West African Bank Gives Vote Winner Ouattara Access to Reserves, AFP Says

The Central Bank of West African States, or BCEAO, recognized Alassane Ouattara as Ivory Coast’s president, giving him control over state reserves previously governed by Laurent Gbagbo, Agence France-Presse reported, citing a statement by the bank.

The seven finance ministers of the member states backed Ouattara after the United Nations, the African Union and the Economic Community of West African States had supported him as the rightful winner of Nov. 28 elections, the news service reported late yesterday.

The finance ministers of the West African Monetary Union decided to “only allow the rightfully appointed representatives of the legitimate government of Ivory Coast to carry out any transactions on the accounts that are open in its name,” AFP cited the statement as saying.

The West African franc, which Ivory Coast uses, is pegged to the euro in an arrangement with the Bank of France. Gbagbo has refused to accept defeat in the presidential elections and has rejected international calls to step down as the leader of the world’s top cocoa grower.

-- Editors: Alastair Reed, Renee Bonorchis.

To contact the reporter on this story: Franz Wild in Johannesburg at fwild@bloomberg.net

To contact the editor responsible for this story: Peter Hirschberg in Jerusalem at phirschberg@bloomberg.net

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