A Pragmatic Solution to the BEAC’s FOREX Regulations Will Not be Reached Without the Involvement of Local Stakeholders
The FOREX regulations imposed by the Bank of Central African States (BEAC) remain one of the major impediments to investments in Central Africa’s energy markets: Equatorial Guinea, Congo, Cameroon, Gabon, Chad and CAR. Even though their implementation was postponed from January 1st, 2021 to December 1st, 2021, their unchanged terms continue to make them anti-African and anti-jobs. Unfortunately, the industry lacks a coordinated action to engage with policy makers in the region, and most lobbying against the regulations has been done by international operators without the involvement of local stakeholders and companies.
Reaching a fair and just resolution that puts forth the interests of Africans, businesses and investors cannot be done without involving local services companies, local entrepreneurs and the local business community. They are set to suffer the most from such regulations and need to be part of the solution.
“A post-Covid19 recovery strategy can only work when it relies on international oil companies working with national oil companies and local services companies. Addressing market issues in restricted groups out of London and Paris is a practice that belongs to the past. Excluding African stakeholders from the debates and negotiations that can help them secure contracts and create jobs is not going to help take the industry into a sustainable and prosperous future,” declared Nj Ayuk, Executive Chairman at the African Energy Chamber.
The African Energy Chamber continues to advocate for free-market policies across sub-Saharan Africa as the best enablers of economic growth and jobs creation. The adoption and promotion of such policies cannot be a process done without the involvement of local industry groups and organisations whose interests are aligned with their foreign partners on such issues.
Consequently, the African Energy Chamber has decided to fund the establishment of a Committee dedicated to work on the FOREX matters in Central Africa, and led by Leoncio Amada NZE, CEO of APEX Industries and President for the CEMAC region at the Chamber. Under this Committee, the Chamber is inviting all local and international stakeholders to meet and consider a cohesive approach to push for an enabling environment in Central Africa that benefits local companies and entrepreneurs.
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