The Bank of Central African States (BEAC) plans to gradually increase the share of export revenues that extractive companies must repatriate, starting in 2027, as it seeks to strengthen foreign exchange reserves across the CEMAC region.
In a statement issued on April 23, Governor Yvon Sana Bangui said the current repatriation rate of 35% will rise to 50% on January 1, 2027, and then to 70% from January 1, 2028.
The policy applies to the six CEMAC countries and is designed to ensure that more export earnings are held within the region. These reserves are critical for financing imports and maintaining external balance.
The governor said the phased approach is intended to strengthen the contribution of export revenues to foreign exchange reserves while maintaining a predictable regulatory framework for companies.
The move signals a tightening of exchange controls for extractive industries. Although the revised foreign exchange regulations were adopted in 2018 and came into force in March 2019, their application to extractive companies was delayed until January 2022 after strong resistance from industry players.
At the time, BEAC held extensive consultations with companies to adapt the rules to sector-specific constraints. These adjustments included allowing firms to hold foreign currency accounts both داخل and outside the region, exempting exploration-phase companies from repatriation requirements, and permitting expatriate workers’ earnings to be transferred abroad from accounts held within CEMAC.
The latest decision reflects a shift in the central bank’s stance, but it stops short of addressing the most sensitive issue: rehabilitation funds, known as RES funds.
According to the April 23 statement, funds set aside for site restoration at the end of mining operations remain excluded from repatriation requirements under current regulations.
These RES funds—estimated at around CFA6 trillion—have long been at the center of tensions between BEAC and extractive companies. The amount is close to the region’s total foreign exchange reserves, which stood at CFA6,769 billion at the end of February 2026.
After nearly seven years of unsuccessful negotiations over these funds, BEAC has decided to leave the issue to member states, the governor said following a meeting with Gabon’s president on March 25.
In theory, bringing these funds into the region would significantly boost reserves, strengthening external stability and supporting the CFA franc. But without them, a large share of potential foreign currency inflows remains out of reach.
BEAC expects foreign exchange reserves to cover about 4.52 months of imports in 2026, below the five-month level generally considered comfortable by the International Monetary Fund. Falling below three months would signal a critical imbalance.
In that context, while the new measures tighten exchange regulations, they do not resolve the core issue. As long as RES funds remain outside mandatory repatriation, a substantial portion of expected foreign currency inflows will continue to bypass the central bank.
Brice R. Mbodiam
