DGAP-News

African Energy Chamber: Energy Chamber threatens litigation against Bank of Central African States (BEAC) on Anti African FOREX regulations

DGAP-News: African Energy Chamber / Key word(s): Miscellaneous African Energy Chamber: Energy Chamber threatens litigation against Bank of Central African States (BEAC) on Anti African FOREX regulations 21.10.2020 / 16:15 The issuer is solely responsible for the content of this announcement. Energy Chamber threatens litigation against Bank of Central African States (BEAC) on Anti African FOREX regulations. The African Energy Chamber will file a lawsuit seeking an injunction to stop the implementation of the Bank of Central African States (BEAC)'s reckless foreign exchange (forex) regulations that are anti-African, against small businesses, and against investors. Johannesburg, 20 October 2020: International energy companies and local services companies spend a lot of time serving people, solving problems, and saving lives with the energy and service they provide. The African Energy Chamber's members create jobs, expand economic opportunity for many local communities across Africa and support a prosperous future for all Africans. Despite the Covid-19 pandemic, they never stopped working for our continent, and continue to inspire us by getting up every day and working harder because they believe in the power of free market as a force for good in our communities, and in our fight against poverty. At the African Energy Chamber, we get up every day to help them do it. We must fight for the ability of our energy industry to hire, invest, grow, and succeed in Africa. As 2020 comes to an end, Africans are living in a remarkable moment of uncertainty due to the ongoing Covid-19 pandemic. Millions have lost their jobs, and hopes of an economic recovery remains non-existent for a majority of African families. As if that is not enough, bureaucrats at the Bank of Central African States (BEAC) have decided to push through job-killing and investment-killing regulations that are already increasing unemployment, and will ultimately kill any hopes of seeing future investment in Central Africa.