The financial market of the Economic and Monetary Community of Central Africa has to provide its supervisory committee, the COSUMAF, a General Regulation. To analyze the significance of this reform, we turned to Boris Mortor, partner at Eversheds Law Firm.
Les Afriques : under what conditions these new rules were created ?
Boris Mortor : The General Rules of COSUMAF, the oversight Commission of the financial market, supervisory authority and control of the regional organization of central Africa, is the fruit of several years of dialogue and consultation among the six member states of CEMAC. After a first draft presented in 2005 at the COSUMAF College, the governing body of the supervisory committee, the General Regulation was finally adopted by the latter in July 2008, to enter definitively into force this year 2009.
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About Amchamcam
The American Chamber of Commerce in Cameroon is a voluntary association of the companies and individuals doing business in Cameroon
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We extend an invitation for you to join the American Chamber of Commerce in Cameroon. Actively engaged in promoting member businesses through advocacy, networking, and outreach..
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Our primary objective is to advance the development of trade, commerce, and investment between the United States of America and Republic of Cameroon
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Membership is open to all Cameroonian and foreign legal entities, international organizations, governmental services and embassies who are interested in our objectives.
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Amcham Cameroon’s members meet, regularly, every month to discuss and interact on the topics of current significance to conducting business in or with Cameroon and USA
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American Chamber of Commerce in CameroonChampagne Plaza Building P.O. Box 4006 Douala CameroonEmail : amchamcam@live.com / Website: www.amchamcam.org
Find moreECONOMIC NEWS
Bowleven discovers «100 million barrels off the coast of Cam…
A few days after oil was discovered in the extreme north of the country, Cameroon welcomes yet another happy announcement. The Scottish oil company Bowleven publicized a substantial discovery off Douala, 35 metres deep, in the Rio...
Read moreOil discovered in the Extreme North of Cameroon
The National Hydrocarbons Company of Cameroun (SNH), confirms that the research undertaken in the region has been « fruitful ». The quantity of crude available has not yet been estimated but the technicians believe it to be substantial: «...
Read moreCEMAC Banks: A cash surplus of 4.5 billion Euros
The Gabonese President, accompanied by Lucas Abaga Nchama, Governor of the Bank of Central African States (BEAC), inaugurated the new head office of the Central African BankingCommission (COBAC) entrusted with the control...
Read moreCameroonian Employers contest the « good score » given by Do…
During the last meeting of the Board of Directors of the 295-member Employers' Movement, Protais Ayangma Amang, President of Cameroon Enterprises (ECam), his Vice Presidents Célestin Tawamba, Jean Perrial Nyodog and the Director General Christian Pouth, ...
Read moreEto’o intends to invest in Cameroonian telecoms
According to the communication services of the Cameroonian Post and Telecommunications Ministry, soccer star Samuel Eto'o is said to have opened up to the Minister about his desire to invest in his country's telecoms sector. «During the...
Read moreThe new COSUMAF Regulation is favorable to foreign investors…
The financial market of the Economic and Monetary Community of Central Africa has to provide its supervisory committee, the COSUMAF, a General Regulation. To analyze the significance of this reform, we turned to Boris Mortor, partner at Eversheds Law Firm.Les...
Read moreCameroon and Côte d'Ivoire seek to keep their public wage bi…
The Cameroonian and Ivorian governments are engaged in public expenditure reduction operations through vast censuses targeting public servants. In Cameroon, the campaign which will extend from 10 August to 10 October2011, requires public servants, contract officers and subordinate staff to...
Read moreCAMAIR-CO conquering the African sky
The new Cameroonian airline intends to cover about a dozen destinations in Africa this month; a deployment meant to strengthen the competitiveness of CAMAIR-CO, whose activities were launched in very difficult circumstances.
Read moreThe era of major projects
A few months before the end of his seven-year term, Paul Biya can boast of having placed most his major projects in the pipeline. Ready for implementation, many are at their start-up phase and many more,...
Read moreA healthier economic situation
As a result of the world economic crisis between 2008 and 2009, real GDP growth slowed down, declining from 2.9% to 1.9%. Thus, the 4.5% growth rate expected for next year seems like a significant pick-up for...
Read moreAn Unused land potential
In this country called « Africa in miniature », nestled at the heart of the Equator with its head at the starting point of the Sahel, the agro-ecological zones are so diverse that there is land for...
Read moreThe hallmarks of modern agriculture
Dubbed "the Show of the modern era", the agro pastoral fair of Ebolowa, in the South, will have provided thousands of participants with the opportunity to discover one of the first milestones of this new agriculture. Thus, ...
Read moreIn favor of local processing
The production of perennial export crops like cocoa and coffee have risen substantially. Thus, cocoa production has reached 230000 tons. In this area, Sodécao, a State-owned corporation responsible for promoting this crop, presented the accomplishments made...
Read moreCentral Africa: COBAC in the dock
Half a dozen cases pending before the Central African Court of Justice involve local banks and the community organ in charge of regulating the banking sector. The reorganization of the banking sector in Central Africa is far...
Read moreCameroon : The insurance sector on track
The uptrend observed these past years should be confirmed in the coming years. Between 2009 and 2010, the turnover was expected to register a 7% increase according to an analysis of the Association of Insurance Companies of...
Read moreCentral Africa: COBAC in the dock
Half a dozen cases pending before the Central African Court of Justice involve local banks and the community organ in charge of regulating the banking sector.The reorganization of the banking sector in Central Africa is far from being complete. Recently,...
Read more« I have a passion for the development of Cameroon and Afric…
Considering the size of the villa in which we were received in his village in Bansoa on Saturday 16 April, it is impossible to believe that the person earning just 200 CFAF (less than 50 centimes of...
Read moreIFC favorable to the strengthening of its support for Camero…
IFC whose scope of action was based in particular on supporting the financial sector is favorable for strengthening and diversifying its activities in Cameroon, to assist this country to the path of economic emergence The ambition of the Cameroonian authorities to...
Read moreCentral Africa has a guarantee fund for banks
The body responsible for guaranteeing and safeguarding the deposits of savers is now operational within the countries of the Economic and Monetary Community of Central Africa (CEMAC). The Deposit Guarantee Fund in Central Africa (FOGADAC), created seven years ago by the...
Read moreBGFI Bank moved to Cameroon
The Franco-Gabonese bank, presented as the leading financial group in Central Africa, has officially started its activities in Cameroon in March 2011. The country of Paul Biya should quickly become one of the development hubs, according to the development plan...
Read moreCameroon intends to double the country's oil production by 2…
The research exploration across the country thus the modernization and expansion of the refinery has entered in a logical improvement of supply in order to meet a more and more important external demand Despite a difficult international financial situation, the CEO...
Read moreRubber: how to stretch the production?
As the effects of the international crisis are waning, the hope for a strong recovery in rubber production is reborn, with ongoing programs of modernization and expansion of rubber plantations. The rubber production in Cameroon is in decline. The economic crisis that...
Read moreACTIVITIES
A Sobering Speech
June 8, 2010 marked our final business luncheon before adjourning for summer. It also heralds farewell to U.S. Ambassador Janet Garvey for her three years as Honorary Board President of Amcham and senior ranking U.S. official in Cameroon. Ambassador Garvey’s first...
Read moreDoing Business : The Investment Promotion Agency
As the name implies, the Agency for the Promotion of Investments is an institution of promotion and facilitation of investments. The API will play a role in the orientation of investors, be they foreign or national, in the implementation of...
Read moreAfrican AmCham Leadership Summit
The US Chamber and the Africa Business Initiative along with eighteen delegates from Sub-Saharan African AmChams came together to discuss common themes at the first annual AmCham Africa Summit. It’s no surprise that the meeting place for the increasingly influential...
Read moreForeign Corrupt Practices Act
It pays to do business in an ethical manner », US Embassy official tells Amcham. “Giving a bribe, or accepting one, could turn out to be long-term time bomb that could sooner, rather than later, explode in your face.” That...
Read moreIllinois Trade Mission
In keeping with its primary objective to promote trade with the private sector in the United States, The AmCham in conjunction with the US Embassy Yaoundé welcomed the Illinois Trade Mission to Cameroon. Sam Ntum, a native of Cameroon...
Read moreThe new COSUMAF Regulation is favorable to foreign investors
