Another step towards the creation of the Bank of Central Africa took place in Chad on Thursday (February 1) as the heads of state and finance ministers of five African nations met.
GV Conference building
SV Flags of five nations flying
SV Conference president and his secretary
CU Conference president (Gabon)
SV Finance ministers of Congo and Cameroon seated
SCU Congo Finance Minister at table
SCU Cameroon Finance Minister seated
SV Finance Ministers of Chad and Central African Republic
SV Chad Finance Minister
SV Central African Republic Finance Minister
GV Delegates seated around long table (From here Chief of States meeting)
SV PAN Tombalbaye of Chad arrives by car.
SCU PAN Bokassa of Central African Republic arrives
SV Vice-President of Congo arrives
SCU Ahidjo of Cameroon arrives
SV Bongo of Gabon arrives
SV INT Officials in conference room
CU & SV The five heads of state at table (6 shots)
SV Delegates seated listening
SV Tombalbays speaks
SV Delegates listening
SCU President Bongo speaks
GV Delegates applaud
Initials BB/0127 DS/PN/BB/0151
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Background: Another step towards the creation of the Bank of Central Africa took place in Chad on Thursday (February 1) as the heads of state and finance ministers of five African nations met.
Representatives from Cameroon, Gabon, Central African Republic, Chad and the People's Republic of Congo agreed on procedures for setting up the bank. The creation of the bank came out of a monetary cooperation agreement signed in November between the five nations and France.
At Thursday's meeting of the heads of state, M. Pierre Tchanqe, the secretary-general of the Central African Customs and Economic Union, announced that the first president of the bank would be the Finance and Economics Minster of Gabon.
The meeting reaffirmed the intention to retain the best features of the franc zone which would maintain a stable currency, but expressed the hope that cooperation between the five and France would be adapted to their economic evolution.
The President of Cameroon, Ahmadou Ahidjo, said the creation of the central bank over the past two years was a decisive step, opening new areas for economic cooperation.
SYNOPSIS: Crucial meetings towards the creation of an independent Central African bank took place last week in Chad. The finance ministers and heads of state of five central African nations gathered in Fort Lamy.
The meetings were to work out the mechanics of running the bank for the states of Chad, Cameroon, Gabon, the Central African Republic and the People's Republic of Congo.
Plans for the bank grew out of an agreement last November on monetary cooperation with France.
President Tombalbaye of Chad hosted the heads of state meeting.
They agreed that the first president of the bank would be from Gabon. They reaffirmed the intention of conserving the best features of the fran zone--where national currencies are fixed and guaranteed by the French treasury. But the meeting also expressed the hope that monetary cooperation between the five bank partners and France would be adapted in future to the countries' economic growth. Several leaders said the creation of the central bank would open new opportunities for the states involved.
The franc zone is meant to stabilise and allow the interchange of currencies of member nations. One necessary component for such stability is a large central bank, so far lacking for the African zone members.
President Tombalbaye congratulated the other heads of state on the accords they signed. He and other speakers praised the progress the accords represented and the hopes the agreement brought for the future in Central Africa.