Business

Yaounde: Canada to improve relations with French Cameroun

2, August 2017

Yaounde: Canada to improve relations with French Cameroun 0

Canada is committed to strengthening bilateral relations in all domains with La Republique du Cameroun especially at the level of the economy. This was highlighted at a press conference on the 31st of July 2017 in Yaoundé. The Canadian High Commissioner to Cameroun, Rene Cremose and the Africa Vice President of Afrique Expansion, Beatrice Bediang invited French Cameroun businessmen to be part of the Afrique Expansion Forum, a Canadian networking platform for investment in Africa.

The forum that sits every two years is in its 8th edition and will feature great names from the international and national business communities and has been slated for the 2nd to the 3rd October 2017 in Montreal – Canada. The Canadian High Commissioner and his team explained that the event will serve in revealing La Republique’s potential while showcasing the French Cameroun’s potentials.

For his part, Afrique Expansion’s Investment Adviser, Georges Meka Abessolo explained that the forum will focus on 19 sectors of the economy including agriculture, mining, transport, ICTs, infrastructure, energy and insurance. The Afrique Expansion representative also revealed that this year’s event will be exceptional as it will examine the digital economy which is one area, the Biya Francophone regime is interested in.

Bilateral relations between French Cameroun and Canada is limited only to Canadian business interest in the small Sub Saharan country especially as Canada is involved in projects like the renovation and expansion of the Douala Japoma Stadium and its annex as well as other sports facilities in the country.

Source: CRTV



“Cameroon among African countries that have improved the quality of their policies”

30, July 2017

“Cameroon among African countries that have improved the quality of their policies” 0

The review is the annual World Bank Country Policy and Institutional Assessment (CPIA) Africa analysis, which scores the progress Sub-Saharan African countries are making on strengthening the quality of their policies and institutions. CPIA ratings have been used to determine the allocation of zero-interest financing and grants for countries that are eligible for support from the International Development Association (IDA), the concessional financing arm of the World Bank Group.

CPIA scores are based on 16 development indicators in four areas: economic management, structural policies, policies for social inclusion and equity, and public sector management and institutions. Countries are rated on a scale of 1 (low) to 6 (high) for each indicator. The overall CPIA score reflects the average of the four areas of the CPIA. Cameroon is one of the countries in sub-saharan Africa that have improved the quality of policies and institutions (CPIA) in 2016, according to the World Bank report published this month of July 2017.

On the upside, Côte d’Ivoire, the Comoros, Cameroon, Guinea, Madagascar, Mauritania, and Sudan have experienced a modest gain in the CPIA score, with most of these countries showing a stronger performance in the quality of governance. In a few countries, the quality of policies for social inclusion and equity also improved, reflecting a strengthening of safety net programs.

In the company of Côte d’ivoire, the Comoros, Guinea, Madagascar, Mauritania and Sudan, Cameroon scored 0.1 points in comparison with the previous year, which made the country obtain a score of 3.2 out of a total of six points available. The required average of 3.1 points, Cameroon by its performance, remains an eligible country in support of the International Development Association (IDA), the concessional financing window of the World Bank Group.

Published each year, the CPIA report assigns a note to each of the countries eligible for IDA support. The notes of the CPIA, which reflect the quality of a country’s political and institutional framework, consist of 16 criteria in four groups, namely economic management (Group a), structural policies (Group B), policies to combat social exclusion and the promotion of equity (Group C) and the management of public sector institutions (Group D).
In these different categories, Cameroon obtained the following notes: 3.5 points, 3.2 points, 3.1 points and 3.0 points respectively. With a score of 4, Rwanda is once again at the top of the ranking. It is closely followed by the Senegal and Kenya both get 3.8.

Source: Cameroon Info.Net


IMF may move headquarters to China

26, July 2017

IMF may move headquarters to China 0

IMF chief Christine Lagarde says the International Monetary Fund may move its headquarters to Beijing in a decade if China and other big emerging markets continue to grow. In 10 years’ time, “we might not be sitting in Washington, DC. We’ll do it in our Beijing head office,” Lagarde said at a Center for Global Development event in the US capital. The IMF’s bylaws, she said, call for the institution’s head office to be located in the largest member economy.

China is estimated to overtake US as the world’s biggest economy over the next decade if the country maintains its growth rates of above 6 percent. The IMF and some of its members have argued that China already contributes more to global growth on a purchasing power parity basis.

The Fund is about to launch another review of its voting structure next year. The United States, with a 16.5 percent share of its board votes, has used an effective veto over IMF decisions since the body was launched in 1945.

According to the professional services giant PWC, China could be the largest economy in the world, accounting for around 20% of world GDP in 2050. By the time, the seven emerging economies (E7) could have increased their share of world GDP from around 35% to almost 50%, the report said.

The E7 economies of Brazil, China, India, Indonesia, Mexico, Russia and Turkey are expected to grow at an annual average rate of 3.5% over the next 34 years, compared to an average of just 1.6% for the advanced G7 nations of the US, Canada, France, Germany, Italy, the UK and Japan, it added. In December 2015, the International Monetary Fund admitted the yuan into its select basket of reserve currencies, giving a major boost to China’s position as a global economic power.

The yuan, also called the renminbi, joined the dollar, euro, British pound and Japanese yen in the Special Drawing Rights (SDR) basket used as standard in dealings with the financial reserves of world countries. Lagarde then described the inclusion “an important milestone in the integration of the Chinese economy into the global financial system.” China is the world’s second largest economy. The addition was a victory for the country’s push to make the yuan a freely usable currency.

Washington is wary of China’s growing financial clout and the serious challenge which the dollar faces as more emerging economies are switching to their local currencies in trade. Meanwhile, the IMF is already on a collision course with US Congress and other influential institutions of the country. US lawmakers have repeatedly refused to ratify a 2010 IMF reform to give greater weight to the BRICS group of emerging market powers, namely Brazil, Russia, India, China and South Africa.

Source: Presstv


African Development Bank to fund rail line linking Ngaoundere and N’jamena

20, July 2017

African Development Bank to fund rail line linking Ngaoundere and N’jamena 0

The Government of Cameroon and that of Chad have signed an aide-memoire with the African Development Bank (AfDB) to extend the railway network linking Ngaoundere in Cameroon and Djamena in Chad. Cameroon’s Minister of Transport, Edgar Alain Mebe Ngo’o chaired the signing ceremony on the 18th of July 2017. The document is in relation to feasibility studies carried out ahead of the construction of the railway linking both cities.

The general manager of Cooperation and Regional Integration, Charles Assamba Ongondo who signed on behalf of Cameroon explained that the three signatories had earlier on, in consultation with the Cameroon – Chad Railway Commission, agreed to carry out studies for the railway. He observed that the board of AfDB will examine the file and decide if they will provide the finances.

For his part, Minister Edgar Alain Mebe Ngo’o opined that the aide-memoire shall be presented in the next board meeting of the Cameroon – Chad Railway Commission. The railway extension is expected to cover a distance of 900km. The project will be financed to the tune of close to 5000 billion CFAF. This will add up to the transport networks linking up Cameroon and Chad.

Source: CRTV



Biya meets African Development Bank President Akinwumi Adesina

18, July 2017

Biya meets African Development Bank President Akinwumi Adesina 0

Dr. Akinwumi Adesina, President of the African Development Bank Group (AfDB) was received in audience by President Biya on Monday 17 July 2017 at the Unity Palace.

Both men reviewed the 45-year-old cooperation that exists between Cameroon and the AfDB. They also discussed key areas of investment such as energy, agro-industrialisation, and regional integration.

Speaking to reporters at the end of the audience, Dr. Akinwumi Adesina lauded the Commander-in-Chief of Cameroon’s Armed Forces for the support provided towards the preservation of peace and security in north-eastern Nigeria and the Central African Republic.

He also highlighted President Paul BIYA’s contribution in the stabilisation of macroeconomic issues within the CEMAC region, which prevented a devaluation of the CFA Franc.

“I encouraged the President to continue with the effort of microeconomic stabilisation and what the government is doing in terms of diversifying the economy,” Dr. Akinwumi Adesina said. He added that: “the AfDB strongly supports Cameroon. We wish the President and the Government all the best with the plan for accelerated development to a middle income country by 2035.”

President Paul BIYA exchanged gifts with the distinguished guest, whom he later decorated with a medal of Grand Officer of the Order of Valour. The AfDB has invested US$ 2.5 billion (approximately CFAF 1,436 billion) in Cameroon since 1972. The group currently supports 22 projects and there are plans to inject US$ 150 million for the realisation of the Natchtigal Dam.

Culled from the PRC


Yaounde: BEAC Governor rules out currency devaluation rumours

14, July 2017

Yaounde: BEAC Governor rules out currency devaluation rumours 0

The Governor of the Bank of Central African State, BEAC – Abbas Mahamat Tolli has assured the population that the current economic situation in the CEMAC zone does not warrant a devaluation of the CFA Franc. Abbas made a comparative analysis of the economic situation that prevailed in 1993, before the January 1994 devaluation with the current 2017 situation and observed that the Central Africa sub region is not on the edge of an abyss.

During a press conference at the Central Bank’s headquarters in Yaoundé, Governor Abbas Mahamat Tolli, pointed out that recent rumour about a possible devaluation of the CFA franc are unfounded. He said in 1993, the growth rate of the sub region was -0.3% far below the 2017 growth forecast estimated at 0.4%.

The investment rate is also expected to reach 23.5% by the end of 2017 as against 18.8% of Gross Domestic Product, GDP before the previous devaluation. Budgetary deficit from commitments, excluding grants stand at 3.5% in 2017 as against 9.7% of GDP in 1993. The rate of external coverage of the currency is stabilized to about 60% in 2017 against 14.8% before the devaluation of 1994. From the estimations of the Central Bank, the absolute value of official reserves is equivalent to 2,800 billion CFA F, representing 2.1 months of imports of goods and services.

The reserves are much more significant compared to the 165 billion in 1993, which barely covered one month of imports. BEAC’s operating account with the French Treasury would be in excess of 2,600 billion francs, whereas at the end of 1993 it had a deficit of 78.6 billion francs. The strong points advanced to dispel rumour of devaluation did not however minimize the current dismal economic and financial performance of the sub region. In the presence of members of the Monetary Policy Committee of BEAC, the Governor acknowledged that the zone has been suffering from deceleration of growth since 2014 which has significantly affected the economic and financial situation.

He however noted that there are glimmers of hope in the horizon as corrective measures have begun bearing fruit. The immediate visible impact is the reduction of public spending from an estimated 7000 billion in 2014 to about 3000 billion in 2017 following the implemented budgetary adjustments programmes by member countries. He added four of the six CEMAC countries have already finalised negotiations with the International Momentary Fund to enforce economic reform programs and financial frameworks that will favour mobilization of external resources with international donors.

Abbas Mahamat Tolli stated emphatically that no objective factor necessitates a monetary adjustment in the CEMAC zone at present. The IMF however has made economic prescriptions in order to stay afloat. According to an IMF statement published on the website, much effort is needed from the CFA franc zone countries to reduce poverty and increase the living standards of their people.

According to the IMF, priority areas include essential public and improve infrastructure, health care, education and job training. Each country needs to uphold good governance by tackling corruption, inefficiency and encouraging accountability. Regional integration within the CFA franc zone countries should be based on mutually beneficial economic ties.

Some African leaders now question the CFA parity with the Euro arguing that it does not allow Africa to develop. Many critics consider that the CFA franc, pegged to a strong euro, hampers the competitiveness exports of raw materials, quoted in dollars or pounds sterling on the main financial centres of New York or London.

Source: CRTV



68 billion scandal rocks Cameroon’s biggest pension fund

13, July 2017

68 billion scandal rocks Cameroon’s biggest pension fund 0

The accountant of the National Social Insurance Fund, Patrick Hervé Bessala has openly accused his general manager, Alain Noël Olivier Mekulu Mvondo Akame of wanting to involve him in the falsification of documents relating to the payment of social benefits for the financial year 2016.

In a correspondence dated May 2017 and copies sent to the Presidency of the Republic, the Ministry of Finance and to the Ministry of Higher State Control, Patrick Hervé Bessala reported to the Chairman of the Board of the National Social Insurance Fund that : “Mr. President, following the May 23rd session of the Board of Directors of the National Social Security Fund (CNPS), in which I took part, I hereby express my deepest disagreement as to the wording of the resolutions adopted at the end of that session, as reflected in the drafting of the minutes by the secretariat and made public by the General Manager of CNPS [Mekulu Mvondo] “.

Patrick Hervé Bessala further pointed out in his letter the numerous deficiencies and inconsistencies in the financial statements presented as well as by mentioning a request made by the board of directors to the general manager with a view to setting up an ad hoc committee to assist the accounting officer in the production of the accounts for the financial year 2016.

Patrick Hervé Bessala also did accuse the GM of CNPS of obstructing, in particular, the concealment of the constituent elements of the assets of the National Social Insurance Fund, “on fraudulent payment by the authorizing officer of the expenses of the organization in place of the accounting officer and his refusal to transmit the employment accounts and supporting documents of the sum of 68 billion FCFA made available to him in order to pay social benefits for the financial year 2016 “.

The GM (seen here on photo attached to this report) Alain Noël Olivier Mekulu Mvondo Akame has been solicited to have his version of the facts. The GM instead directed news reporters to his communication services, which revealed that this conflict is not the first of its kind and is related to the character of legal bigephism that governs the financial position of the fund.

Source: CIN


Australia falls behind Cameroon on resource tax transparency

8, July 2017

Australia falls behind Cameroon on resource tax transparency 0

Australia is set to become the world’s largest exporter of gas but its level of resource tax transparency falls behind Burkina Faso, Cameroon and Mongolia, a new global report has found, as the country forfeits billions of dollars in tax to multinational mining giants.

A Senate hearing into the Callaghan review of the petroleum resource rent tax this week heard just how murky our tax data is, with only opaque disclosures from the companies themselves giving us an indication of how much tax they pay. Australia is set to eclipse Qatar as the largest exporter of gas in the world by 2020 but will receive just a fraction of the revenue, $800 million compared to Qatar’s $26.6 billion.

The resource governance index found countries that receive Australian aid funding for programs aimed at improving their resource sectors outperformed Australia on revenue management. Australia, ranking 32nd, scored lower than Botswana, Niger and the Ivory Coast, according the report from the global Natural Resources Governance Institute.

“Australia has a data problem,” said Jessie Cato, the national co-ordinator for Publish What You Pay Australia, a tax transparency network. “We have poor systematic data collection, it is often private, published in a closed data format like PDF, and located across numerous agencies.”

Culled from the Sydney Morning Herald


Yaounde: CamTel and China Unicom sign agreement to construct a South Atlantic Inter Link

5, July 2017

Yaounde: CamTel and China Unicom sign agreement to construct a South Atlantic Inter Link 0

China United Network Communications (China Unicom) has signed an agreement with Cameroon Telecom (CamTel) to construct a South Atlantic Inter Link (SAIL) cable network, 6,000-km. in length. China Unicom and CamTel will work with Huawei Marine Networks Co. Ltd., a submarine cable networks solutions provider, to connect an undersea cable that runs from Kribi Deep Sea Port, Cameroon to Fortaleza Brazil.

Total construction costs are expected to hit US$136 million and take about 24 months to complete. SAIL will possess the largest data transmission capacity between Africa and South America. SAIL would provide reliable intercontinental telecom services for Brazilians and Cameroonians. It’s the first large-scale project in the region led by one of the Big 3 Chinese Telecom operators and China-based equipment manufacturers.

China Unicom and CamTel are responsible for the building and maintenance of SAIL, while Huawei Marine Networks delivers systematic solutions. US$85 million of SAIL was funded by Export-Import Bank of China, while the remainder was covered by CamTel, which includes China Unicom financing US$34 million to the Cameroon-based telecom.

In Cameroon’s capital city – Yaounde – on June 27, Huawei Technologies Co. Ltd. Chief Executive Officer (CEO) Guo Ping, China Unicom CEO Lu Yimin and CamTel General Manager (GM) David Nkoto Emane, signed the formal agreement. “China has strategic partnerships with Africa and South America,” the Global Times quotes Lu as saying. “SAIL not only provides high-quality international communications services to countries in these two continents, but also serves Chinese companies to develop their business in the region.”

The project can advance Cameroon’s digital economy, so its nation’s citizens gain better access to phone service and the Internet. Huawei Marine Networks will utilize an advanced 100G technology system with 4 fiber optics pairs that holds a design capacity – 32T-bit/s. SAIL can bridge technology gaps in the South-South region, so Africans and South Americans can enjoy a brighter future.

Beijing has embarked on South-South Cooperation to boost trade, investments and infrastructure building in Africa and South America. Chinese companies are exploring new regions to open up manufacturing zones, tap into natural resources and to develop a growing consumers’ base in the emerging markets. Cameroon, located in Central Africa, offers major opportunities for Chinese firms.

“It is a great pleasure to partner with China Unicom and Huawei Marine Networks on building the SAIL cable system,” Emane told Global Times. He added, “When it is completed, it will provide new international connectivity to facilitate band-width demand between Africa and support the booming economies in the two continents.” In its current state, Cameroon’s cables cannot support all the telecom connections in the country. SAIL can build capacity to meet national coverage. China Unicom, the world’s 4th-largest mobile service provider by subscriber base, will extend its National Broadband Network (NBN) to Cameroon.

Constructing infrastructure that includes telecom networks along with roads and railways in Africa can help people on the continent rise above poverty. But Africans also need better education and job skills to succeed in our globalized economy.

Huawei Technologies has invited young Cameroonians to participate in a training project, known as “Seeds of the Future,” according to Business in Cameroon Website. After a careful selection process, 10 young Cameroonians will receive information and communications training (ICT) at Huawei’s headquarters in Shenzhen, China.
Trainees will participate in a 1-week program, attending lectures and practical classes to strengthen their knowledge, according to Li Dafeng, senior vice president of Huawei Group. Students can also interact with Huawei’s engineers and learn more about the latest innovations developed by the hi-tech giant.

Constructing an undersea fiberoptics cable line is no easy task, especially when telecom cable operators must stretch it to 6,000-km. in length. But, Chinese companies have introduced major equipment upgrades in the field. The people of Brazil and Cameroon will benefit tremendously from such advances, while Chinese investors and companies can expand into key emerging markets in South America and Africa.

China’s South-South Cooperation will open doors for Cameroon when SAIL is fully-connected and performing to capacity. Those living in Central Africa can dial up their phones, click on the internet to enjoy a more convenient connection with people, or to conduct business in a more efficient manner. Accordingly, SAIL will serve as the vital connector for Cameroon’s future and path to prosperity.

Source: CCTV.com


CPDM Diaspora forum opens in Yaounde

29, June 2017

CPDM Diaspora forum opens in Yaounde 0

The Prime Minister and Head of Government, Philemon Yang has opened the so-called first-ever Cameroon Diaspora Forum. The forum began on the 28th of June 2017 in Yaoundé. The three-day forum is taking place under the theme, “Cameroon and its Diaspora, acting together for the development of the nation.”

Chairing the opening ceremony on behalf of the Head of State, the Prime Minister called on Cameroonians in the Diaspora to take advantage of the investment incentives instituted by President Paul Biya in 2013 to make Cameroon a destination of preference for investors.

Prime Minister Philemon Yang also exhorted participants to exchange expertise in crucial domains including health, education, agriculture, culture and technology. The event is an opportunity to lay bare investment opportunities especially for investors from the Diaspora, the aim being to boost the country’s economy more so as this group contributed 0,7% of the country’s GDP in 2009. However, the forum is actually being attended by French speaking Cameroonians seeking cheap funding from the CPDM regime.

Source: CRTV


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