financial results of 2011 appear even more favourable. The BEAC Governor in a statement attributed the reawakening to strict human and finance resource management instituted in the bank since his installation on February 5, 2010. These among others include internal control, strict application of the Market Code as well as the social measures to improve on the working conditions of the staff.
Far from being contented with what has changed since taking up the BEAC’s top job, he told the press that measures are ongoing to ensure that the bank is efficiently managed for the good of the sub-regional economies. A new management plan code-named, “Reform and Modernisation Plan, BEAC-Horizon 2013”, he noted, has been drawn up and endorsed by the Board of Directors during its July 12, 2011 session. The measure essentially seeks to reinforce the bank’s accounting information system and budgetary management, put in place a viable internal audit as well as improve on the services offered to financial institutions and national treasuries, notably on the payment systems and monetary transfers out of the CEMAC zone.
By extension, the fruits of the sane management are reflected in the output of the sub-regional banking institutions. According to an activity report of the Central African Banking Commission, COBAC, also presented Wednesday by Lucas Abaga Nchama, the 45 banks in CEMAC zone progressed in their activities. From October 2010 to October 2011 the balance sheet of licensed banks progressed from FCFA 6.982 billion to FCFA 8.914 billion. The amount collected as deposits progressed by 19.4 per cent (FCFA 6.064 billion to FCFA 7.241 billion) meanwhile loans accorded customers also augmented from FCFA 3.696 billion to FCFA 4.617 billion. That banks are increasingly conforming to the rules in place, he noted, justifies the improvement in performance and is assuring of a better future.
