USA Africa Dialogue Series - You Are Wasting Time With Gbagbo Hail To The Thief

West African Central Bank Closes Ivory Coast Offices After Gbagbo Seizure

By Pauline Bax - Jan 27, 2011 8:05 AM ET

 

The Central Bank of West African States closed its offices in Ivory Coast, the nation locked in a post-election stalemate over the presidency, after they were seized by the country's incumbent leader, Laurent Gbagbo.

The Dakar-based central bank "strongly protests the decision to requisition as well as appoint a national director, taken in flagrant violation of Ivory Coast's international commitments," Jean-Baptiste Compaore, interim governor, said in an e-mailed statement today.

On Jan. 25, Gbagbo seized the four regional bank offices that were still operational in Ivory Coast after the bank denied him access to the country's accounts. The main site in the commercial capital, Abidjan, was surrounded by police and security forces yesterday.

The bank is taking measures to give an "appropriate response to this unprecedented situation," Compaore, a former finance minister in Burkina Faso, said in the statement.

The central bank, which covers eight nations in the region, said on Dec. 23 it no longer recognizes Gbagbo as president and will only allow people appointed by his rival Alassane Ouattara to withdraw funds. Ouattara is the internationally recognized winner of disputed Nov. 28 election. Gbagbo refuses to leave office, alleging voting fraud in several northern regions where Ouattara had majorities.

The seizure came after the resignation of Governor Philippe-Henri Dacoury-Tabley on Jan. 22. Dacoury-Tabley, an Ivorian national, was accused by Ouattara of allowing Gbagbo to withdraw as much as 150 million euros ($206 million) even after the Dec. 23 decree.

To contact the reporter on this story: Pauline Bax in Abidjan via Accra at ebowers1@bloomberg.net.

To contact the editor responsible for this story: Antony Sguazzin at asguazzin@bloomberg.net.