By Phillip Aulmann April 23, 2025

As part of the “Hidden Gems” series, we shift the spotlight to another lesser-known regional market: the Central African Stock Exchange (BVMAC), headquartered in Douala, Cameroon.

BVMAC serves as the unified stock exchange for six Central African nations (population):

  • Cameroon (approx. 30 million)
  • Central African Republic (approx. 5.5 million)
  • Republic of the Congo (Congo-Brazzaville) (approx. 6.5 million)
  • Gabon (approx. 2.5 million)
  • Equatorial Guinea (approx. 2 million)
  • Chad (approx. 21 million)

Together, these six countries form the Economic and Monetary Community of Central Africa (CEMAC), sharing a common currency—the Central African CFA franc (XAF), known as the Franc de la Coopération Financière en Afrique Centrale. While all gained independence in the 1960s, most were former French colonies. Equatorial Guinea is the exception—it remains the only African nation to have been colonized by Spain.

Regional Economic Context and Market Drivers

As of 2024, the region's average per capita GDP stands at USD 3,850, with Gabon leading at USD 9,200, driven largely by its substantial oil exports. The broader region's economies are predominantly shaped by three sectors: Oil & Gas, agriculture, and mining, which collectively form the economic backbone of the CEMAC zone. This positioning places the region ahead of countries like Egypt, in terms of per-capita GDP.

However, limited economic freedom remains a key constraint in the region’s development. Most CEMAC member states are governed by long-standing authoritarian regimes, which exercise tight control over both political and economic institutions. This reality is reflected in the region’s Economic Freedom Index rankings: Gabon, with relatively more open policies, ranks 109th, while the Central African Republic sits near the bottom at 168th, on par with countries like Iran.

BVMAC Listings: Scope and Constraints

This constrained environment is mirrored in the performance of the BVMAC. To date, the exchange lists only six companies, drawn from just three of the six member countries—Cameroon, Gabon, and Equatorial Guinea. 

These listings are characterized by small market capitalizations and extremely low liquidity, with average daily trading volumes often below USD 1,000 and occasionally exceeding that level. In addition to equities, BVMAC facilitates bond trading for all member countries except the Central African Republic.

According to the MarketVectorTM Total Global Equity Index methodology, any country with at least one listed company is eligible for inclusion. Based on the most recent index review, the following stocks from the BVMAC are currently represented:

  • Société Camerounaise de Palmeraies (SOCAPALM): Cameroon. ​ 
  • Banco Nacional de Guinea Ecuatorial (BANGE): Equatorial Guinea. 
  • Société Commerciale Gabonaise de Réassurance (SCG-Ré): Gabon. ​ 

Despite their inclusion, these three companies' combined float-adjusted market capitalization is approximately. USD 50 million.

 

Sources: 

 

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About the Author:

Phillip Aulmann is a Manager on the Equity Operations team at MarketVector Indexes™ (“MarketVector”). He is primarily responsible for managing and overseeing the equity index rebalance processes. Phillip holds an M.Sc. in International Business and Economics, as well as an M.Sc. in Economics, from the Rijksuniversiteit Groningen in the Netherlands.

 

For informational and advertising purposes only. The views and opinions expressed are those of the authors, but not necessarily those of MarketVector Indexes GmbH. Opinions are current as of the publication date and are subject to change with market conditions. Certain statements contained herein may constitute projections, forecasts, and other forward-looking statements that do not reflect actual results. It is not possible to invest directly in an index. Exposure to an asset class represented by an index is available through investable instruments based on that index. MarketVector Indexes GmbH does not sponsor, endorse, sell, promote, or manage any investment fund or other investment vehicle that is offered by third parties and that seeks to provide an investment return based on the performance of any index. The inclusion of a security within an index is not a recommendation by MarketVector Indexes GmbH to buy, sell, or hold such security, nor is it considered to be investment advice.

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