Ouagadougou: The Public Treasury of Burkina Faso is organizing a training seminar from July 15 to 17, 2026, in Ouagadougou, focused on the governance of insurance companies under OHADA law. This initiative aims to enhance the capacities of stakeholders in the sector regarding the requirements of the CIMA Code and the revised Uniform Act relating to the law of commercial companies and economic interest groups (AUSCGIE).
According to Burkina Information Agency, the seminar, themed "The governance of insurance companies under OHADA law: responsibilities of the Board of Directors, the Managing Director and the Auditor with regard to the requirements of the CIMA Code and the revised Uniform Act relating to the law of commercial companies and economic interest groups (AUSCGIE)", is gathering directors, managers, auditors, and other professionals from the insurance sector. The training is designed to help participants better understand the governance rules applicable to insurance companies in light of the provisions of the CIMA Code and OHADA law.
The CIMA Code serves as the common regulatory framework for insurance activities in the member states of the Inter-African Conference of Insurance Markets (CIMA). It delineates the rules for conducting insurance activities, including the conditions for company approval, solvency requirements, company control, and the protection of insured persons. OHADA law regulates the legal aspects of commercial companies, covering their creation, organization, governance bodies' functioning, and the responsibilities of managers and auditors.
Participants are being informed about the complementarity between these two legal frameworks. The CIMA Code outlines specific requirements related to the insurance business, while OHADA provides general corporate governance rules. The session also aims to clarify the respective responsibilities of the Board of Directors, Chief Executive Officer, and Auditor, promoting transparent management, strengthening internal control mechanisms, and preventing legal and financial risks that could impact insurance companies.
Djnba Dao, the Director of Insurance at the Public Treasury, presided over the opening ceremony on behalf of the Minister of Economy and Finance. She emphasized that trust is the primary capital of an insurance company, stating, "Trust cannot be decreed. It is built, it is earned, it is protected." She noted that strong governance is critical to the credibility of insurance companies and the protection of policyholders.
Dao highlighted that this session goes beyond a simple technical upgrade, focusing on the responsibility of managers, directors, controllers, and auditors in preserving the general interest, financial stability, and public confidence. She stressed that governance should be seen as the first line of defense for financial institutions, noting that significant financial crises often stem from governance failures, inadequate controls, or poorly managed conflicts of interest.
She urged participants to leverage the three-day seminar to deepen their understanding of the CIMA Code and OHADA law, enhance internal control, risk management, and compliance mechanisms, share best practices from the OHADA area, and develop recommendations to sustainably improve the governance of insurance and reinsurance companies. "Good governance is not a cost. It is an investment in trust. And trust remains the most valuable asset of an insurance company," Dao stated, calling on industry players to make governance a transformative lever rather than merely a regulatory requirement.