Chad's former finance minister appointed new BEAC governor

Chad’s former finance minister Abbas Mahamat Tolli, has been appointed as the new governor of the Central Bank of Central African States (BEAC).

News of Mr Tolli’s appointment was confirmed on Saturday during the 27th Special Session of Heads State of the economic Community of Central African States (CEMAC) in Equatorial Guinea’s capital, Malabo.

Mr Tolli will take over from Equatorial Guinea’s Lucas Abaga Nchama under whose management the Central Bank achieved an unprecedented record profit of over 160 billion CFA francs – equivalent to $290 million – in 2015.

The Bank of Central African States serves six central African countries namely Cameroon, Chad, Central African Republic, Equatorial Guinea, Gabon and Congo.

The appointment of the Chadian ex-minister follows the principle of rotation adopted in Bangui in 2010.

The new governor will take office in January 2017, at the end of Mr Nchama’s seven year mandate.