• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business

As the African Energy Chamber sets for litigation, BEAC postpones implication of new forex regulation towards 2021

5 years ago
in Business, Energy, highlights, Home, home-news, latest News, Markets
2 min read
0 0
0
66
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

RelatedPosts

Multichoice Rebuffs Minister’s Claim On DSTV Price Cuts, Cites Market Conditions

MTN Nigeria Now the Most Capitalized Stock in Nigeria

Nigerian Stock Market Creates Largest Pool of Billion-Dollar Stocks in 2025

The African Energy Chamber (“the Chamber”) which represents nearly every segment of the energy sector, is pleased to announce the extension on the implementation of the BEAC Forex Regulation from January 1st to December 1st 2021.

The is based on the decision made by H.E. Abbas Mahamat Tolli, Governor of BEAC, no. 119/GR/2020 to delay the implementation, signed on November 5th 2020

The energy industry and everyday people do believe this is a step in the right direction, however, it is simply not enough.

“While we thank BEAC for listening to the Chamber, businesses, workers and foreign investors, we still believe that these regulations need to be stricken down. Though extended, the regulations as they stand, without amendments, are the most dangerous and Anti -African regulations in the world and cannot be left hanging on people’s heads without being corrected,” said NJ Ayuk, Executive Chairman of the African Energy Chamber.

One of the core principles of The Economic Community of Central African States is the promotion and strengthening of cooperation in order to achieve collective self-reliance, raise the standard of living for its peoples, increase economic stability and contribute to the progress and development of the sub-region and the African continent as a whole (Art 4 ECCAS Treaty).

These Regulations stifle the vision and spirit in which the treaty was signed. 

These regulations violate the very ethos of government bodies, which is to serve the interests of its people and to ensure that any regulations passed do not obstruct economic growth and self-reliance of the people in the CEMAC region.

The Chamber believes that we must continue to fight for the ability of small businesses, everyday people, investors, especially oil and gas companies to hire, invest, grow, succeed and create jobs in Africa as this is required for our post-COVID-19 recovery.

Certain provisions in the BEAC Forex Regulations appear to be anti-fair trade and against the objective of the AfCFTA, an agreement which has been ratified by all CEMAC member states.

One of the key objectives of the Agreement is to “create a single market for goods, services, facilitated by movement of persons in order to deepen the economic integration of the African continent,” it states.

Therefore, these regulations are counterproductive as they have diminished the attractiveness of the CEMAC for foreign direct investments and cross border trade.

“It is because of this that the Chamber asserts that it will continue with its intention to litigate against regulations that put extremely deterrent barriers for entry of investors in Gabon, Cameroon, the Republic of Congo, Equatorial Guinea, the Central African Republic and Chad. The regulation in itself is in clear contradiction with the spirit of the AfCTA. It is illegal. It should be repealed and replaced with a more pro-growth and pro-jobs regulation which the chamber is willing to provide to BEAC,” Ayuk concluded.

The Chamber believes that this regulation will contribute to the growing challenge of energy poverty, corruption and the increasing role of bureaucrats in business affairs. The question is simple, why add more burdens and barriers?

Businesses, everyday people and people on the front lines need to be protected from this and the Chamber is committed to seeing it through. Our mission here is loud and clear: we are dedicated to being resolute in this provocation.

Source: African Energy Chamber
Via: norvanreports
Tags: Africa Energy ChamberBEACForex regulations
No Result
View All Result

Highlights

OPEC+ Nears Decision Point on Next Oil Output Hike

Europe’s Energy Future Hinges on Global Powers

US Companies Cut Investments in China to Record Lows, Here’s Why

How AI is Rewriting and Enhancing Water Risk Management

SheFarms Broiler Edition Kicks Off in Greater Accra

PharmAccess Ghana, Healthcare Federation of Ghana sign SafeCare License Agreement; to use Newest ISQua-Certified Version 5

Trending

Business

Multichoice Rebuffs Minister’s Claim On DSTV Price Cuts, Cites Market Conditions

August 3, 2025

Multichoice Rebuffs Minister's Claim On DSTV Price Cuts, Cites Market Conditions MultiChoice Ghana has pushed back against...

MTN Nigeria Now the Most Capitalized Stock in Nigeria

August 3, 2025

Nigerian Stock Market Creates Largest Pool of Billion-Dollar Stocks in 2025

August 3, 2025

OPEC+ Nears Decision Point on Next Oil Output Hike

August 3, 2025

Europe’s Energy Future Hinges on Global Powers

August 3, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.