9, October 2024
African Development Bank: Marie-Laure Akin-Olugbade named Senior Vice President 0
The African Development Bank Group (AfDB) has appointed Marie-Laure Akin-Olugbade, née Ndongo-Seh, as its new Senior Vice President, effective retroactively from October 4, 2024. A Cameroonian by origin, she previously served as the Acting Vice President for Regional Development, Integration, and Service Delivery at the AfDB since 2022.
During her tenure, Akin-Olugbade played a key role in promoting regional economic integration, mobilizing resources, and developing innovative financial solutions. She managed a $9 billion portfolio for West Africa and provided leadership in challenging environments like the Sahel region. Her efforts involved working closely with governments and the private sector to drive development.
“Marie Laure is a highly experienced, committed, and effective manager of teams, who brings extensive knowledge of the African Development Bank, its rules, processes and systems, and a well-proven capacity to deliver on bank-wide operations while ensuring team cohesion,” said AfDB President Akinwumi Adesina. He expressed confidence that her leadership would bring renewed energy to the bank’s management team.
With 32 years of experience in capital markets, asset management, and debt policy, Akin-Olugbade is known for her results-driven approach. In her new role, she emphasized her commitment to increasing the bank’s impact across its member countries. “I am deeply honored by the trust and confidence that President Adesina has placed in me. I look forward to working closely with the president, senior leadership team, our Boards of Directors and staff to enhance the Bank’s impact and effectiveness in delivering programs that benefit our regional member countries,” she said.
Akin-Olugbade holds a master’s degree in applied economics from Paris-Dauphine University and a higher diploma in management from Panthéon-Sorbonne University. She joined the AfDB in 1991 and has held several key roles, including Country Office Manager for Ghana in 2010, where she managed a $1 billion portfolio.
She replaces South African Bajabulile Swazi Tshabalala, who stepped down to run for AfDB presidency in 2025.
Source: Business in Cameroon
24, October 2024
BEAC lowers liquidity offer to CFA300bn for Cemac Banks 0
On October 22, the Bank of Central African States (BEAC) launched a new liquidity injection operation for commercial banks. Unlike the previous two operations, where BEAC offered CFA340 billion, the offer on October 22 was reduced to CFA300 billion.
This reduction seems more in line with the current needs of the banks, based on recent results. Despite the gradual increase in liquidity offers by the central bank since resuming operations in June 2024, the volumes requested and actually taken up by the banks in the last two operations barely exceeded CFA270 billion. This is far from the CFA400-500 billion demands expressed by banks between June and September 2024.
The surge in liquidity needs during this period can be explained by the austerity imposed on credit institutions from late 2021 to May 2024 by the central bank. This period saw the implementation of measures aimed at draining banks’ coffers, including raising key interest rates, intensifying liquidity withdrawal operations, and suspending liquidity injections. These actions were officially intended to combat inflation by restricting access to credit.
BEAC notes that 20% of inflation in the Cemac region is of monetary origin. The central bank explains that injecting large volumes of liquidity into the economic system, particularly through bank financing, contributes to inflation, especially in Cemac countries where most goods and services are imported.
However, with the easing of inflationary pressures in Cemac markets since the start of 2024, BEAC has loosened its grip on bank liquidity. Consequently, the central bank resumed its liquidity injection operations in June 2024, after more than a year of suspension.
Source: Business in Cameroon