CURRENCY REPATRIATIONS : BEAC Records Over FCFA 11 Billion in 5 years

The said repatriations increase represents a 265% rise over 5 years. By the end of 2023, Cameroon’s repatriation volume was estimated at 35%, or 4,186.8 billion XAF. This progress can be attributed to the strong performance of economic activities and efforts to repatriate export revenues.

As for currency outflows, they nearly quadrupled over the same time frame, rising from 2,816.5 billion XAF in 2018 to 12,707.6 billion XAF in 2023, according to the document provided by the central bank. Among these outflows, 46%, or nearly half, were destined for Cameroon, amounting to 5,845.5 billion XAF. Overall, the net balance of transfers in the CEMAC zone is positive and amounted to 890 billion XAF in 2023. However, in the case of Paul Biya’s country, this indicator is negative with a net deficit balance of over 3,000 billion XAF. According to Pierre Emmanuel Nkoa Ayissi, the national director of BEAC, “this situation is due to the behavior of economic agents operating in Cameroon who seek to bypass the vigilance of monetary authorities in order to take currencies out of the country.”

Yvon Sana Bangui, the new Governor of BEAC, is actively working to strengthen compliance with foreign exchange regulations and calls on all economic actors to adhere to them, as this is crucial for the stability of the monetary system. During a press conference on March 25th, following the first regular session of the Monetary Policy Committee (CPM) in 2024, the regional governor stated that discussions were underway with extractive industries regarding the obligation to repatriate currencies intended for site restoration at the end of operations. He assured that all stakeholders, including states, were involved in this process aimed at enforcing foreign exchange regulations in the interest of the community.

Sorelle Ninguem