2024-02-11 16:15:08
February 6, 2024 will remain a key date in the recent history of the Bank of Central African States (BEAC). This day indeed ended the 7-year mandate of Governor Abbas Mahamat Tolli, in accordance with the statutes governing the institution. An end of reign which opens the way to a stormy transfer of power.
Game over
In a letter addressed to the highest governing bodies of the BEAC, the Director General of General Control recalls the texts in force. The 7-year mandate of Abbas Mahamat Tolli, which began on February 6, 2017, ends on February 6, 2024. De facto, the latter “no longer has a mandate and legal authorization” to represent his country in the central bank government.
Showdown in sight
Above all, the general director of general control warns that under the statutes of the BEAC, it is automatically the vice-governor who takes over as interim head of the institution, in the event of “incapacity or temporary absence of the governor”. Clearly, Abbas Mahamat Tolli is asked to hand over the reins.
A complex transition
It remains to be seen whether the deposed governor will easily comply with this injunction. In the meantime, his replacement by the CEMAC heads of state has not yet been appointed, leaving a climate of uncertainty. To avoid any vacancy in power, the Director General of General Control already lists in his letter the transitional provisions which will govern this unprecedented transition at the top of the BEAC. A standoff in sight between the pundits of the old lady of the rue du 20 mai…
The specter of an implosion
This psychodrama at the heart of the central bank is cause for concern. Between the appetites of the Tolli clan which clings to power and the cold determination of the director of general control to enforce the texts, it is difficult to see how peaceful cohabitation could continue.
However, a paralysis or worse an implosion of the BEAC would cause a financial cataclysm in the CEMAC sub-region. Less than a year before the next electoral deadline in Cameroon, this worst-case scenario must absolutely be avoided. As quickly as possible, wisdom and a spirit of responsibility must prevail on both sides to ensure the essential continuity of the institution. The future of 150 million Central Africans depends on it.