Business

30, November 2016

Yaounde hosting African coffee symposium ⁰

Delegates from the 25 member states of the Inter-African Coffee Organization are meeting in Yaoundé in the fourth African Coffee Symposium. During the five-day conclave which opened on 29th November 2016, the delegates will exchange notes and share experiences on how the African coffee industry could emerge.

The symposium is holding under the theme, “Inclusive Value Chain Transformation in the African Coffee Industry”. In Cameroon, coffee is grown extensively with robusta coffee more prevalent in the coastal areas and arabica coffee widespread in the western highlands.

In September 2014, the Government of Cameroon validated and launched a new plan to revive the coffee sector, hoping to boost production and in that same year, Cameroon was ranked the 31st largest producer of coffee in the world. It is worth mentioning that coffee farming in Cameroon dates to 1884, during the German colonial era.

CRTV

26, November 2016

Destroying our Credit Unions is killing our Anglophone economy ⁰

The Cameroon Common Law Lawyers unanimously started the now popular Southern Cameroons strike action due to the coming into place and implementation of the OHADA Uniform Act. The lawyers may have been angered by the complete absence of the English version of the document. However, Cameroon Concord News is now aware that there is more to the OHADA than just its translation.

Our chief economic reporter revealed during our last editorial meeting that the OHADA Uniform Act is a Francophone teleguided policy to stifle the Anglophone economy and by extrapolation, the Anglophone identity. For those who do not know like Minister Atanga Nji Paul, the OHADA has destroyed the original co-operative law.

The CPDM government is now demanding that application forms for loans be stamped duty and tax. This implies that a minimum loan of 50000 FCFA will have a 14000 FCFA tax. This is not realistic. The VAT that the CPDM government is demanding from co-operative credit unions does not take into consideration the corporate law that distinguished category 1 micro-finance from categories 2 and 3.

The Co-operative law does not restrict the organization from having branch offices. With the new OHADA legal apparatus, credit unions are being persecuted for having branch offices throughout the national territory. So, any good thing that has its origin from Anglophone Cameroon is under threat from the Biya Francophone Beti-Ewondo government. British Southern Cameroons micro finance institutions cannot survive with this kind of judicial system.

The so-called tax laws do not exist in English. The OHADA uniform act on credit unions exists only in French. In a country where more than half of its micro finance and credit union establishments operate in the Anglophone zone, destroying our Credit Unions is tantamount to killing the Anglophone economy.

By Soter Tarh Agbaw-Ebai

26, November 2016

National Assembly: Minister Alamine Ousmane presents same CPDM old stories ⁰

CPDM business has commenced at the National Assembly with Cabinet Ministers defending their budgetary allocations in the Committee on Finance and Budget of the House. The Minister of Finance, Alamine Ousmane Mey, set the ball rolling on November 23, 2016. It was a long night starting with the presentation of the Report on the Nation’s Economic, Social and Financial Situation and Outlook for the 2016 financial year.

Minister Alamine Ousmane Mey, proceeded with the defence of draft budgetary allocations for 18 sovereign institutions like the Presidency of the Republic, Services attached to the Presidency of the Republic, National Assembly, Prime Minister’s Office, Economic and Social Council. The exercise culminated with the Ministry of Finance, whose budgetary allocation is estimated at FCFA 52 billion in 2017 up from FCFA 46.2 billion in 2016.

The Report on the Nation’s Economic, Social and Financial Situation and Outlook notes that the achievement rate of internal budgetary revenues stood at 68.9 per cent by the end of the first nine months of the 2016 budgetary year. Resources mobilized stood at FCFA 2,373.1 billion. Domestic budgetary revenue amounted to FCFA 2,056.3 billion while cumulative budgetary expenditure amounted to FCFA 2,418.41 billion with a 2.4 per cent increase.

Cameroon’s economy remains resilient, with growth strengthened around 6 per cent, holds the macroeconomic and budgetary projections. Growth slowed slightly to 5.3 per cent in 2016 as against 5.8 per cent in 2015 with fingers pointing at the drop in oil production. Growth however, continues to be driven by the non-oil sector with value added projected at 5.7 percent. The strong increase in gas production is expected to fit the holes of the decline in oil production. The inflation rate, the Minister indicated, is not expected to exceed the threshold of 3 percent. He stated that the terms of trade could become favorable again in 2017 after several years of hardship.

Culled from Cameroon Tribune

21, November 2016

Cameroon host forum on tourism ⁰

The Cameroon government is taking advantage of the women’s Africa Cup of Nations currently going on in the country to market its poorly developed sector. The Ministry of Tourism and Leisure, organized today Monday, a very popular ceremony in Yaoundé, the nation’s capital. Chaired by the Prime Minister and Head of Government, the event was attended by Taleb Rifai, Secretary-General of the World Tourism Organization (WTO), under the theme “Women, Sport and Tourism: Women’s sporting events and promotion of African destinations “.

Identified in Cameroon as a sector of growth and job creation, tourism, has been set up by the CPDM led government of Cameroon as an important lever for achieving the Sustainable Development Objectives noted Bello Bouba Maïgari, the Minister of Tourism and Leisure.

However, the Cameroon tourism sector is a complete mess and continues to record a sharp decline in the number of tourists in the country since 2013. The situation has become even more pathetic with the emergence of the Nigerian Islamic sect, Boko Haram. It is in an attempt to reverse the trend that the authorities have chosen the pretext of female Africa Cup of Nations to promote tourism in a country that avails itself of a rich cultural diversity.

By Rita Akana

21, November 2016

CPDM government presents recessionary budget to parliament ⁰

The government has presented a draft budget for the 2017 fiscal year. It is 4,373.8 billion FCFA. The bill was tabled at the National Assembly today the 21^st of November 2016 during a plenary sitting of the House which was chaired by the Senior Deputy Speaker of the, Hilarion Eton.

The 2017 draft budget recorded an increase of over 139.1 billion FCFA compared to that of 2016. The bill was presented alongside that which authorizes the President of the Republic to ratify the agreement between Canada and the Republic of Cameroon on the promotion and protection of investments.

CRTV

12, November 2016

Yaounde: CPDM government seeking an increase in the 2017 budget ⁰

It has been revealed that the CPM government is seeking an increase in the 2017 budget. According to the draft tabled during this current session devoted to examine the budget which started on Thursday the 10^th of October, the government expects a budget of 4378.8 billion FCFA in 2017.

Cameroon Concord News understands if the budget is adopted by parliament, it will witness an increase of CFAF 139.1 billion compared to the 2016 budget. Our chief economic correspondent noted that it will record a more than 3% increase in relative value. 70% of the Finance Act will be devoted to the operating budget, as in previous years.

By Rita Akana

20, October 2016

European Investment Bank’s Central Africa regional office opens ⁰

The Vice President of the European Investment Bank (EIB), Pim Van Ballekom has inaugurated the bank’s regional office for the Central Africa Sub Region in Yaounde. Today’s ceremony was attended by the Minister of External Relations, Lejeune Mbella Mbella and the European Union Ambassador to Cameroon, Francoise Collet.

Minister Mbella Mbella and Vice President Van Ballekom held intensive discussions prior to the inauguration ceremony. Cameroon Concord News gathered that both men examined the long standing relations between Cameroon and the European Investment Bank and identified new avenues for further cooperation.

The European Union Ambassador, Francoise Collet noted during a press briefing that there would be a massive increase in the volume and nature of financial assistance from the European Investment Bank to public and private establishments in the Central African sub region.

CRTV

15, October 2016

Bank of England warns that wife will be difficult for Britain’s most vulnerable ⁰

The Bank of England has warned that life will turn difficult for Britain’s most vulnerable, as inflation is expected to rise due to a slump in the pound following the vote to exit the European Union. Mark Carney, the Governor of the Bank of England, said Friday that inflation was likely to surpass the bank’s official two-percent target over the coming years. Carney said that the bank was “willing to tolerate a bit of an overshoot” to avoid unnecessary employment. He added it was not the bank’s responsibility to make decisions based on uneven social impacts of higher prices. “We care a lot about distribution but we are not a political entity,” he said, according to The Independent. Carney said that around 500,000 jobs could have been at risk if the bank had not cut interest rates in August.

The pound sterling has fallen by about 18 percent since Britain’s vote to exit the EU (Brexit) in June, the lowest level in 168 years. The Bank of England has signaled it may cut interest rates again later this year. The British currency has fallen as foreign investors wait for signs of the UK’s new trading agreements with the rest of the world. Food and Drink Federation Director General Ian Wright says the cost of importing goods is rising, and businesses will have to pass these costs on to consumers or risk losses.

“If these price hikes persist, there are pretty undesirable possible outcomes: retailers put up prices, manufacturers and or retailers take the hit, or consumers lose choice,” Wright told The Times. The Bank of England’s forecast in August show inflation hitting two percent in the third quarter of 2017 and rising to 2.4 percent in the second half of 2018. Some economists predict prices will rise even more rapidly. Some expect inflation will hit three percent by the end of next year as imports of food and fuel become more expensive.

Presstv

13, October 2016

Biya regime told to complete the construction of the Kumba-Mamfe road ⁰

The Economic Community of Central African States (ECCAS) has issued licenses to 23 enterprises doing business in Cameroon to export products tax-free to the ECCAS member countries.

The representatives of the 23 enterprises were handed over their licenses in a ceremony chaired by the Minister of Trade, Luc Magloire Mbarga Antangana.

Minister Luc Magloire Mbarga Atangana said the licenses are proof of government’s will to strengthen the private sector and reinforce sub regional integration.

The permits will enable the enterprises reach a larger market of about 160 million customers, improve the quality of products through competition and account for a turnover of about 408 billion FCFA.

The representatives for their part called on the Cameroon government to complete the construction of the Kumba – Mamfe road so as to improve business between Cameroon and neighbouring Nigeria.

CRTV

13, October 2016

Camair-Co crisis deepens as Transport Minister snubs Board Chair Mefiro Oumarou ⁰

Transport Minister, Edgar Alain Mebe Ngo’o, and his new corporate executive staffs of Camair-Co met on Wednesday, October 12, 2016 in Yaounde with officials of the Audit Consulting firm Boeing. Amid tension with the new board chair of the airline company, Mefiro Oumarou, the transport minister reportedly told the Americans that President Biya has chosen Boeing and that the plan developed by Boeing has already been validated and stressed that the new Camair- Co leaders should rally behind Boeing as soon as possible and move towards the implementation phase.

Edgar Alain Mebe Ngo’o did announce the release of part of the funding needed to redress the airline company. Said the minister, “I am able to tell you that FCFA 30 billion is already available for Boeing to accompany Camair-Co in the implementation of this plan.”

The hard-line position adopted by Minister Edgar Alain Mebe Ngo’o has openly contradicted statements released by the President of the Board of Camair-Co, Mefiro Oumarou. Mefiro recently opined that there was need to put aside the recovery plan submitted to the President of the Republic by Boeing Consulting.

The Boeing plan hinted our informant in Yaounde will allow Camair-Co to fly to 27 destinations: 9 domestic, 13 regional and 5 intercontinental. There is a proposal to acquire new aircrafts over a period of five years by 2020. Boeing also requested the Cameroonian government to inject 60 billion FCFA in the computerization of the company and building sheds.

Culled from Cameroon Intelligence Report