Business

20, March 2026

Smarter Water Use Could Feed 10 Billion and Create Nearly 250 Million Jobs ⁰

Rebalancing water use across the global food system is key to meeting future food demand sustainably and could generate 245 million long-term jobs, largely in Sub-Saharan Africa, according to a new World Bank Group report launched today.

The report – Nourish and Flourish: Water Solutions to Feed 10 Billion People on a Livable Planet – notes that current agricultural water management practices, marked by overuse in some countries and underuse in others, can only sustainably support food production for less than half the global population. By 2050, 10 billion people will need to be fed. Addressing both the overuse that depletes water in stressed regions and the underuse that leaves available water and productive capacity untapped in water-abundant regions will be essential to meet that demand sustainably.

It introduces a new framework for agricultural water management that links water availability with food production and trade. By categorizing countries based on water stress and their food import or export status, the framework helps identify where expanding rainfed agriculture can increase food production, where irrigation investments can unlock jobs and growth, where water use must be rebalanced to protect ecosystems and future productivity, and where trade offers a more sustainable path than local production.

“The way we manage water for food will have profound implications for jobs, livelihoods, and economic growth. By making smarter choices about where crops are grown, how water is allocated, and how trade supports food security, we can strengthen resilience, expand opportunity, and safeguard the resources which we all rely on,” said Paschal Donohoe, Managing Director and Chief Knowledge Officer of the World Bank Group.

Realizing these outcomes will require stronger private sector participation and financing alongside public investment, supported by effective policies, institutions, and regulations to boost food production, create jobs, and support sustainable growth. Public funding alone cannot deliver the sustained services, innovation, and scale needed to expand irrigation, improve performance, and maintain results. Farmers, who are the primary users of irrigation and its main investors, are already willing to co-invest when access to finance, quality equipment, markets, and digital tools reduces the risks and transaction costs they face.

“When investments in infrastructure and natural resources, business-enabling policies, and private capital mobilization come together, the impact can be greater than the sum of its parts,” said Guangzhe Chen, Vice President for Planet at the World Bank Group. “By linking global evidence with country realities, this framework can help policymakers navigate trade-offs and adapt food production to today’s water and climate realities—delivering food, jobs, and resilience together.”

Expanding irrigation where water is available, alongside modernizing existing systems, is estimated to require an additional $24–70 billion per year through 2050. Governments already spend roughly $490 billion annually on agricultural support, most of it on subsidies. Redirecting a portion of current spending—combined with regulatory reform, use of blended finance, and public-private partnerships—will crowd in private capital, including co-investment by farmers themselves, and support financially sustainable water and food security.

The World Bank Group works alongside countries, companies, partners and people to translate these insights into action by combining policy reform, public investment, and private capital to strengthen food systems, create jobs, and protect natural resources. It has committed to doubling annual agribusiness financing to $9 billion by 2030 and mobilizing an additional $5 billion per year under the AgriConnect initiative to help smallholders move from subsistence to surplus. Through the Water for Food and Water for the Planet pillars of its Water Strategy Implementation Plan, the World Bank Group addresses the twin challenge of water and food security by strengthening food production systems and improving farmer livelihoods.

Reported by the World Bank Group

18, March 2026

Yaoundé: Customs launches mobile device duty system to recover lost revenue ⁰

Cameroon’s Directorate General of Customs (DGC) has activated a new electronic mechanism for collecting import duties on mobile phones, tablets and other mobile devices, effective 16 March 2026, after customs revenue from these goods collapsed from 12 billion CFA francs to about 100 million CFA francs over a relatively short period.

The system was launched during a briefing in Yaoundé presided over by Director General Fongod Edwin Nuvaga, bringing together major importers of mobile devices to present the new collection architecture ahead of its go-live date.

According to Customs, the reform is based on Article 7 of the 2019 Finance Law, which established an electronic mechanism for collecting duties on imported mobile terminals. A first implementation attempt in 2020 met with resistance and was shelved, before the mechanism was reintroduced following a successful test phase.

Importers liable, mobile money payments

Under the new framework, the legal taxpayer is the importer, not the consumer. Payments will be made via Mobile Money, Orange Money and other secure digital payment platforms, replacing the previous system based on communication credit.

Mobile operators will no longer collect and remit customs duties. Their role is now limited to blocking and unblocking devices within the new system.

Paul Olivier Libii, senior inspector at the DGC’s Division of Legislation and Disputes, detailed the system’s technical architecture, which connects three platforms: Camcis, the customs management system; a partner platform dedicated to device information management; and mobile operators’ operating systems.

“From the moment of importation, upload to the manifest all IMEI numbers of the devices you are importing; the manifest is then transferred electronically to Camcis. Once in the country, you validate a customs declaration, which will be automatically retrieved by the platform, which then analyses the IMEI numbers you uploaded,” Libii said.

Amnesty for active devices, regularisation for stock

Devices that had connected at least once to the networks of MTN, CAMTEL or Orange before 16 March 2026 are exempt from the new mechanism and benefit from fiscal amnesty.

However, devices in stock that had not connected to any network by that date must be regularised with the nearest customs office. Importers have two months to submit IMEI files for these devices, along with documents confirming regular customs clearance.

The framework for handling pending cases was outlined by Marcelin Djeuwo, Head of the DGC’s IT Division, during the briefing.

Libii described the system as a tool to enhance transparency, ensure fiscal compliance, reduce risks related to money laundering and terrorist financing, and protect the economy against fraud and contraband. The reform is also expected to modernise customs administration and sanitise the mobile device market.

Eight categories of mobile phones have been identified under the new framework, with the DGC indicating it remains open to additional proposals. Major importers present at the briefing expressed support for the reform, while Customs noted that the system’s success will depend on the buy-in of all stakeholders and targeted actors.

Source: Business in Cameroon

14, March 2026

Biya regime plans CFA40 billion capital increases for state SME Bank ⁰

Cameroon’s Small and Medium Enterprises Bank (BC-PME) may soon receive a significant boost to its equity. Meeting in a multi-year and mixed general assembly on February 26, 2026 in Yaoundé, the institution approved a CFA40 billion capital increase, pending authorization from the Central African Banking Commission (Cobac).

If the operation receives the regulator’s approval, the public bank’s share capital will rise from CFA20 billion to CFA60 billion. The increase will be carried out through the issuance of four million new shares with a nominal value of CFA10,000 each, fully subscribed by the Cameroonian state, which remains the bank’s sole shareholder.

Funds from the import-substitution program

The resources for the recapitalization will come from the Integrated Agropastoral and Fisheries Import Substitution Plan, a public program designed to strengthen domestic production in agriculture, livestock, and fisheries. The funds transferred to BC-PME are intended to finance private economic operators active in these sectors.

The operation also comes as banks in the Central African Economic and Monetary Community (CEMAC) adjust to new Cobac regulations requiring a minimum share capital of CFA25 billion for credit institutions in the region. Several banks have already moved to comply with the rule, including Afriland First Bank, which increased its capital to CFA50 billion, BICEC with CFA49 billion, CCA-Bank with CFA29.4 billion, and BGFIBank Cameroon, which also raised its capital to CFA50 billion.

A struggling bank despite its SME mandate

The recapitalization takes place in a challenging context for BC-PME. Launched in 2015 to improve access to finance for small and medium-sized enterprises, the public bank has struggled for several years to achieve financial stability.

According to the 2024 Statistical Yearbook on SMEs, the Social Economy, and Crafts, the bank granted only CFA1.95 billion in loans to 85 project promoters, a modest level considering its mandate to support the entrepreneurial sector.

Recent performance figures confirm these difficulties. In 2023, the bank recorded a deficit of CFA1.112 billion. In this context, the injection of new public funds appears aimed at restoring financial flexibility and strengthening the institution’s capacity to finance SMEs, which remain at the core of its mission.

Governance turbulence and strategic repositioning

The bank’s financial difficulties have also been accompanied by management turbulence. In October 2023, the board of directors appointed Amadou Haman, previously deputy managing director, as acting chief executive.

The decision followed sanctions imposed by Cobac against the former chief executive, Agnès Ndoumbe Mandeng. After a disciplinary procedure opened in 2023, the regulator withdrew her banking license and imposed a ten-year ban from working in credit institutions across the CEMAC region.

Beyond the recapitalization, the February 26, 2026 general assembly also approved the bank’s strategic development plan for 2025–2030. The plan outlines a repositioning around its core mandate of financing SMEs, with a particular focus on projects linked to the government’s import-substitution program.

Source: Business in Cameroon

9, March 2026

Biya regime secures $195 million loan to expand national fiber backbone ⁰

Cameroon’s President Paul Biya signed a decree on Friday, March 6 authorizing the Minister of Economy, Planning and Regional Development to finalize a loan agreement of about 1.35 billion yuan (around $195 million) with the Export-Import Bank of China. The funding will support phase four of the country’s national fiber optic backbone expansion.

A fiber network built gradually since 2011

The financing continues Cameroon’s national fiber deployment program, launched more than a decade ago to build a nationwide data transport network. According to the Ministry of Posts and Telecommunications, about 6,000 km of fiber were installed between 2011 and 2016 during the first two phases of the project.

A third phase completed in 2017 added another 4,000 km, bringing the national network to around 10,000 km. An additional 1,000 km were deployed along the Chad-Cameroon oil pipeline.

Since then, further extensions, cross-border interconnections, and additional deployments by public and private operators have continued to expand the network. Cameroon now has more than 15,000 km of fiber infrastructure connecting regions across the country and linking with several neighboring states, including Chad, Gabon, Equatorial Guinea, the Central African Republic, and Nigeria.

Infrastructure still underused

Despite the steady expansion of this infrastructure over the past decade, its use remains limited, and the quality of connectivity continues to draw criticism from users.

According to DataReportal’s latest figures for early 2026, internet penetration in Cameroon stands at about 45%. The data highlight a gap between a relatively strong backbone network and limited last-mile access for many of the country’s 12.6 million internet users.

Phase four of the project is expected to address these disparities by expanding distribution networks to better connect government institutions, businesses, and rural areas that remain poorly served.

A strategic pillar for the digital economy

Completing the national backbone is seen as a key step for the growth of Cameroon’s digital economy and the structural transformation outlined in the country’s National Development Strategy 2020–2030.

Expanding fiber infrastructure is considered essential for supporting tech startups, digital services, e-commerce platforms, and the digitalization of public services.

The renewed partnership with the Export-Import Bank of China, which has already financed several earlier phases of the project, underscores the government’s ambition to strengthen nationwide coverage and accelerate digital inclusion.

Source: Business in Cameroon

13, February 2026

Biya regime clamps down on shadow fleet as flag purge begins ⁰

Following pressure from the European Union and Ukraine, Cameroon’s government is finally clamping down on shadow ships using its register.

Cameroon’s flag has grown by 126% over the past 12 months and is now Africa’s third-largest, according to data from Clarksons Research, largely thanks to Russian-linked tonnage entering its books. The average age of ships flying the Cameroon flag is 32.7 years.

Prime minister Joseph Dion Ngute, has now taken steps to purge the country’s flag of dark fleet tonnage. Cameroon has suspended new registrations of ships thought to be part of the shadow fleet, as well as setting out to deregister shadow ships that are already on its books.

Splash has reported repeatedly about accidents involving ageing Cameroon tonnage around the world in recent years, such as the grounding of the Liberty suezmax off Batam in late 2023 (pictured).

Source: Splash 247

5, February 2026

SNH reshuffles leadership, names 5 women to senior roles ⁰

The National Hydrocarbons Corporation (SNH) has reshuffled its senior management following a Board of Directors meeting held on Dec. 3, 2025. Decisions No. 104 and No. 108, signed on Dec. 10 and Dec. 12, 2025, by the Executive General Manager (ADG), formalize the appointment of six new officials, including five women, according to SNH’s in-house magazine (July–December issue).

First woman appointed Second Advisor to General Management

Nathalie Moudiki (née Ada Engamba) is a central figure in the reshuffle. She has been appointed Second Advisor to the General Management, becoming the first woman to hold the post.

A graduate in business engineering, she has more than 27 years of experience at SNH, which she joined in August 1998. A lawyer by training, she spent most of her career in the Legal Division before being appointed head of the department in June 2019. She will continue in her current responsibilities alongside her new role on the management board.

In another notable appointment, Daniel Olle has been designated Advisor to the General Management while remaining Director of Human Resources.

He holds a master’s degree in business law and joined SNH in 2010 as a lawyer before moving into human resources management. His career path, from head of the personnel department to deputy director and then HR director, reflects a steady internal progression in a strategic position for governance and skills management.

Maintenance, finance and information systems strengthened

The Board of Directors also made several appointments across key operational departments.

Delphine Mai-Awe Domwa, an industrial maintenance and production engineer, has been named Director of Maintenance and Safety. She joined SNH in 2008 and has held a number of technical and managerial roles, notably in the Gas Division and the General Affairs Division. She will also retain her position as second mission officer, which she has held since 2022.

In the Finance Division, Corine Ayayi has been promoted to Finance Director after a 20-year career at SNH. A specialist in savings and financial investments, she has led key departments in treasury, financing and portfolio management.

She will be assisted by Souadatou Labarang, appointed Deputy Finance Director while continuing as head of the treasury and financing department. She holds two Master’s degrees in finance and markets.

In information systems, Ngounou Leugoue (née Moutchi Ngbango Rikia) has been appointed head of the IT Division. A graduate in information systems engineering and decision support, she has led several projects at SNH, particularly within the Maintenance and Safety Division, where she previously held sub-director-level responsibilities.

Internal Procurement Commission mandate renewed

Finally, under decision No. 105 of Dec. 10, 2025, Martial Yannick Djiani Tchuimbou has had his mandate renewed as Secretary of the Internal Procurement Commission (CIPM-SNH) for the period from June 14, 2025, to June 14, 2027.

An electrical engineer with a diploma in Petroleum Data Management, he began his career at the SNH Petroleum Information Center (CIP) as an assistant research officer in the Data Management and Archiving Section. He later became acting head of the Seismic Data Archiving and Management Service in November 2016.

Seven years later, he was appointed deputy director of the CIP in June 2023, while also serving as CIPM-SNH secretary and head of the archiving and data management department. On June 5, 2025, he was promoted to head of the Procurement Unit.

Strengthening female representation

Overall, the reshuffle combines internal promotion, continuity and a reinforced female presence within SNH’s decision-making bodies.

The magazine notes that the appointments echo President Paul Biya’s inaugural address on Nov. 6, 2025, in which he said: “The situation of young people and women will be at the heart of my action throughout this seven-year term. One of the main objectives I have set for myself is to promote better empowerment and better protection of young people and women.”

Minister Adolphe Moudiki, SNH’s Executive General Manager, appointed the six new officials following the board’s resolution, according to the document.

Source: Sbbc

4, February 2026

Francophone officials tighten controls to curb cocoa exports to Nigeria in the South West ⁰

Cameroon’s National Cocoa and Coffee Board (ONCC) is stepping up efforts to curb illegal cocoa exports to Nigeria, which continue to affect export revenues and sector oversight. On January 13, ONCC Director General Michael Ndoping chaired a high-level consultative meeting in Douala, on the instructions of Trade Minister Luc Magloire Mbarga Atangana.

According to the ONCC, the discussions brought together public and private stakeholders, including exporters, customs officials, and administrative authorities. Talks focused on three priorities: strengthening coordination, addressing operational challenges, and improving trade flows between Cameroon and Nigeria. The consultations form part of the implementation of new regulatory texts aligned with the African Continental Free Trade Area, aimed at securing cross-border transactions.

The renewed effort comes as Nigeria is accused of siphoning part of Cameroon’s cocoa output, particularly from the Southwest region, through fraudulent imports. Data from Cameroon’s National Institute of Statistics show that Nigeria absorbed CFA41.4 billion worth of informal Cameroonian cocoa in 2024. The issue had already reached a critical level during the 2022–2023 season, when the government officially reported losses of about CFA70 billion due to fraudulent exports to Nigeria.

In response, Mbarga Atangana introduced a precautionary measure during that season, banning cocoa bean exports to the neighboring country. The government then adopted a new marketing system based on tighter controls over land, sea, and air exports, aimed at reducing undeclared outflows and restoring traceability of volumes.

Since then, Nigeria has gradually formalized its purchases. According to the ONCC, it became the leading African importer of Cameroonian cocoa in the 2024–2025 season, buying 2,100 tons. The shift has not eliminated fraud risks but has altered the balance, with part of the flows moving into formal channels while illicit exports persist in border areas.

In this context, the ONCC is accelerating the rollout of the National Unified Cocoa Traceability System. The tool is intended to meet international requirements, including the European Union’s deforestation regulation, while securing volumes exported to neighboring countries.

Source: Sbbc

3, February 2026

Sonara turns to Dangote for funding, fuel supply as debt pressures mount ⁰

Cameroon’s national oil refinery Sonara has opened discussions with Nigeria’s Dangote Group as it looks for financing and supply solutions to support its long-delayed restart, against the backdrop of a CFA479 billion debt burden.

From January 20 to 23, 2026, a Sonara delegation led by Chief Executive Officer El Hadj Bako Harouna traveled to Lagos to meet members of the management team of the Dangote refinery. The talks focused on potential financial backing and technical support as part of Sonara’s broader recovery strategy.

Sonara said the visit aimed to lay the groundwork for a lasting technical and commercial partnership that would help secure Cameroon’s fuel supply, ensure adequate domestic consumption, and support the country’s push toward energy independence.

Fuel supply and loans at the core of Sonara’s recovery plan

In the short term, Sonara is seeking to negotiate fuel supply arrangements with the Dangote refinery while also exploring the possibility of a loan from the group controlled by Aliko Dangote. These discussions are part of Sonara’s “Parras 24” recovery plan, which targets a return to refining within 24 months and is estimated by the company at CFA291.9 billion.

The first phase of the plan is scheduled for 2026–2027 and focuses on rehabilitating facilities damaged in the 2019 fire that shut down the refinery. Any deeper involvement by Dangote, however, remains tied to progress in restructuring Sonara’s debt, which stands at CFA479 billion and is owed mainly to banks and fuel traders.

Since 2022, debt servicing has been supported by a state-backed mechanism that levies CFA47.8 on every liter of fuel sold at the pump. The measure is intended to stabilize repayments and remains in place pending full implementation of the recovery plan and subsequent modernization phases.

Multiple financiers, BEAC option still on the table

Dangote is not the only potential source of funding. Several lenders and partners have expressed interest in the Sonara file, including the Union of Arab and French Banks, Dutch bank ING, Mauritius Commercial Bank, Cameroon’s National Hydrocarbons Corporation, and the Ariana/RCG consortium.

The Bank of Central African States has also indicated its willingness to step in through its “window B,” which is reserved for refinancing medium-term loans tied to productive investment. The regional central bank has said it could cover up to 60% of Sonara’s financing needs.

In the near term, Dangote’s most immediate role could be as a strategic supplier. With Sonara still offline, Cameroon relies entirely on imports to meet domestic fuel demand. According to the Finance Ministry’s latest economic outlook, the country imported CFA333.7 billion worth of fuels and lubricants in the first half of 2025, representing about 899,000 tons supplied to the local market.

Source: Business in Cameroon

27, January 2026

Dollar Bonds: The biggest risk is what Cameroon looks like post Biya ⁰

Cameroon became the second African nation in less than a week to sell dollar bonds, as frontier markets take advantage of risk-on sentiment to raise funds.

The central African nation priced a $750 million five-year bond at a yield of 10.125%, according to a person familiar with the matter. That compares with a yield of 10.75% on a seven-year dollar note it issued in 2024, when the country last went to market.

Cameroon is rated B-, six levels into junk, by S&P Global Ratings — the same as Nigeria, Pakistan and Angola.

Emerging markets are benefiting from investors shunning the US as geopolitical tensions rise and the independence of the Federal Reserve remains a concern. Risk premia of African frontier markets from Mozambique to Gabon have narrowed to levels below 1,000 basis points over US Treasuries in recent days, prompting nations on the continent and elsewhere to raise foreign-currency-denominated debt.

With conditions having shifted since the last time it came to market, Cameroon should have been in a “position to issue in the single digits,” according to Leo Morawiecki, an emerging-markets analyst at Abrdn Investments in London.

“The biggest risk is what Cameroon looks like post Biya,” he said in reference to the nation’s 92-year-old leader Paul Biya, who won an eighth term in October. “And its very difficult to price that into the bonds as getting a grip on Cameroonian politics is extremely difficult.”

The nation’s $550 million dollar bond due 2031 added 0.27 cents on the dollar Tuesday to 100.80 cents, pushing the yield lower by 6 basis points to 9.31%.

Benin last week sold a $500 million seven-year note at a yield of about 6.2% and an inaugural dollar-denominated sukuk. Ecuador sold $4 billion of bonds on Monday, its largest-ever issuance, in a return to global credit markets after restructuring its debt in 2020. The Democratic Republic of Congo plans a debut $750 million offering in April, the country’s finance minister told Bloomberg last week.

Seasoned eurobond issuers in Africa, such as Ivory Coast and Benin, are unlikely to care that other countries are coming to market given their years of experience, Morawiecki said. “But it likely does have a bigger impact on inaugural issuers such as DRC that look for signs of investor confidence in Africa.”

The continent’s average sovereign-risk premium over US Treasuries fell to the lowest since 2018 this month, and stood at 326 basis points on a closing basis on Monday, according to a a JPMorgan Chase & Co. index.

Source: Bloomberg

22, January 2026

‘Frontier Market’ Economies Haven’t Lived Up to Potential Since 2010 ⁰

“Frontier market” economies—a cluster of mostly middle-income economies regarded as the proving ground for the next generation of economic superstars—have largely failed to live up to their potential in recent decades, a new World Bank study has found. On average, investment growth per person in the 2020s so far has been less than half the rate in the 2010s. Yet the experience of the top performers among frontier markets reveals lessons for the 56 economies currently in the cluster.

For global investors looking for opportunities beyond high-income economies, frontier markets constitute the middle of the range: they are generally less tightly integrated into global financial markets than emerging markets but more so than other developing economies that belong to neither the “emerging” nor the “frontier” classes. The creation of these two asset classes in the 1980s and 1990s—an initiative that was greatly aided by the World Bank Group’s International Finance Corporation—helped channel significant private investment flows into developing countries.

“Excluding a handful of economies that have become investment grade over the past 25 years, frontier markets may well be the biggest disappointment in economic development,” said Indermit Gill, the World Bank Group’s Chief Economist and Senior Vice President for Development Economics. “People in frontier markets are, on average, better educated and live longer than those in other developing economies. The quality of their policies and institutions is better. Some of them are rich in natural resources. But they haven’t converted these advantages into advancement—and they remain the developing world’s lowest-hanging fruit.

Frontier markets today are home to 1.8 billion people—a fifth of the world population—and they are expected to add nearly 800 million more over the next 25 years, more than the rest of the world combined. More than a third of frontier markets are in Sub-Saharan Africa. Many frontier markets are rich in minerals that will be needed for new technologies concerning renewable energy, telecommunications, and consumer electronics. They often boast stronger institutions than other developing economies. In addition, they hold a special appeal for investors: over the past 25 years, stocks in frontier markets have moved largely independently of global financial conditions, which have explained only one in eight of the ups and downs in frontier-market stocks, far less than in advanced economies or emerging markets.

“These economies will play an important role in addressing the jobs challenge facing developing economies—they will account for nearly a fifth of the 1.2 billion young people in developing countries who will reach working age in the next decade,” said M. Ayhan Kose, the World Bank Group’s Deputy Chief Economist and Director of the Prospects Group. “The top-performing frontier markets have followed different paths. But they’ve converged on some common strategies—growth-friendly policies, investment-supporting infrastructure, better fiscal management, and an institutional environment that attracts private investment. The payoffs have been large: per capita income in the top quarter nearly quadrupled over the past 25 years.”

The typical frontier-market economy, however, has made little progress in attracting investment since 2000. Over the past 25 years, the growth rate of investment per person in these economies has ratcheted down, dropping to just 2% in the 2020s, less than half the rate in the previous two decades. Frontier-market economies today account for just 3.1% of global capital inflows, and less than 5% of global economic output.

Measured by laws on the books, frontier markets have made substantial progress in opening up their financial markets the past 25 years: they are now about half as open as advanced economies, up from about one-fifth as open in 2000. Actual financial-market development, however, has been sluggish. Domestic-currency markets, for example, remain relatively underdeveloped and domestic banks and financial institutions tend to lend less to private households and businesses than they do in emerging markets.

Greater fiscal discipline will be key to frontier markets delivering on their potential in the years ahead. Government spending as a share of GDP has been rising, but revenues have remained flat. The result has been a surge in debt burdens—and debt defaults. Today the typical frontier market spends more on net interest payments on its debt—about 2.5% of GDP—than is the case among emerging markets or other developing economies. Nearly 40% of frontier markets defaulted at least once between 2000 and 2024. Since the COVID-19 pandemic, frontier markets have recorded more defaults than all other countries combined.

Even so, some frontier markets have done better at navigating such pitfalls. Viet Nam, one of the world’s poorest countries at the turn of the century, now ranks among the 10 fastest-growing economies of the past 25 years. Rwanda emerged from civil war in the 1990s to become one of Sub-Saharan Africa’s biggest economic success stories, relying heavily on tourism and other services. In addition, four frontier markets—Bulgaria, Costa Rica, Panama, and Romania—have attained high-income status since 2012. To make the most of their potential, these economies will need to do much more than simply open up their markets. They will need to develop them and create the institutional safeguards needed to manage them.