Business

18, March 2025

Yaoundé secures $400mln from World Bank in new funding deals ⁰

Biya regime secured $400 million (about CFA239.6 billion at the current exchange rate) from the World Bank to improve public finance management and promote sustainable, inclusive growth. According to a statement from the World Bank, the funds will be provided through two new financing deals. The first will offer budget support to help Cameroon boost its efforts toward inclusive and sustainable growth while enhancing its resilience to climate change. The World Bank highlighted that Cameroon’s economy is grappling with rising budgetary pressures and growing external financing needs. This support will help the government implement bold reforms to improve fiscal sustainability, strengthen social services, and lay the groundwork for long-term infrastructure development. “This operation is expected to have significant positive impacts that would enhance economic and social development in Cameroon,” said Cheick Fantamady Kante, the World Bank’s operations director for Cameroon.

The second operation, called “Improving Performance, Accountability, and Transparency (IMPACT),” focuses on boosting Cameroon’s domestic resource mobilization. The aim is to improve the equitable and efficient use of public funds, which will, in turn, support critical services like healthcare and water supply. Henri Fortin, the team leader for this operation, emphasized that IMPACT will provide the government with additional resources to fulfill its core functions and improve accountability. The operation will also help Cameroon manage its public finances in a way that is more responsive to climate and gender considerations.

Source: Business in Cameroon

5, March 2025

AFG Bank Cameroon becomes country’s third-largest bank ⁰

AFG Bank Cameroon, formerly known as Banque Atlantique, is now the country’s third-largest bank, trailing only Afriland First Bank and Société Générale. As of January 31, 2025, the bank reported strong financial figures, including CFA934 billion in customer deposits, CFA568 billion in outstanding loans, and CFA500 billion in government securities, according to CEO Éric Valéry Zoa.

A subsidiary of Ivorian financial group AFG Holding, the bank strengthened its financial position in 2023 by increasing its share capital from CFA23.8 billion to CFA28.8 billion. That same year, it posted a net profit of CFA23 billion, enabling it to distribute CFA13 billion in dividends to shareholders.

By the end of January 2024, AFG Bank Cameroon’s equity stood at CFA80 billion, ensuring compliance with regulatory standards set by the Central African Banking Commission (COBAC). “This solid position allows us to fully meet prudential requirements,” said Zoa at an official rebranding ceremony held on March 3 in Yaoundé.

The bank employs 500 people across its network. AFG Bank Cameroon’s history dates back to January 2008, when Ivorian businessman Koné Dossongui, founder of AFG Holding, acquired Amity Bank Cameroon Plc. The sale was approved by COBAC in September 2008, leading to the official launch of Banque Atlantique Cameroon in June 2009.

As of 2023, the bank serves over 138,000 active clients, both individuals and businesses, and operates 22 branches nationwide.

Source: Business in Cameroon

5, March 2025

China targets 5% growth as it reels from Trump tariffs ⁰

China has set an economic growth target for this year of “around 5%” and pledged to pump billions of dollars into its ailing economy, which is now facing a trade war with the US.

Its leaders unveiled the plan as thousands of delegates attend the National People’s Congress, a rubber-stamp parliament, which passes decisions already made behind closed doors.

But the week-long gathering is closely watched for clues on Beijing’s policy changes – and this year is more significant than most.

President Xi Jinping had already been battling persistently low consumption, a property crisis and unemployment, before Donald Trump’s new 10% levy on Chinese imports came into effect on Tuesday.

Source: BBC

5, March 2025

MTN Cameroon appoints Wanda Matandela as new CEO ⁰

MTN Cameroon has officially appointed Wanda Matandela as its new Chief Executive Officer (CEO), marking a significant milestone for the company as it continues to expand its footprint in the telecommunications sector.

With a strong background in leadership and strategic development, Matandela is expected to play a crucial role in strengthening MTN Cameroon’s network, enhancing digital services, and driving customer-centric innovations. His arrival emphasizes a renewed focus on technological advancement, market expansion, and financial inclusion, reinforcing the company’s commitment to delivering seamless connectivity to millions of Cameroonians.

As MTN Cameroon navigates an evolving digital landscape, Matandela’s leadership could pave the way for new opportunities, increased investment in infrastructure, and improved access to digital financial solutions. This transition highlights the company’s vision of promoting sustainable growth, innovation, and digital transformation in Cameroon and the region.

Source: Telecomreview

21, February 2025

Camtel deploys 75 engineers to boost service quality ⁰

Camtel, a state-run company, added 75 new tech hires this week, including computer integration specialists, software development engineers, and satellite solution specialists, in an effort to improve service delivery in the face of strong competition.

The new employees, who just completed a four-month intense in-house training at the National Emergency Telecommunications Network Centre in Ekounou-Yaounde, join the telco’s existing pool of 180 technicians dispersed across the country.

Judith Yah Sunday Achidi, Camtel’s general manager, remarked: “Camtel has the task to digitalise Cameroon’s economy and to do that, we need qualified human resources and that is what we have done with the recruitment of these young engineers’

“We have the conviction that we have recruited the best talents and from the interactions we have had with them for the past four months, we are very sure that they will play an essential role in our digital transformation drive.”

Camtel intends to use its expanded technical staff, as well as emerging technologies it has acquired, to combat recurring network failures.

Source: iTweb

20, February 2025

Cocoa leaders unite to embrace innovation in the face of unprecedented challenges ⁰

Political and economic instability in recent weeks – from the delay and simplification of regulation to the freeze on international development funding and soaring cocoa prices – are further straining a global cocoa sector already grappling with profound challenges. In response, the World Cocoa Foundation (WCF) Partnership Meeting will convene global leaders to drive collaboration, accelerate innovation and build long-term resilience across the supply chain.

Under the theme “Our Future: Resilience Through Sustainability”, the meeting on 19-20 March takes place at a defining moment for the cocoa industry. Its location in Brazil – host of COP30 and one of the few nations to have updated its Nationally Determined Contribution (NDC) to reducing greenhouse gas emissions – adds a forward-looking dimension to the discussions. As a leader in agricultural mechanisation, Brazil offers a unique platform for knowledge exchange between cocoa-producing nations, highlighting scalable innovations that can boost efficiency and sustainability.

“Unprecedented challenges require unprecedented collaboration,” said Chris Vincent, President of the WCF. “By bringing together the entire cocoa sector, we aim to share best practices on critical issues such as disease prevention, mechanisation and navigating climate change and evolving geopolitical challenges – all of which are essential for reducing operational costs, increasing productivity and enhancing farmer profitability. A more adaptive sector will be better equipped to withstand shocks and secure a sustainable future.” Vincent concluded.

WCF’s pivotal role in fostering collaboration

The WCF Partnership Meeting is the premier global event dedicated to cocoa sustainability, attracting more than 400 stakeholders from over 40 countries to ensure a direct link between global strategies and on-the-ground realities. This year’s agenda will explore impactful solutions to key industry challenges, including regulatory compliance, evolving geopolitical challenges, modern farming innovations and industry-wide impact measurement.

Confirmed speakers include:

Alex Assanvo – Executive Secretary, Initiative Cacao Côte d’Ivoire-Ghana (ICCIG)

Eduardo Bastos – Executive Director, Brazilian Agribusiness Association (ABAG)

Marcello Brito – Executive Secretary, Legal Amazon Consortium of States

Santiago Gowland – CEO, Rainforest Alliance

Schneider Guataqui Cervera – Global Policy Maker, International Labour Organisation (ILO)

Deborah Faria – Full Professor at the State University of Santa Cruz (UESC)

Dr Koffi N’Goran – Deputy Director General, Coffee Cocoa Council of Côte d’Ivoire (CCC)

Anna Paula Losi – Executive President, Brazilian Association of Cocoa Processing Industries

Valmir Ortega – Partner, Belterra Agroforestry

Pam Thornton – Commodity Trader, Nightingale Investment-Armajaro

Wieneke Vullings – Consul General of the Netherlands in São Paulo.

A full list of confirmed speakers is available on WCF’s website.

By Cecilia Manjang

4, February 2025

IMF pushes for reform of Cameroon’s investment incentive law ⁰

The International Monetary Fund (IMF) is not satisfied with how Cameroon has implemented its 2013 law on investment incentives. In a statement released on January 30 announcing an agreement with the Cameroonian government on the latest review of their ongoing economic and financial program, the institution called for a revision of the law. This legislation grants tax and customs exemptions to investors for periods ranging from five to ten years.

“There have been delays in the implementation of the structural reform agenda. To attain the ambitious objectives of the national development strategy (SND30), the authorities are encouraged to complete important measures set out in the program concerning governance in the extractive industry sector, the business climate, SOE reform, and public financial management. Specifically, the mission urged the authorities to advance long-pending work on the SONARA restructuring plan and revise the 2013 law to streamline investment incentives,” the IMF said.

In other words, from the IMF’s perspective, the 2013 investment incentives law, which has been in effect since 2014 and was already revised once in 2017, is not delivering the expected results. This is particularly relevant as the government is increasingly focused on boosting tax and customs revenue to meet growing financial needs.

IMF and Business Leaders Aligned

The IMF is not alone in criticizing how the 2013 law has been implemented. Business leaders in Cameroon have also raised concerns. “Investment incentives in Cameroon need a complete overhaul. Since the law was enacted in April 2013, the government has introduced new policies and reforms affecting investment. As a result, several provisions in the regulatory framework have become outdated and are now misaligned with current government priorities,” said Célestin Tawamba, President of the Cameroon Employers’ Association (GECAM), on September 18, 2024, in Douala during the annual economic meeting of the business community.

Tawamba specifically pointed out the excessive and unjustified duration of the installation (five to seven years) and operational (up to ten years) phases, during which companies benefit from tax and customs exemptions under this law. “These extended periods allow some companies to use these benefits for purposes other than their declared investment plans or to continue enjoying installation-phase advantages even when they have already moved into full operation,” he explained.

Tawamba criticized the unclear eligibility criteria, which “create room for arbitrary decisions and do not ensure fair treatment of applications.” He also noted that the law does not take into account the unique needs of remote regions, which is crucial for balanced regional development in line with the country’s decentralization efforts. Moreover, he argued that some provisions fail to achieve the law’s intended objectives, leading to significant revenue losses for the government while increasing the tax burden on existing businesses that have to compensate for the shortfall.

More Than CFA113 Billion in Tax Breaks in 2023

Given these issues, the GECAM president stressed the need for a comprehensive reform of the investment incentives law to make it more effective. This is especially important, he argued, since Cameroon granted CFA198 billion in tax and customs incentives, yet the wealth generated from these benefits was only about CFA41 billion, representing just 0.0018% of GDP.

According to a report from the Ministry of Finance on tax expenditures in 2023, the government forfeited CFA113.5 billion in tax and duty revenues that year to support private investment projects. This amount accounted for 25.2% of the total tax expenditures approved by the government in 2023 and equaled 3.1% of the tax and customs revenues collected that year.

To put things into perspective, during a speech at the Africa CEO Forum on February 23, 2023, Marthe Angeline Mindja, the late Director General of the Investment Promotion Agency (API), revealed that API had facilitated the signing of 302 agreements with private sector companies, totaling CFA5.474 trillion in projected investments and an estimated 110,000 direct jobs. “Based on an evaluation of 100 API-approved companies that implemented their projects between 2014 and 2019, actual investments amounted to CFA987 billion, resulting in 12,050 direct jobs created,” she noted.

Source: Business in Cameroon

2, February 2025

Canada and Mexico hit back as Trump tariffs trigger trade war between allies ⁰

US President Donald Trump on Saturday signed an order to impose stiff tariffs on imports from Mexico, Canada and China, drawing swift retaliation and an undeniable sense of betrayal from the country’s North American neighbors as a trade war erupted among the longtime allies.

The Republican president posted on social media that the tariffs were necessary “to protect Americans,” pressing the three nations to do more to curb the manufacture and export of illicit fentanyl and for Canada and Mexico to reduce illegal immigration into the US.

The tariffs, if sustained, could cause inflation to significantly worsen, threatening the trust that many voters placed in Trump to lower the prices of groceries, gasoline, housing, autos and other goods as he promised. They also risked throwing the global economy and Trump’s political mandate into turmoil just two weeks into his second term.

Trump declared an economic emergency in order to place duties of 10% on all imports from China and 25% on imports from Mexico and Canada. Energy imported from Canada, including oil, natural gas and electricity, would be taxed at a 10% rate. Trump’s order includes a mechanism to escalate the rates charged by the US against retaliation by the other countries, raising the specter of an even more severe economic disruption.

“The actions taken today by the White House split us apart instead of bringing us together,” Canadian Prime Minister Justin Trudeau said in a somber tone as he announced that his country would put matching 25% tariffs on up to $155 billion in US imports, including alcohol and fruit.

He channeled the betrayal that many Canadians are feeling, reminding Americans that Canadian troops fought alongside them in Afghanistan and helped respond to myriad crises from wildfires in California to Hurricane Katrina.

“We were always there standing with you, grieving with you, the American people,” he said.

Mexico’s president also ordered retaliatory tariffs. China did not immediately respond to Trump’s action.

“We categorically reject the White House’s slander that the Mexican government has alliances with criminal organizations, as well as any intention of meddling in our territory,” Mexican President Claudia Sheinbaum wrote in a post on X while saying she had instructed her economy secretary to implement a response that includes retaliatory tariffs and other measures in defense of Mexico’s interests.

“If the United States government and its agencies wanted to address the serious fentanyl consumption in their country, they could fight the sale of drugs on the streets of their major cities, which they don’t do and the laundering of money that this illegal activity generates that has done so much harm to its population.”

Source: France 24

30, January 2025

Yaoundé: New MTN Cameroon CEO meets industry leaders ⁰

Wanda Matandela, MTN Cameroon’s new CEO, began his first visit to the West African country this week, joined by a delegation led by outgoing CEO Mitwa Kaemba Ng’ambi.

During this introductory tour, the MTN Cameroon delegation engaged with esteemed government officials including Prime Minister Joseph Dion Ngute, technical advisor of Cameroon, Jean-Claude Ayem Mauger.

The group also met with the minister of Posts and Telecommunications, Minette LIBOM LI LIKENG, director general of the Telecommunications Regulatory Board, and Professor Philemeon Zoo Zame, director general of the National Agency for Information and Communication Technologies.

The meetings gave Ng’ambi the opportunity to formally introduce her successor to senior executives and say goodbye.

Ng’ambi will begin her new post as CEO of MTN Côte d’Ivoire on March 1, 2025, the same day Matandela takes over as CEO of MTN Cameroon.

Matandela was MTN SA’s Chief Commercial Operations Officer until his current appointment.

He is a seasoned business executive with extensive expertise in ICT, financial services, and entertainment industries.

The telco executive has a BCom Accounting degree, a Masters in Information Systems from Wits, an MBA from Stellenbosch, and a Certificate in Leadership from IMD, Switzerland.

Source: iTweb Africa

27, January 2025

Yaoundé: Etoudi throws in the towel for African Development Bank presidency ⁰

Biya and his gang have decided not to put forward a candidate for the presidency of the African Development Bank, despite two profiles emerging in recent months, Africa Intelligence reported today.

Africa Intelligence also stated that Biya made the dramatic u-turn to avoid finding himself at odds with the Chadian leader.

Unity Palace had worked to promote its own candidate for the top African Development Bank seat, despite having officially supported Chad’s contender.

The regime in Yaoundé reportedly ordered Cameroonian diplomats to push for economist Albert Zeufack to take over the presidency of the African Development Bank, instead of the former BEAC governor whom N’Djamena is supporting.

As more candidates apply to take on the African Development Bank leadership role, the presidents involved have been quietly calling round to get a picture of the situation.

By Chi Prudence Asong with files from Africa Intelligence