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19/07/2022

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30/03/2022

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Cameroon: IMF awaits new audit on Covid-19 fund management The IMF isn't inspired with the misappropriation of store...
18/03/2022

Cameroon: IMF awaits new audit on Covid-19 fund management
The IMF isn't inspired with the misappropriation of stores implied for battling Covid-19. Cameroon judges have revealed a reiteration of debasement in their most recent audit. On 16 November 2021, the Chambre des Comptes du Cameroun carried out an review to explore how the Extraordinary National Solidarity Support planning to battle against the coronavirus was being used. Its report affirmed doubts of theft that have been detailed since early 2021. In its conclusion, the Chamber made 30 suggestions, chosen to open 14 procedures into fumble and transmitted 12 cases – likely to be classified as criminal- to the Service of Justice. READ MORE IMF-Africa: obligation, SDRs, imbalance... the Fund's unused clothes

The rise in customer costs was more supported in five of the 10 territorial capitals in Cameroon in 2021, concurring to ...
18/03/2022

The rise in customer costs was more supported in five of the 10 territorial capitals in Cameroon in 2021, concurring to the National Founded of Measurements (INS). Those capitals are Yaoundé and Douala, Maroua, Bamenda and Bafoussam. “Those five cities contributed 1.73 rate focuses to the 2.3% swelling measured within the nation. In other words, they contributed over 75% of the national inflation,” clarified the INS. For investigators, the cost increments recorded across the nation are due to nourishment costs. Without a doubt, we learn, in 2021, nourishment costs expanded by 4.3%, coming to their most noteworthy level since 2017 (3.6% in 2020, 2.9% in 2019, 1.2% in 2018, and steady in 2017). Two of the five cities that contributed the foremost (Maroua and Bamenda) are found in ranges confronting security emergencies (Boko Haram and separatists emergency) whereas one (Bafoussam) offers its border with emergency locales.

In the framework of its new economic and financial program [2021-2024] with the IMF, Cameroon has committed to coercing ...
17/03/2022

In the framework of its new economic and financial program [2021-2024] with the IMF, Cameroon has committed to coercing state-owned firms into paying the on-lending or guaranteed loans they received.

In its March 2022 country report focused on Cameroon, the IMF explains that public enterprises that benefited from those loans will “have to fulfill their contractual obligations as specified in the on-lending or guarantee agreements.” “To this end, the government will initiate discussions with the public enterprises concerned to devise a plan for the collection of amounts due on maturities settled by the government on their behalf and to set the terms for effective tracking to allow public enterprises to make debt service payments on on-lending or loans guaranteed by the government in a timely manner and avoid accumulating new arrears. For new financing, the government will introduce more security and take measures to collect debt service payments on time,” the report reads.

According to the latest data from the national sinking fund CAA, the only outstanding guaranteed debt as of November 30, 2021, was the result of old agreements since the government granted no new guarantees in recent years. As of that period, the outstanding guaranteed debt was XAF23.1 billion, representing 0.1% of GDP. The Port Authority of Douala (PAD) accounted for XAF1.8 billion, against XAF7.2 billion for the DPDC and XAF14 billion for KPDC.

It was down by 7% month-on-month because KPDC repaid XAF1.7 billion of principal.

Still, according to the CAA, state-owned firms’ direct debt (not guaranteed by the state) is XAF862 billion, representing 3.5% of GDP; 53.1% of that debt is owed to foreign partners against 46.9% for domestic partners and suppliers.

CAN2022 Cameroon sounds ready to host African Cup Nations Anxious as Cameroonians may be, what are the economic benefits...
28/12/2021

CAN2022
Cameroon sounds ready to host African Cup Nations
Anxious as Cameroonians may be, what are the economic benefits of this event to the Cameroon economy as the leading economy in the CEMAC region.
Though Cameroon battling with conflicts, crises, poverty and inflation. What are the possible or open door opportunities for Cameroonians to change thier economy status ?
AFCON 2022 in CAMEROON
Cameroon/EconomyCameroon/EconomyEconomy
TotalEnergies CAF Champions League & Confederation Cup
Samuel Eto'o

(Business in Cameroon) - Early this year, pay-TV operator Canalsat lowered the prices of some of its packages in Cameroo...
17/01/2021

(Business in Cameroon) - Early this year, pay-TV operator Canalsat lowered the prices of some of its packages in Cameroon. These include the "Access" and "Evasion" packages, which now cost XAF5000 and 10,000 respectively, instead of XAF5500 and 11,500 in 2020. "The rebate does not apply to the Evasion+ (XAF22,500 monthly) and Tout Canal (XAF45,000) packages," explains an internal source at the company.

Last year, the operator increased its prices because of a provision in the 2020 finance law (it introduced a 12% tax, representing excise duties, on digital audiovisual program packages), but it was the only pay-TV operator to do so.

Various sources see this rebate (which brings prices to the levels they were before prices rose in 2020) as a consequence of the competition led by Chinese Startimes that recently entered the market. Indeed, with its packages ranging between XAF5500 and 10,000 and decoders sold at XAF5,000, Startimes has attracted many Cameroonians in recent months, maybe because of the novelty effect.

BRM

Cameroon launches call for expression of interest for investors interested in its animal by-products processing sector(B...
17/01/2021

Cameroon launches call for expression of interest for investors interested in its animal by-products processing sector
(Business in Cameroon Reports) - On January 12, the Cameroonian Ministry of Livestock, Fisheries and Animal Industries (Minepia) issued a call for expression of interest to pre-qualify investors wishing to invest in the animal by-products processing sector.

According to the calling document, the government will co-fund, with the qualified private investors, the establishment of the processing units thanks to funds provided by the World Bank in the framework of Livestock Development Project Prodel.

The Minepia's call for expressions of interest reveals that the units to be built include a large-scale dairy processing unit (with the possibility of setting up a UHT-type dairy), an industrial pork processing unit, an industrial poultry processing unit, a beehive products processing unit, and an industrial beef processing unit.

The document adds that the public funds to be injected into each of these projects range between XAF150 and 350 million, or 60% of the budget necessary to implement the business plan. Economic operators interested in this government offer can submit their tender documents, by February 5, 2021, to the Prodel coordination unit in Yaoundé.

Apart from boosting the value of products such as Oku white honey (labeled by the African Intellectual Property Organization-Oapi), the implementation of these projects will have a significant impact on Cameroon's trade balance, in which the importation of dairy products and other sausages and cheeses weigh heavily.

For instance, according to estimates by the French National Interprofessional Center for the Dairy Economy (Cniel), France exported over 305 tons of cheese and 1,835 tons of milk and dairy beverages to Cameroon in 2018.

Also, in 2015, the country spent XAF31 billion (exceeding the average of XAF20 billion recorded since 2013) to import milk, according to figures published by the Minedia.

Brice R. Mbodiam

Water supply project Paepys to be completed nearly 7 months after the initial deadline due to Covid-19 pandemic (Busines...
04/12/2020

Water supply project Paepys to be completed nearly 7 months after the initial deadline due to Covid-19 pandemic (Business in Cameroon) - Because of the coronavirus pandemic, water supply project Paepys (68% completed in October 2020) will not be able to meet its initial December 2021 completion deadline as stated in the contract with Chinese construction company Sinomach. Rather, the completion date is now July 21, 2021, according to the Ministry of Water and Energy (MINEE).

Paepys, which is aimed at supplying drinking water to residents of Yaoundé and its surroundings through the Sanaga River, is funded by a XAF399 billion loan from Eximbank China. It is aimed at ending the drinking water deficit in Yaoundé by supplying an additional 300,000 m3 of water in its initial phase. That volume will be extended to 400,000 m3 daily in the project’s extension phase. Thanks to this additional water supply, neighboring towns like Batchenga, Obala, Nkometou, Soa, and Ntui can also have access to drinking water.

In Yaoundé, the daily drinking water need is estimated at 315,000 m3. However, its only water supply plant, the Akomnyada plant, produces nearly 100,000 m3 of water daily.

This represents a production deficit of 215,000 m3 daily. As a result, Yaoundé is under permanent water rationing.

S.A.

(Business in Cameroon) - On December 1, 2020, the Bank of Central African States (BEAC) offered XAF250 billion of liquid...
04/12/2020

(Business in Cameroon) - On December 1, 2020, the Bank of Central African States (BEAC) offered XAF250 billion of liquidity, in the framework of its liquidity injection operations, into the CEMAC banking system. The operation was aimed at increasing the operating margin of credit institutions operating in the region amid the coronavirus pandemic.

However, according to the official reports, only six credit institutions in the CEMAC zone have shown interest in this tender. The said banks captured XAF69.5 billion, a little over 27% of the overall liquidity offered by the central bank.

Since the beginning of these weekly liquidity injections, which are part of the BEAC’s monetary policy amid the pandemic, banks have probably never raised up to XAF100 billion. This shows either the solidity of their treasury or a certain reluctance to finance national economies.

BRM

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