🇬🇦GabonCentral Africa
Fogadac aims for 1 trillion CFA francs by 2036, appoints Gabonese permanent secretary
via Gabon Review3 min read
The management committee of the Central African Deposit Guarantee Fund Fogadac recently convened in Brazzaville, approving measures to strengthen its governance and operational capabilities. The institution aims to increase its intervention fund to 1 trillion CFA francs by 2036, up from its current 346 billion CFA francs. During this session, Désiré Louzolo Tsoumbou from Gabon was appointed as the permanent secretary, supported by Marcel Ombolo Andela from Cameroon as deputy permanent secretary, both serving three-year renewable terms. Chaired by Yvon Sana Bangui, the Governor of the Bank of Central African States BEAC, the meeting on July 17, 2026, also reviewed the Fund's financial status as of June 30, 2026. Fogadac's intervention reserve reached 345.8 billion CFA francs, with an investment portfolio of 207 billion CFA francs, generating 8.38 billion CFA francs in revenue during the first half of the year. To enhance governance, the committee approved the creation of an investment committee and a new delegation system for signatures on the Fund's accounts to improve security and responsibility separation. The firm Homme & Développement was tasked with developing a modern legal and social framework for human resources management. Additionally, the recruitment process for senior executives is ongoing, with an ad hoc committee set to finalize selections for Risk Manager and IT Manager positions. Established in 2009, Fogadac's mission is to compensate depositors in case of cre
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This summary was AI-generated from a story originally published by Gabon Review.
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