Gabon – 55 Gabon
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Gabon – 55 Gabon 2006 At a Glance M 2679 m a COLLINES� 1500 m D m jé m b M Owerri r o é p OBAN e L r o Bafoussam m é k o Population (mn) 1.4 Umuahia N o u 2396 m 1345 m B n o O Calabar u ub m a NIGERIA ï REPUBLIQUE� n e B gu b Uyo d o i é u a a m g K a II b Port Harcourt San Bertoua é CENTRAFRICAINE Bangui Population Growth (annual %) 1.6 I L Mont� o b Cameroun � a Berbérati y 4100 m Douala e Bimbo A IE D U BIA FR A B Buea Ka Yaoundé deï Mbaiki Official Language French Malabo Pico de� N yo ng Nola Santa Isabel� 3008 m i u g Ile de Bioko�CAMEROUN n a D ja b Guinée Equatoriale u O Currency CFA Franc (XAF) Ebolowa S a n 750 m g h a i Pointe Epote m K u N te om g n 704 m a re N b Z aï Bitam u GDP (Current US$ bn) 9.5 Minvoul goko M bin O i a n GUINEE� i MINKEBE Impfondo Príncipe v EQUATORIALE A Ouesso Oyem oua i i D r M i G am i Cap San Juan b u a GDP Growth (annual %) il S g 2.1 b i SAO TOME-� o i n m n g lo a a u t Mts de� n L n U a Cocobeach b M Bélinga� Mékambo g ET-PRINCIPE Ile de Corisco t h u s 1024 m a L . Mitzic i O D ko E ua C Makokou la R I a Libreville S GDP Per Capita (US$) 6,750 Ovan o u T d x São Tomé Pointe Pongara Ntoum A vin CONGO L Mts� I ouala Mbandaka Lik H Kango MOKEKOU Pico de� Booué e Ruki r São Tomé� b e 2024 m N'djolé O s g Owando São Tomé o FDI, net inflows (US$ mn) (2005) L 300.0 o u i k é Okondja o Port Gentil u é Lambaréné a u Ewo l Cap Lopez o Onga a go Lastourville O Iboundji Fougamou Mf. DU CH Akiéni N a External Debt (US$ mn) g Koulamoutou im 2.2 l o Lagune Nkomi u N'gouoni A n ié Moanda Mimongo AILLU Pana Bongoville Omboué Mandji Léconi Mouila 1020 m Franceville External Debt /GDP (%) 23.0 Lagune Iguéla Mbigou Bakoumba 903 m Lac� Boumango � Moabi Ndendé Malinga Mai-Ndombe Lac Mandjé Mts DOUDOU a L g P Djambala ok an L oro Tchibanga y A Fim i N Léfini CPI Inflation (annual %) Gamba a T 1.9 E ng Mabanda a A w a N y U K MAYOMBE X Lu ken B ie Mont Pelé� A Mayumba T Bandundu 834 m É K Lagune Banio É e Ka r sa Exports of goods and services (% of GDP) ï i 69.7 Sibiti a Ndindi u Z o l i ngo u a o N C u K iari Brazzaville Dolisie a b 857m Madingou Kinkala m Gross Official Reserves (US$ bn) 0.87 a W Pointe-Noire Kinshasa 798 m re aï Gross Official Reserves (in months of imports) 6.8 Z REPUBLIQUE� Cabinda DEMOCRATIQUE� I D U C O N G O n e UNDP HDI RANKing 124 k g n i oa O C E A N � Ponta do Padrão M'banza Congo� si L � K w K e w n g i l Source: AfDB, IMF, UNCTAD, UNDP, UN Population Division e u M 'Bridg e ATLANTIQUE C u a Uíge� L n u g C a o h n i � g c a u p e a GABON Baía� ANGOLA do Bengo 1. Overview of Financial System GEOATLAS - Copyright1998 Graphi-Ogre CEMAC, the supreme authority0 km 100 of the200 UMAC;300 400 km Gabon is a member of the Central African Economic • The Council of Ministers; and Monetary Community (Communauté Economique • The central bank, Bank of Central African States et Monétaire de l’Afrique Centrale-CEMAC), which (Banque des Etats de l’Afrique Centrale -BEAC- is composed of six member countries: Cameroon, ), the common independent central bank; Central African Republic, Chad, Republic of Congo, • The Banking Commisssion, ( Commission Equatorial Guinea and Gabon. The CEMAC is Bancaire de l’Afrique Centrale (COBAC), composed of the following four institutions: harmonises and controls banking activities; 1. Central African Economic Union (Union • The stock market, Bourse des valeurs mobilières. Economique de l’Afrique Centrale –UEAC-) The BEAC was established in 1972, the successor 2. Central African Monetary Union ( Union to the Banque Centrale de l’Afrique Equatoriale et Monétaire de l’Afrique Centrale- UMAC-) du Cameroon (established in 1955). It formulates 3. Community Parliament and implements the monetary policy of its member 4. CEMAC court of justice countries, and also preserves the stability of the The UMAC, headquartered in Yaoundé, is responsible common currency of the membeer states, the CFA for the monetary policy of its member countries. It Franc (franc de la Cooperation Financiére en Afrique also involved, with the UEAC, in the coordination Centrale), which is pegged to the Euro. The French of economic policy to ensure consistency between treasury guarantees the convertibility (not the national budget policies and the common monetary exchange rate) of the CFA Franc. BEAC uses both policy. The UMAC is administered through: reserve requirements and the discount window to • The Conference of Heads of States, created implement its policy. The financing of the economy of through the Agreement establishing the the CEMAC region has increased by 9.2% from XAF 56 – Gabon 1,850 billion in 2005 to 2,019 billion in 2006. The the member countries on a host country. Cameroon target inflation rate for the region has been set at a decided to create its own exchange, the Douala Stock maximum of 3%. Exchange (DSX), whilst a separate stock exchange was established in Gabon, the Central African Stock There are 29 banks operating in the CEMAC region Exchange (BVMAC) (Cameroon: 10; Central African Republic: 3; Chad: The legal framework of the region’s capital 5; Congo: 4; Equatorial Guinea: 2 ; Gabon: 5), markets is defined by Act n° 03/01-EMAC-CE 03 with total assets of XAF 659 billion as of February of 8 December 2001. Under the provisions of the 2007. Act, the Financial Markets Surveillance Committee (Commission de Surveillance du Marché Financier de Bank and Non-Bank Financial Sector l’Afrique Centrale-COSUMAF) has sole jurisdiction A total of six banks operate in the country, together with for approving securities for listing on the BVMAC. six finance companies, two securities firm and more It plays a regulatory and supervisory role to protect than 20 micro-finance institutions. Banking activity is investors and ensure that the market operates supervised by the COBAC. Gabon’s banking sector properly. Two companies, SFA Gabon and BGFI accounts for 90% of total financial sector assets, and Bourse have been authorized to act as brokers for the is dominated by three banks controlling 75% of the BVMAC. However operations have not yet started on market. the stock exchange. The insurance sector is regulated and supervised by a regional body, the Interprofessional Committee of 2. Foreign Exchange the Insurance Market (Conférence Internationale des The CFA Franc is the common currency of 14 countries Marchés d’Assurances-CIMA). It was established on located in West Africa (WAMU) and Central Africa July 10, 1992 in Yaounde (Republic of Cameroon) (CEMAC), and has a fixed parity with the Euro at XAF G and includes the following countries: Benin, Burkina, 655.957 / 1 EUR. The French treasury guarantees Cameroon, Central Africa, the Comoros, Ivory Coast, the convertibility and stability of the XAF. Payments Gabon, Equatorial Guinea, Guinea Bissau, Mali, Niger, and transfers of capital within the CEMAC region and Senegal, Chad and Togo. The CIMA Treaty came into current account transactions with all countries are effect on February 15, 1995. The regulatory body of unrestricted. However, restrictions on transactions the CIMA is the Regional Commission of Insurance of capital accounts apply for outflows to countries Control (CRCA) whereas the Council of Ministers is outside the CEMAC. the supreme body. The insurance industry represents a very small CFA Per Unit of USD (Year End) part of the financial sector and has a low penetration 800 rate. Similarly, micro-finance institutions have a small outreach. 700 600 Capital Markets As is the case in the CFA West Africa zone which 500 has a common stock exchange (Bourse Régionale 400 des Valeurs Moblières-BRVM), the Central African 2000 2001 2002 2003 2004 2005 2006 Region also sought to establish a common stock exchange. However, plans for these were temporarily Source: Bloomberg shelved, as agreement could not be reached between Gabon – 57 3. Key Contacts • Banque des Etats de l’Afrique Centrale (BEAC) • Commission de Surveillance du Marché Mailing Address: B.P. 112, Libreville, Gabon Financier de l’Afrique Centrale (COSUMAF) Other Address: Boulevard de B.P. 1724, Libreville, Gabon l’Indépendance, Libreville, Gabon Tel: +241-747591 Tel: +241-176-0206 Fax: +241-747588 Fax: +241-174-4563 E-mail: [email protected] E-mail: [email protected] Web: www.cosumaf.org Web: www.beac.int • Bourse des Valeurs Mobilières de l’Afrique Centrale (BVMAC), Place de l’Indépendence B.P. 2165, Libreville, Gabon Web: www.bvm-ac.com .