2, May 2024
Yaounde: Dion Ngute discusses upcoming S.Korea-Africa summit with visiting Minister Kang 0
Second Vice Foreign Minister Kang In-sun has met with Cameroon’s Prime Minister Joseph Dion Ngute in the Central African country and discussed an upcoming leaders’ summit of South Korea and African nations, Seoul’s foreign ministry said Wednesday.
Kang’s courtesy call on Dion Ngute on Tuesday (local time) came during her weeklong two-nation trip as a presidential envoy to the continent this week that also took her to Senegal.
In the meeting, Kang highlighted that the South Korea-Africa summit, set for June 4-5 in Seoul, will serve as a chance for the two countries to significantly boost bilateral cooperation and asked for Cameroon’s support and participation in the gathering.
Kang also expressed expectations that the cooperation with Cameroon will continue to deepen in a wide range of areas, as it has in ICT, health care, agriculture and job training, through robust high-level talks and other exchanges.
Kang separately met with Cameroon’s presidential chief of staff, Ferdinand Ngoh Ngoh, and acting Foreign Minister Oumarou Chinmoun.
In Cameroon, Kang also had a meeting with South Korean officials from the state aid agency, KOICA, and those from other development aid nonprofit organizations.
Source: en.yna



















2, May 2024
BEAC sets two-week deadline to withdraw CFA150bn from banks in inflation battle 0
The Central Bank of Central African States (Beac) kicked off its 4th round of bond issuance on April 29, aiming to tighten bank liquidity. Through three bond issuances scheduled between April 29 and May 13, the central bank aims to withdraw a total of CFA150 billion from commercial banks’ coffers.
The first three rounds of bond issuance saw rather mixed success. Out of seven operations, at least two were declared unsuccessful due to lack of subscriptions, while almost all others barely exceeded a 30% demand coverage rate. Since the launch of these operations in February 2024, only the one on April 22, totaling CFA50 billion, saw remarkable success. This offer saw a coverage rate of 156% as reported by the central bank.
Following the increase in key interest rates, suspension of liquidity injection operations, and intensified weekly liquidity withdrawal operations, Beac bonds have become the central bank’s new tool to reduce bank liquidity and restrict access to credit. This is aimed at reducing the share of inflation of monetary origin (20%) in the Cemac zone.
Source: Business in Cameroon