Merger between the stock exchanges of Douala and Libreville is imminent

The Roland Berger study proposes the merger of the Stock Exchange of Central Africa (BVMAC) in Libreville and Douala Stock Exchange (Dsx) in Douala, Cameroon.

A mission of the Financial Market Supervision Commission of Central Africa (COSUMAF) accompanied by a team of consultants from Roland Berger study, currently resides in Cameroon for a study on the potential of the financial market of Central Africa launched last July.

The study, which was funded by the World Bank, as part of the project for capacity building of the institutions of CEMAC, aims to produce a report on the corporate market. This is to increase market culture.

In the opinion of many experts who follow the evolution of financial markets in Central Africa, the existence of the two stock exchanges in the CEMAC zone does not allow the construction of a liquid and efficient market for securities in this sub region.

Ten years after the creation of the BVMAC and twelve years after the Dsx was brought to the baptismal funds, the idea of a merger trots more than ever in the minds of many analysts of financial markets and even managers policies.

"Increasingly, I hear about the need to merge the stock exchanges of Douala and Libreville. I think it's an interesting way. Personally, I support it," said Pierre Moussa, the President of the CEMAC Commission on August 14, 2013 during a meeting on the evaluation of Regional Economic Programme (REP).

Already in 2011, the African Development Bank (ADB) had proposed a merger to permanently stop the competition launched several years ago between the two exchanges.

According to the proposal of the ADB, BVMAC should be moved to Douala, Cameroon, where economic activity is greater and the regulator of the subregion (COSUMAF) should be maintained in the Gabonese capital.

Within CEMAC, if the idea of the merger is allowed, the form of the merger still divides the various parties. It is therefore necessary to propose fusion mechanisms and list the different EU and national institutions and bodies subject to change.