Resources companies start lobbying as Cemac currency rules bite

The decision to impose stricter rules regulating currency transfers and payments across the Central African Economic and Monetary Union (Cemac) countries – heavily promoted by the International Monetary Fund (IMF) and its key ally in the process, the regional Banque des Etats de l’Afrique Centrale (BEAC) – reflects an urgent need to improve governance and macroeconomic management in much of the region. But a pile-up of payments delays and the sketchy implementation of currency controls have emerged as a major threat to day-to-day business for companies operating in the Central African franc zone.