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The Governor

Governor

 

Mr. Tiémoko Meyliet Koné
Governor of the BCEAO

Excerpts from the Statutes of the BCEAO

Article 54

The Governor shall be responsible for managing the Central Bank.
The Governor shall chair the Monetary Policy Committee and the Board of Directors. He shall prepare and implement the decisions of these organs, whose meetings he shall convene.
He may enlist the assistance of colleagues, whose contribution he may deem necessary, at meetings of the organs of the Central Bank.

Article 55

The Governor shall be assisted in the performance of his duties by the Deputy Governors.

Article 56

The Conference of Heads of State and Government of WAMU shall appoint the Governor of the Central Bank for a renewable six-year term.
The Council of Ministers of WAMU shall appoint the Deputy Governors for a renewable five-year term.
The Governor and Deputy Governors shall be selected such that a national of each of the WAMU member States shall hold these offices by turns.
Their term of office shall be irrevocable, except in cases of gross misconduct or disability.
In the event of removal from office, death or resignation of the Governor or the Deputy Governors, the person appointed to replace them shall fill the position for only the remainder of the duration of the term of office of the person they are replacing.

Article 57

Prior to taking office, the Governor shall swear an oath before the Chair of the Council of Ministers of WAMU, to ably and faithfully steer the affairs of the Central Bank, in accordance with the WAMU Treaty, the international commitments it has made and the Statutes of the Central Bank.

Article 58

The Governor and Deputy Governors may not receive any form of assistance whatsoever, paid or unpaid, from private or public concerns, except from international and governmental institutions, where appropriate.
The WAMU Council of Ministers shall determine the conditions of service of the Governor and Deputy Governors of the Central Bank.

Article 59

The Governor shall ensure compliance with and implementation of the provisions of international treaties, agreements and conventions, the present Statutes, the protocol on the privileges and immunities of the BCEAO and the legislative and regulatory provisions of the Central Bank.

Article 60

The Governor of the Central Bank shall attend the meetings of the Council of Ministers of WAMU in an advisory capacity.
In the event that the Governor is unable to attend the meeting, he shall appoint the Deputy Governor to represent him.
He may request the Chair of the Council of Ministers of WAMU to convene a meeting, which he may address.
The Governor shall carry out the decisions of the Council of Ministers and the organs of the Central Bank. He may set up the structures required for such decisions to be implemented.

Article 61

The Governor of the Central Bank shall have the power to bring matters before the Council of Ministers of WAMU, on the general economic policies of member States and particularly in the areas of budget and debt.

Article 62

The Governor shall be responsible for implementing monetary policy and its instruments.

Article 63

The Governor shall represent the Central Bank before third parties.
He shall sign all agreements and conventions binding on the Bank on its behalf.
He shall represent the Central Bank, in person, or be represented by one of his delegates, at meetings of international institutions to which the Central Bank is invited.

Article 64

The Governor shall be responsible for organizing the services of the Central Bank and its activities.
He may delegate part of his powers to the Deputy Governors or officers of the Central Bank.

Article 65

The Governor shall have the legal power to :

  • Issue the Central Bank’s staff rules and regulations,
  • Hire and appoint the Central Bank staff,
  • Assign Central Bank employees to specific positions,
  • Allow them to retire or dismiss them, where appropriate,
  • Establish the remuneration, the retirement package
  • The fringe benefits due them.