THE MANAGING BOARDS OF UMAC

According to Chapter II: Institutional Provisions, Articles 10-20 of the Convention Governing UMAC.

The Bodies of the Monetary Union

- The Conference of Heads of State;

- The Ministerial Committee;

-The Issuing Institute called "Bank of Central African States" (BEAC);

- The Central African Banking Commission (COBAC);

- Any other appropriate Body created by the Conference of Heads of State within the framework of
UMAC.

The Specialized Institutions of the Monetary Union are:

- the Central African Financial Market Supervisory Commission (COSUMAF);

- the Action Group against Money Laundering in Central Africa (GABAC);

- any other specialized institution created by the Conference of Heads of State within the framework of
the UMAC.

The Conference of Heads of State

The Conference of Heads of State, established by the Treaty of the Economic and Monetary Community
of Central Africa (CEMAC), is the supreme authority of Monetary Union. To this title, she:

 Decides on the membership of any new member:

 Takes note of the withdrawal of a member of the Monetary Union;

 Fix the seat bodies and Specialized Institutions of the Monetary Union;

 Appoints and dismiss the heads of the Bodies and Specialized Institutions of the UMAC on
Proposal of the Ministerial Committee, in the conditions provided for in the Conventions, specific texts
that govern them.

The Ministerial Committee

The Ministerial Committee, established by the CEMAC Treaty, examines the main orientations of
economic policies respective Member States of the Monetary Union and ensure their consistency with
the common monetary policy, in accordance with the provisions of Title III of the Central African
Economic Union Convention (UEAC).
  Ensures the application of the provisions of this Convention and makes any relevant
recommendations to the Conference of Heads of State to adapt it to the economic and monetary
evolution of the Union;
 Decides on a proposal from the Board of Directors, on any increase or reduction in the Capital of
the BEAC;
 Gives assent on the proposals to amend the BEAC Statutes submitted by the Board of Directors;
 Ratifies the annual accounts of the BEAC, approved by the Ministerial Committee and decide on
the approval of it, the allocation of results;
 Proposes to the Conference of Heads of State, under the conditions provided for in their
respective specific texts, the appointment and dismissal of the main heads of the Bodies and
Specialized Institutions of the UMAC;
 Appoints and dismisses the heads of the other Bodies and Specialized Institutions of PUMAC
whose competence is recognized by their texts and respective organs.
 Determines after consulting their respective decision-making bodies, the remuneration,
allowances and benefits granted to the main heads of the Bodies and Specialized Institutions of
the UMAC appointed by the Conference of Heads of State;
 Approves the budget of the other Bodies and Specialized Institutions of UMAC;
 Examines the annual report of each Organ and Specialized Institution of the UMAC before the
presentation at the Conference of Heads of State.

The Ministerial Committee decides, on the proposal of the BEAC Board of Directors, on:

 The creation and issuance of banknotes and metal coins as well as their withdrawal and
cancellation;

 The face value and form of the denominations, the signatures with which they must be covered
and the modalities of their identification by State;
 The characteristics of metal coins;
 The period during which banknotes and coins withdrawn from circulation must be presented to
the BEAC under penalty of losing their liberating power;
 The allocation of the equivalent value of the balance of the notes and coins withdrawn from
circulation not presented to the BEAC counters.

The Functioning of the Ministerial Committee

 Each Member State is represented on the Ministerial Committee by Two (2) Ministers, including
the Minister responsible of Finance, who has only one vote expressed by the latter.
 The Presidency of the Ministerial Committee is rotating. It is insured, for one calendar year and
in alphabetical order of the Member States, by the Minister in charge of Finance.
 The Ministerial Committee meets at least twice a year, including once for the ratification of the
BEAC accounts.
 The meetings of the Ministerial Committee are held at the convocation of its President-in-Office,
acting on his own initiative or at the request of half of its members or, at the reasoned request of
one of the heads of the Specialized Bodies or Institutions of the Monetary Union.
 Ministers representing each of the Member States on the Monetary Union Ministerial Committee
are ex officio members of the National Monetary and Financial Committee of their State of
origin.
 The heads of the Bodies and Specialized Institutions of the Monetary Union attend the meetings
of the Ministerial Committee with an advisory vote.
 The President of the CEMAC Commission attends the meetings with an advisory voice.
 At the meetings of the Ministerial Committee, each head of the Specialized Bodies or Institutions
of the Monetary Union reports the matters on the agenda concerning his Body or Institution.
 The operating costs of the UAC Ministerial Committee are the responsibility of the Bodies and/or
Institutions specialized of the Union, under the conditions defined by the Rules of Procedure of
the Ministerial Committee.
 The Ministerial Committee deliberates validly when each Member State is represented.
 The decisions of the Ministerial Committee are taken unanimously or, failing that, by a majority
of the five-sixths.
 With regard to decisions taken pursuant to the provisions of Articles 13, 14 and 20 of this
Convention, unanimity is imperative.
 The Ministerial Committee may delegate part of its powers to its President.