PRESS RELEASE
The Board of Governors of the Fonds Africain de Garantie et de Coopération Economique (FAGACE) held its 11th ordinary session on Friday, June 21, 2019 at its headquarters in Cotonou, under the chairmanship of Mr. Calixte NGANONGO, Minister of Finance and Budget of the Republic of Congo, current Chairman.
Represented at this session were the Governors of Benin, Burkina Faso, Cameroon, Central African Republic, Congo, Côte d’Ivoire, Mauritania, Rwanda, Senegal, Chad and Togo.
The 11th ordinary session of the Board of Governors was preceded by the 53rd session of the Board of Directors held on June 20, 2019, which submitted its report to the Board.
In examining the items on its agenda, the Board of Governors paid particular attention to the said report. It thus took note of the results of the work of the Board of Directors, which approved, among other things:
- the 2018 activity report,
- the Fund’s financial statements,
- the adoption of the Fund’s prudential ratios,
- the adoption of the procedures manual.
After examining the report’s conclusions and recommendations, the Board of Governors congratulated the Fund’s Executive Management and the members of the Board of Directors on the qualitative results achieved. It then took a number of important decisions, including:
- the adoption of the 2018 financial statements and the Statutory Auditors’ reports as at December 31, 2018, which show a profit,
- the renewal of the mandates of the current auditing firms AAA-Bénin and Deloitte Bénin, as statutory auditors for the 2019 and 2020 financial years,
- the call for a new tranche of capital in the amount of FCFA 25,000,000,000.
With these decisions, the Board of Governors reaffirmed its support for the Fund and for the strategic reorientation of the institution initiated to enable it to fully play its role to the benefit of the economies of member states.
Finally, the Presidency of the Board of Governors has been entrusted to the Republic of Chad, as Congo’s term of office has expired.
At the close of the proceedings, which took place in an atmosphere of frank cordiality, the Chairman of the Board of Governors, on behalf of the entire Board and in his own name, expressed his deep gratitude to His Excellency Patrice TALON, President of the Republic of Benin, Head of State, Head of Government, to his Government and to the Beninese people, for the warm and fraternal welcome extended to him.
He thanks the Beninese authorities for their invaluable assistance, and for all the courtesies extended to the various delegations to ensure the smooth running and success of these meetings.
Cotonou, June 21, 2019.
Chairman of the Board of Governors,
Calixte NGANONGO
Minister of Finance and Budget of the Republic of Congo
