On July 12, 2022, the 1st ordinary session of the Independent Evaluation Office of the Office was held at the FAGACE headquarters in Cotonou.
Indeed, like international institutions, the Fund has embarked on a new dynamic driven by its Board of Governors with a view to improving its governance in particular and making it more efficient. To this end, during its 12th ordinary session, the Council of Governors decided, as part of the implementation of its 2021-2025 Strategic Plan, to provide the institution with an Independent Evaluation Office (IEO) composed of of the Central Banks of the Member States, namely: the Bank of Central African States (BEAC), the Central Bank of West African States (BCEAO), the Central Bank of Mauritania (BCM) and the National Bank of Rwanda (BNR)
The IBE is attached to the Board of Governors, the supreme body of the Fund and will have the main missions of evaluating all the activities of the Bodies (Board of Directors and Board of Governors) and its branches (Audit Committee, Guarantee Committee, Governance and Remuneration Committee in particular) and General Management in accordance with the objectives and directives assigned by the Board of Governors, the rules in force and the best practices of the profession.
The IBE complements the Fund’s other monitoring, review, evaluation and control tools, and therefore improves the Institution’s capacity to meet the highest standards of governance. He is not subject to the hierarchical authority of any body and exercises his mandate in complete independence. He reports exclusively to the Board of Governors.
The mandate of the IBE extends to all activities of the Fund (headquarters, representations, information and liaison offices included), as well as to all its bodies and staff.
The start of the BIE’s activities, which follows the appointment of three (3) independent directors, confirms the desire of the Board of Governors to see the best standards in governance applied to FAGACE to make the Fund more efficient and more capable of responding more effectively meet market expectations.
