INITIAL PUBLIC OFFERINGS : BEAC Relaunches Financing for Four CEMAC Companies Through PAMFUAC
(LVDE) – Following an unsuccessful attempt in 2025, the Bank of Central African States (BEAC) is reviving its financing mechanism aimed at supporting the stock market listing of four companies in the CEMAC region. Through the Central African Unified Financial Market Support Project (PAMFUAC), the institution seeks to ease financial constraints hindering access to capital markets and to boost the attractiveness of the BVMAC, which still struggles to gain momentum.
La voix des entreprises 
The relaunch is now underway. On March 17, 2026, BEAC issued a new call for expressions of interest to support the listing of four companies from the sub-region. Driven by PAMFUAC, this initiative marks a new step in the strategy to develop the regional stock market.
To this end, the central bank has mobilized a budget of $223,780 (approximately CFAF 143 million) to cover part of the costs associated with going public. These expenses include fees charged by COSUMAF and the BVMAC, as well as legal advisory and auditing costs related to financial statement certification. By easing these initial financial burdens, BEAC aims to remove one of the main barriers preventing local companies from accessing the stock market.
Funded by the African Development Bank (AfDB) through the Fund for African Private Sector Assistance (FAPA), the program is part of a broader effort to diversify corporate financing sources. Interested companies will be required to submit certified financial statements for the past three years, provide detailed information on their governance structure, and demonstrate their commitment to corporate social responsibility. In return, they must commit to launching a public offering and listing their shares on the BVMAC before April 30, 2026.
This renewed effort comes amid sluggish activity in Central Africa’s equity market. Since the unification of regional exchanges in 2019, only two companies have been listed, highlighting persistent structural challenges related to governance, transparency, and the reluctance of some business leaders to open up their capital.
In addition, the strong appeal of the government securities market continues to absorb a large share of available savings, limiting private sector access to financing. This imbalance constrains the development of a stock market capable of fully supporting economic growth.
By relaunching this mechanism, BEAC and its partners aim to inject new momentum into the BVMAC. The goal is to encourage companies to increasingly turn to capital markets, improve transparency, and foster more diversified and sustainable economic growth across the region.
Tressy Chouente
À propos de l'auteur
Raphael Mforlem 
