Capital Markets

The Central African Stock Exchange (Bourse Régionale des Valeurs Mobilières d’Afrique Centrale, BVMAC), headquartered in Libreville, is one of two regional bourses – both of which are located in CFA zones – on the African continent. The past few years have seen only occasional activity on the bourse, in spite of the region’s improving headline growth and the sizeable expansion plans of some of its largest firms. In 2011 sovereign debt accounted for 65% of listed instruments on the BVMAC. Regional and international organisations, such as the BDEAC and the International Finance Corporation, made up 11%, while private firms comprised 24%. Efforts to increase the number of companies active on the bourse include offering incentives, such as a 25% reduction in corporate taxes for firms that list 10-15% of their capital. This chapter contains an interview with Pierre Vandebeeck, Chairman and Managing Director, Société d’Investissement pour l’Agriculture Tropicale (Siat).