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Abbas Mahamat Tolli | |
|---|---|
| 5th Governor of the Bank of Central African States | |
| In office February 6, 2017 – February 6, 2024 | |
| Preceded by | Lucas Abaga Nchama |
| Succeeded by | Yvan Sana Bangui |
| Vice Governor | Michel Dzombala |
| Personal details | |
| Born | April 1972 Abéché, Chad |
Abbas Mahamat Tolli (born 1972) is an economist and public figure who served as the fifth Governor of the Banque des Etats de l'Afrique Centrale (BEAC), the central bank of the Economic and Monetary Community of Central Africa (CEMAC), holding that position from February 2017 until February 2024.
Background and Education
[edit]Abbas Mahamat Tolli was born in Abeché, Chad, in 1972. He holds a degree in Business Administration from the University of Quebec. He also has a degree in Economics from the École Nationale d'Administration in Paris.[1]
Career
[edit]Tolli has held a series of positions of increasing responsibility in Chad and in regional institutions:
- 2001-03: Director-General of the Customs Department
- 2003-05: Director, Office of the President
- 2005 Secretary of State for Finance
- 2005-08: Minister of Finance:
- 2008-10: Secretary-General, BEAC
- 2011-12: Minister of Infrastructure
- 2012: Secretary-General, COBAC.
- 2015-16: President, BDEAC
- 2016-24: Governor, BEAC
Notable prior accomplishments
[edit]As Minister of Finance of Chad, Tolli led successful negotiations with the World Bank that resulted in amendments to the country's Oil Revenue Management Law. The revised law reserved 70% of oil revenues for priority poverty-reducing expenditures.[2]
As Secretary-General of the Banking Commission of Central Africa (COBAC), Tolli oversaw the introduction of a new IT master plan, as well as introducing new regulations governing banks and microfinance institutions, notably new capital requirements [3] and new internal control procedures. [4] [5]
As President of the Development Bank of Central African States (BDEAC), Tolli assumed management of an institution in trouble.[6] By December, an interim action plan was approved by the BDEAC Board to establish order in the Bank's accounts. This followed an audit by the regional bank supervisor, the COBAC, confirming outside audit results commissioned by President Tolli that had shown that the Bank's resources were insufficient to meet its loan commitments.
By December, Tolli had an interim action plan before the BDEAC Board of Directors and approved. The Action Plan included the modernization of the BDEAC's software and accounting systems; a capital increase; modernizing the governance structure and recruiting new staff; and focusing on loan collections. The plan was endorsed by a meeting of international institutions in January 2016.
Abbas Tolli took the reins of the BEAC at the beginning of 2017. At that time, the BEAC's international reserves were low, and there was some discussion of the possible need for a devaluation of the CFA franc; the price of oil, on which most member countries depended for much of their revenue, had plummeted in the second half of 2014, and member countries were in recession; and the BEAC was making substantial losses on its operations. In addition to the policy challenges, Tolli commissioned an operational audit in 2017, the results of which were translated into far-reaching reforms over the following years.[9]
In this context, Abbas Tolli's key contributions were the following:
Macroeconomic Management
Working closely with national authorities of member countries and the IMF, in line with the PREF-CEMAC reform program, he helped put in place economic and financial programs to reverse the loss of reserves and bring regional GDP growth from -1.6% in 2016, following the oil price shock, to 2.2% in 2023, while foreign exchange reserves rose from €4.7 billion to €10.4 billion.[10] Tolli also led the monetary policy response to the Covid-19 pandemic, as well as the subsequent tightening of policy when faced with the inflationary shock caused by the Ukraine War and other supply disruptions. Finally, and in line with Phase 2 of the PREF-CEMAC, he collaborated in the conclusion of agreements on a second round of IMF-supported programs.
Monetary Policy Management
[edit]The Tolli period was notable for major changes in the framework for the conduct of monetary policy. New bodies were established for the conduct of monetary policy, and monetary financing of government deficits was ended: outstanding loans were consolidated and set for gradual repayment. In place of the so-called "statutory advances", member states were directed to the regional money market to place securities, with the BEAC also establishing an emergency lending facility. Government financing through bill issuance in the CEMAC rose from FCFA 0.9 trillion in 2016 to FCFA 6.4 trillion in 2023.[10]
Financial Sector Reforms
[edit]At the same time member states were directed to the regional money market, the market itself was being developed. This includes improving governance in the banking sector, enhancing the regulatory framework, and ensuring greater financial stability. The interbank market, which was essentially moribund in 2016, recorded FCFA 1.1 trillion in operations in 2024.[10] The two stock exchanges--one in Cameroon and one in Gabon--were merged into one and a regulator set up. Repatriation requirements for foreign exchange were tightened, resulting in a doubling of foreign exchange inflows between 2020 and 2023, increasing foreign exchange availability in the banking system. The banking supervision process was also restructured, with a new system of digital oversight introduced.
Internal Management
[edit]Improvements were also achieved in this period in risk management, with the establishment of an Internal Audit Department, liquidity management, and the payment system, where the emphasis was on establishing the interoperability of payment systems using the paperless E-TRANSFER platform. Finally, internal management was tightened, and the BEAC went from a loss of €15 million in 2018 to a profit of €5 billion in 2023, substantially strengthening the BEAC's financial structure.[9]
Controversy
[edit]In April 2022, the Central African Republic passed a law adopting the cryptocurrency Bitcoin as legal tender, only the second country in the world to do so. Tolli, in opposing this move as contrary to the regional treaties governing the BEAC. The CAR was eventually compelled to suspend the new law pending the issuance of BEAC regulations governing cryptocurrency in the region. [11][12]
References
[edit]- ^ https://www.facebook.com/photo.php?fbid=946917645391555&id=222770241139636&set=a.464807826935875
- ^ "CHAD-CAMEROON PETROLEUM DEVELOPMENT AND PIPELINE PROJECT: OVERVIEW" (PDF). World Bank. December 2006. Retrieved 2024-09-12.
- ^ "REGLEMENT COBAC R-2016/03 RELATIF AUX FONDS PROPRES NETS DES ÉTABLISSEMENTS DE CREDIT" (PDF). Banque des États de l'Afrique Centrale. March 8, 2016. Retrieved September 13, 2024.
{{cite web}}: CS1 maint: url-status (link) - ^ "REGLEMENT COBAC R-2016-04 RELATIF AU CONTRÔLE INTERNE DANS LES ÉTABLISSEMENTS DE CREDIT ET LES HOLDINGS FINANCIERES" (PDF). Banque des États de l'Afrique centrale. March 8, 2016. Retrieved September 13, 2024.
{{cite web}}: CS1 maint: url-status (link) - ^ "Afrique centrale : la BDEAC sommée de se réformer - Jeune Afrique.com". JeuneAfrique.com (in French). Retrieved 2024-09-13.
- ^ Tchadinfos (2015-05-07). "Zone CEMAC : ABBAS TOLLI devient Président de la BDEAC". Tchadinfos.com (in French). Retrieved 2024-09-12.
- ^ "L'héritage d'Abbas Mahamat Tolli à la Beac en 12 points". EcoMatin (in French). 2024-02-13. Retrieved 2024-09-14.
- ^ Banque des États de l'Afrique centrale, Bilan de la mandature du Gouverneur de la BEAC, S.E.M. Abbas Mahamat Tolli, Yaoundé, Cameroon, 2024, 17 pp.
- ^ a b Banque des États de l'Afrique centrale, Bilan de la mandature du Gouverneur de la BEAC, S.E.M. Abbas Mahamat Tolli, Yaoundé, Cameroon, 2024, p. 16
- ^ a b c Banque des États de l'Afrique centrale, Bilan de la mandature du Gouverneur de la BEAC, S.E.M. Abbas Mahamat Tolli, Yaoundé, Cameroon, 2024, p.7.
- ^ "Central African Republic adopts bitcoin as an official currency". Reuters.com. April 28, 2022. Retrieved September 13, 2024.
- ^ "Loi sur les cryptomonnaies : la Centrafrique revoit sa copie". RFI (in French). 2023-03-20. Retrieved 2024-09-14.