Yaoundé (National Times) – The supervision commission of the Central African financial market and the financial market commission of Cameroon have signed an agreement to reform the Douala and Libreville Stock Exchanges.
The agreement was signed during a meeting in Cameroon’s economic capital Douala, under the supervision of the President of PREF-CEMAC GILBERT ONDONGO. Other officials from top international financial organizations such International Monetary Fund, The World Band and other stakeholders, attended the meeting.
The purpose of the meeting, according to CEMAC financial market officials was to see how they could jointly accelerate economic growth in the sub region. As part of the meeting, the officials agreed on top priority projects that could see huge investemnts in the coming years.
” We have decided that we will have 13 priority projects in two domains, that is electricity and road connection ” Professor MICHAEL NJIENA WEMBO Permanent Secretary of PREF-CEMAC told Cameroon’s Radio and Television.
The Douala stock exchange ( DSX) is the official market for securities in Cameroon. It was created in December 2001 and is located in Douala. The Credit Association of Cameroon dubbed APECCAM owns it. Some of its key members includes African Forestry and Agriculture Association of Cameroon (SAFACAM) and SOCAPALM.
Meanwhile, the Libreville stock exchange know as Bourse Regionale des Valeur Mobiliers d’Afrique Central or BVMAC, serves countries of Central African Republic of Congo, Equatorial Guinea and Gabon.
At the end of the 8th ordinary session of the steering committee meeting of PREF-CEMAC, the President of the committee, professor, GILBERT ONDONGO expressed his wish to accelerate the integration of sub regional economies, specially on capital and securities.
The merger of the two stock exchanges will therefore contribute to instilling a new financial market development momentum in Central Africa.