Central and West African financial regulators form historic alliance to mobilize savings for development
via Gabon Review3 min read
In Libreville on July 6, a tripartite cooperation agreement was signed between the Central African Financial Market Supervisory Commission Cosumaf, the Inter-African Conference of Insurance Markets Cima, and the Financial Markets Authority of the West African Monetary Union AMF-UMOA. This event, held under the patronage of the Gabonese Minister of Economy, took place during a regional workshop focused on "Mobilizing savings for the real economy." The agreement aims to strengthen cooperation between the CEMAC and UEMOA regions to better direct African savings toward financing development. For the first time, financial and insurance market regulators have united their expertise within a common legal framework to enhance financial integration and channel African resources into development financing. This historic agreement seeks to transform African savings into a sustainable lever for development, bringing together regulators, public policymakers, investors, and academics. Jacqueline Adiaba-Nkembe, President of Cosumaf, emphasized that the agreement is not merely symbolic but a concrete act of state and sovereignty, crucial for development. She noted that Central Africa has savings but lacks channels to convert them into productive investment. The discussions focused on directing domestic, institutional, and diaspora savings toward infrastructure, SMEs, and industrialization through instruments like sovereign bonds, investment funds, life insurance, and digital finance. Kossi T
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Gabon's President and founding president of the Union D茅mocratique des B芒tisseurs UDB, Brice Clotaire Oligui Nguema, reviewed the party's first year on July 5 in Libreville. He outlined the political formation's future, emphasizing its role in supporting Gabon's transformation. Addressing party officials, activists, and allied groups, he stated the UDB was established to "sustainably support the vision that the Gabonese people have sovereignly validated" and is "more than a political party, a unifying movement serving national development." Oligui Nguema called for political consolidation and collective engagement, noting the UDB's rapid nationwide establishment. He stressed the need for a clear-eyed assessment to strengthen internal organization, viewing challenges as opportunities for improvement. He announced the first UDB Congress in November 2026 in Libreville to consolidate achievements, clarify responsibilities, and make organizational adjustments. Oligui Nguema highlighted discipline, cohesion, national unity, collective intelligence, and patriotism as guiding values. He urged activists to support government reforms, combat misinformation, and prioritize fact-based public debate. He also called for increased effort and creativity to address economic challenges, reiterating that priorities include "water, electricity, youth employment, health, education, and local development." He encouraged responsible conduct, especially on social media, advocating for solid argument
Jean-R茅my Maganga-Nzamba, Gabon's Consul General in Paris, has been relieved of his duties and ordered to return to Libreville with his family within 24 hours. This administrative decision, dated July 3, 2026, was conveyed in a note attributed to the General Secretariat of the Ministry of Foreign Affairs. The notification states his suspension from the position of Consul General is effective immediately and instructs him to arrange his repatriation, with transport details to be provided promptly. The recall comes as preparations intensify for an official visit by Gabon's Head of State, Brice Clotaire Oligui Nguema, to France from July 19 to 22, 2026. Gabonese authorities have not yet provided official reasons for this decision, leading to questions within the diplomatic community and the Gabonese diaspora in France. Maganga-Nzamba was reportedly appreciated by some members of the diaspora for his efforts in modernizing consular services and improving reception. While the timing of his recall, just before the presidential visit, has led to speculation, no official link between the two events has been established. The exact circumstances of this decision remain unclear, and further details from Libreville are awaited.
The Contemporary Art Days, initiated by the Spanish Embassy in Gabon, opened on July 4 at the Ministry of Arts and Culture in Libreville. The event aims to explore African creativity, its challenges, and its position within the continent's cultural dynamics. The opening ceremony was attended by diplomatic, cultural, and academic figures, including the Brazilian Ambassador to Gabon, Miguel Griesbach de Pereira Franco. A key highlight was the address by Elvira Dyangani Ose, exhibition curator and artistic director of the 2nd Abu Dhabi Public Art Biennial, who shared her perspective on contemporary African art and its future. Rafael Chaves Beardo emphasized the diplomatic and symbolic significance of these days as a platform for reflection on contemporary artistic practices, highlighting art's role in fostering connections between people, intercultural dialogue, and the exchange of ideas. Elvira Dyangani Ose advocated for an open interpretation of contemporary African art, defining it as "everything produced within the continent, but also outside, by artists from the continent." She stressed that this art draws from African societies' history, cultural heritage, diasporic realities, and future imaginaries. Dyangani Ose also addressed the structural challenges hindering the cultural sector's development in Africa, calling for stronger government commitment to sustainable cultural policies that support artists, structure industries, and strengthen institutions. She urged for incre