Central Africa: BEAC Ebolowa Branch - Regional Integration, Development Instrument

Prime Minister Joseph Dion Ngute on September 29, 2020 chaired the ceremony to lay the foundation stone of the building.

Cameroon's Prime Minister, Head of Government, Chief Dr Joseph Dion Ngute, the personal representative of the Head of State. President Paul Biya in the ceremony to lay the foundation stone of the Branch of the Bank of Central African States (BEAC) in Ebolowa, South Region stated the stakes and the great impact of the institution.

While chairing the ceremony on September 29, 2020, he said the event was taking place under the high instructions of the Head of State, President Paul Biya. He said it was the translation of the will of President Paul Biya and his counterparts of the Economic and Monetary Community of Central Africa (CEMAC) to endow BEAC with modern infrastructure to accomplish its mission. The construction of the Ebolowa Branch of BEAC translates the will of the financial institution to bring its services closer to dynamic financial institutions in order to accompany them to make the economy bankable.

As to the great impact of the project, the Prime Minister said it was the acknowledgement of the economic potentials of the South Region and its dynamic population. The growing number of financial institutions in the region as well as service providers who necessitated the construction of the BEAC branch in Ebolowa will have seen their activities better catered for through the surveillance of the national monetary structure the Ministry of Finance. The Ebolowa Branch of BEAC represents an economic and financial integration tool in the CEMAC zone as it is taking into account the important financial flow between the South region's border countries that are Gabon, Congo and Equatorial Guinea. The ceremony was the symbol of the concrete action to cement economic and financial integration of CEMAC member States. The branch, according to Prime Minister Joseph Dion Ngute is part of the policy of the government to endow the region with viable infrastructure for its economic and social development.

Three-storey building and its annex structures. According to the Governor of BEAC, Abbas Mahamat Tolli will be constructed in 24 months and will cover the surface area of 9,144 metres square. Prime Minister Joseph Dion Ngute disclosed that the land has been freely offered by the government. All speakers during the occasion who also included the Mayor of Ebolowa Town, Daniel Edjo'o were unanimous that the BEAC branch in Ebolowa will embellish the city and create jobs for the population of the South Region. They also agreed that the institution will boost trade in the border markets which are Kye-Ossi and Abang Minko.

More From: Cameroon Tribune

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