Business http://cameroon-concord.com Fri, 23 Feb 2018 10:25:35 +0000 Joomla! - Open Source Content Management en-gb Cameroon: Biya signs presidential decree to reorganize Cameroon Water Utilities (CAMWATER) http://cameroon-concord.com/business/cameroon-biya-signs-presidential-decree-to-reorganize-cameroon-water-utilities-camwater http://cameroon-concord.com/business/cameroon-biya-signs-presidential-decree-to-reorganize-cameroon-water-utilities-camwater Cameroon: Biya signs presidential decree to reorganize Cameroon Water Utilities (CAMWATER)

On February 20, 2018, Paul Biya officially ended the privatization of water production and distribution in Cameroon. That day, a presidential decree was signed to reorganize Cameroon Water Utilities (CAMWATER) which was till then in charge of drinking water management.  The company is now in charge of the production and distribution in urban and semi-urban areas.{loadposition myposition} 

Indeed, for ten years now, Camerounaise des eaux (CDE), a private consortium of ONEP, MEDZ, DELTA Holding and INGEMA, has been in charge of the production and distribution. After these years of privatization, the result was not that bright (the water service interruptions have been more frequent in Yaoundé in the past few months). The government then decided to end the privatization and return the water sector to a public company as had been the case for decades.

For the record, water production and distribution service was taken care of by Société Nationale des eaux du Cameroun (Snec), before it was privatized in the 2000s.

BIC

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bogus@bogus.com (Concord Newsdesk) Business Thu, 22 Feb 2018 09:38:25 +0000
Cameroon: Minister of Planning and Regional Development to preside over economic forum in Douala http://cameroon-concord.com/business/cameroon-minister-of-planning-and-regional-development-to-preside-over-economic-forum-in-douala http://cameroon-concord.com/business/cameroon-minister-of-planning-and-regional-development-to-preside-over-economic-forum-in-douala Cameroon: Minister of Planning and Regional Development to preside over economic forum  in Douala

Cameroon: Louis Paul Motaze, the Minister of Planning and Regional Development shall organize an economic forum at the GICAM in Douala.{loadposition myposition} 

Withing two days, the participants, who are overwhelmingly business operators, shall run on the theme " Diversification of the economy and the transformation of local products" Information coming in from GICAM , with its head quarters based in the Bonanjo Neighborhood of Douala.. This meeting began holding on the 20th of February as from 9: 00am till the 21st February 2018. This forum is organized by the Minister of Planning and Regional Development, Louis Paul Motaze, under the theme " Diversification of the economy and transformation of local products "
The criteria of selection shall be done the general census of Business Enterprises. The dynamics of selection shall be chosen by the state for 2018, following the small and Medium Size Enterprises having access to the European Union market as well as the Business Climate for 2017.{loadposition myposition2} 

 

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bogus@bogus.com (Concord Newsdesk) Business Tue, 20 Feb 2018 16:54:08 +0000
Fighting Corruption: Cameroon to close public servant accounts in commercial banks http://cameroon-concord.com/business/fighting-corruption-cameroon-to-close-public-servant-accounts-in-commercial-banks http://cameroon-concord.com/business/fighting-corruption-cameroon-to-close-public-servant-accounts-in-commercial-banks Fighting Corruption: Cameroon to close public servant accounts in commercial banks

This year, the general directorate of treasury, monetary and financial cooperation of Cameroon’s ministry of finance will continue the identification and closure of public administrations’ bank accounts opened in commercial banks.

This measure mentioned in the general report of the central and external services of the ministry of finance’s annual conference, held in Yaoundé, will contribute to the single treasury account’s consolidation.{loadposition myposition} 

According to public authorities, this account will allow transparency and an efficient management of public revenues by centralizing them. At the ministry of finance, it is said that this account will also help end the bad practices of some public officials. Indeed, it is said that these public officials do not hesitate to invest with the public funds in commercial bank accounts.  

Incidentally, this measure will once again weaken those financial institutions, large fund providers for government and its institutions, which have been confronted with liquidity issues for some time now.   

BIC

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bogus@bogus.com (Concord Newsdesk) Business Tue, 20 Feb 2018 10:07:29 +0000
Camair-co registered over 235,686 passengers in 2017 http://cameroon-concord.com/business/camair-co-registered-over-235-686-passengers-in-2017 http://cameroon-concord.com/business/camair-co-registered-over-235-686-passengers-in-2017 Camair-co registered over  235,686 passengers in 2017

For some days now, many televisions have been continually broadcasting a message from Camair-Co, informing Cameroonians that the public airline company transported 235,686 passengers in 2017. Compared to the numbers of travelers in 2016, this represents an increase of 94%.{loadposition myposition} 

The company explained that this performance was due to numerous efforts they made in 2017. First, they acquired five new planes, a 767-300 (le Dja), two new generation 737-700 and two MA-60. Then, they covered more regions in Cameroon (it now flies to 8 out of the 10 regions in the country) by increasing the frequency of weekly flights from 70 to 100.

Finally, since October 27, 2017, the company has been conquering the African sky. It now flies to Dakar (Senegal), Abidjan (Côte d’Ivoire), N’djamena (Chad) and Bangui (Central Africa). Thanks to these investments, the company was able to reduce its monthly deficit from CFA2 billion to CFA62 million between 2016 and 2017.

BIC

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bogus@bogus.com (Concord Newsdesk) Business Tue, 20 Feb 2018 10:04:12 +0000
Cameroon: Custom Duty realized 731.2 billion francs in 2017. http://cameroon-concord.com/business/cameroon-custom-duty-realized-731-2-billion-francs-in-2017 http://cameroon-concord.com/business/cameroon-custom-duty-realized-731-2-billion-francs-in-2017 Cameroon: Custom Duty realized 731.2 billion francs in 2017.

The Director General of Customs have presented a positive balance sheet for 2017. Observed as highly positive by Fongoh Edwin Nuvaga, the Director General of Cameroon Customs. According to him, the custom's department saw an increment of 53.3 bullion francs as compared to that of 2016.

This according to the the Management of Customs, makes Cameroon Customs one of the most performing Custom's department in the Central African Sub Region according to the International Monetary Fund. This was revealed during the triennial observatory tours by the IMF in Cameroon. Haven realized 101 % of their previewed budget and a progression of 8% in relation of the previous returns of 2017.{loadposition myposition} 

This realization of this dream has been achieved thanks to the new vision of the Director General of Customs, Fongoh Edwin Nuvala. It's equally thanks to the social security and harmonious working climate heightened by social odialogue. Operating in a win-win scenario, completion has been heightened in order to catch up targets.

This achievement has as well been contributed by the contributions of Brasseries Du Cameroun SA, represented by its Director,Emmanuel De Tailly. This was during the 10th Cameroon Custom's Gala Night. Alamine Ousmane Mey, the Minister og Finance was so over joyed with the fall outs of the Custom's department and its partners.

He called for more effective and efficient management for more efficiency as well as effectiveness. In order to achieve this dream, he called for the fifth enterprise to join this collaboration and partnership. This hopefully will facilitate the realization of the 800 Billion francs previewed as the target for the Cameroon's Custom's department.{loadposition myposition2} 

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bogus@bogus.com (Concord Newsdesk) Business Fri, 16 Feb 2018 10:36:38 +0000
Cameroon’s ministry of commerce exempts 17 companies from custom duties http://cameroon-concord.com/business/cameroon-s-ministry-of-commerce-exempts-17-companies-from-custom-duties http://cameroon-concord.com/business/cameroon-s-ministry-of-commerce-exempts-17-companies-from-custom-duties Cameroon’s ministry of commerce exempts 17 companies from custom duties

On February 14, 2018, seventeen companies operating in Cameroon received certificates which allow them to export 174 products within CEMAC without paying customs duties. These certificates were delivered by Cameroon’s ministry of commerce because those companies were declared eligible to CEMAC’s preferential tariff regime.{loadposition myposition}  At the ministry of commerce, it is said that in the last four years, 568 products manufactured by 71 companies operating in the country were eligible for this regime which grants access to this market of 45 million consumers. Let’s note that to be eligible for this regime, companies must respect a certain quota during their industrial production. For instance, the product manufactured must be made with at least 40% of local raw materials. This requirement, coupled with the opportunity that the preferential regime represents for companies operating within CEMAC, explains the race for local raw materials observed with some large companies operating in Cameroon.

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BRM

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bogus@bogus.com (Concord Newsdesk) Business Fri, 16 Feb 2018 09:27:02 +0000
Cameroon: Paul Biya claimes in 11 February speech that government created 473, 303 jobs in 2017 http://cameroon-concord.com/business/cameroon-paul-biya-claimes-in-11-february-speech-that-government-created-473-303-jobs-in-2017 http://cameroon-concord.com/business/cameroon-paul-biya-claimes-in-11-february-speech-that-government-created-473-303-jobs-in-2017 Cameroon: Paul Biya  claimes in 11 February speech that government created 473, 303 jobs in 2017

On February 10, 2018, during the traditional speech for the eve of the Youth day which is celebrated every February 11, Paul Biya declared that 473, 303 jobs were created for the youth as at December 31, 2017. “It is better than the four hundred thousand target that we set but we are aware that it will take more than that to reduce unemployment”, he said. {loadposition myposition}

According to him, the government’s choice to teach practical and technical skills has started to yield results by favoring entrepreneurship and the socio-economic integration of youth. Compared to the figures presented to the deputies by the prime minister in November 2017, this represents an increase by 75,257 since the minister said that 398,046 jobs were created in the period under review.

“This was achieved thanks to the different opportunities provided by the civil service, defense and security forces, the decentralized territorial units, the implementation of the three-year emergency plan to accelerate economic growth, governmental projects and programs and labor tracking in major construction projects such as the sites for AFCON 2019”, the minister explained.

BIC

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bogus@bogus.com (Concord Newsdesk) Business Tue, 13 Feb 2018 07:17:58 +0000
Cameroon had the highest rate of bad credits in 2016 http://cameroon-concord.com/business/cameroon-had-the-highest-rate-of-bad-credits-in-2016 http://cameroon-concord.com/business/cameroon-had-the-highest-rate-of-bad-credits-in-2016 Cameroon had the highest rate of bad credits  in 2016

In 2016, the gross lending of 829 microfinance institutions identified within CEMAC was CFA535.5 billion. The figure is revealed in the report on financial stability in Central Africa that BEAC has just published. “The highest proportions were distributed by microfinance institutions in Cameroon (75%), in Congo (17%) and Gabon (5.3%)”, the report reveals. {loadposition myposition}

The report also indicates that Cameroon, which hosts 523 microfinance institutions (more than half of the microfinance institutions identified in the community) had the highest rate of bad credits during the period under review. Indeed, by December 31, 2016, the outstanding loans in these institutions, within CEMAC “were CFA71.1 billion, representing about 13.4% of the gross lending”, they “were concentrated in Cameroon (79%) and in Gabon (13%)”. “The volume of outstanding loans, declared by financial institutions, does not reflect the actual volume owing to the non-compliance with the accounting and downgrading rules provided by the regulation”, the report revealed further.

BIC

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bogus@bogus.com (Concord Newsdesk) Business Sat, 10 Feb 2018 15:41:13 +0000
Cameroon: Government on borrowing crusade as anglophone crisis sinks state treasury http://cameroon-concord.com/business/cameroon-government-on-borrowing-crusade-as-anglophone-crisis-sinks-state-treasury http://cameroon-concord.com/business/cameroon-government-on-borrowing-crusade-as-anglophone-crisis-sinks-state-treasury Cameroon: Government on borrowing crusade as anglophone crisis sinks state treasury

Cameroon is Broke: Biya Wants to Borrow 240 Billion CFA... Quick!

Cameroon is running out of money. President Biya signed a decree last Friday authorizing the Ministry of Finance to issue public bonds to borrow 240 billion CFA to finance the development budget for 2018.

The Anglophone crisis, the very expensive military intervention in the Northwest and Southwest (Southern Cameroon) and blatant corruption at all levels of the government have emptied the treasury. Trade with Nigeria, through the border crossing at Ekok, which used to generate millions every day, has been reduced to a trickle by the war against the Anglophones. The Internet blackout has been very expensive, and the ghost towns have taken a very heavy toll. {loadposition myposition}

Before too long, government workers in Cameroon will begin to feel the pinch. Biya's partner in crime, Idriss Deby of Chad, has already slashed the wages of civil servants by 40 percent. If Biya cannot line up financiers and lenders who can lend him 240 billion CFA quickly, "he go take ye teeth pay" his army (which is costing millions daily) and his government workers whom he appoints by decree. There are tough times ahead. Here is Biya's decree asking the Minister of Finance to borrow money quick...quick. IMF money is not enough! {loadposition myposition2}

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bogus@bogus.com (Mola Eko) Business Tue, 06 Feb 2018 06:43:26 +0000
Cameroon: Timer Exporters Skyrocket Prices On International Markets http://cameroon-concord.com/business/cameroon-timer-exporters-skyrocket-prices-on-international-markets http://cameroon-concord.com/business/cameroon-timer-exporters-skyrocket-prices-on-international-markets Cameroon: Timer Exporters Skyrocket Prices On International Markets

The International Tropical Timber Organization (ITTO) reveals that Cameroonian producers have increased the wood’s selling price in the international market. It reports this in its January 2018 sectoral report. The organization also reveals that if for the time being the increase is not substantial, it could rise further in the coming weeks.{loadposition myposition}

This increase follows the rise of exports duties on raw log (into force since January 1, 2018, in the framework of Cameroon’s 2018 finance law). Indeed, between 2016 and 2018, this duty has increased from 17,5% to 30%. According to fiscal experts, by repeatedly increasing this tax, Cameroon government wants not only to increase its tax and customs revenues, in a context marked by the generalized decline in public revenues but, above all, it wants to encourage the local wood processing which creates jobs.

Let’s note that since 2011, wood (both sawn and raw) is the most non-oil product exported in Cameroon. Indeed in its different reports, the national port authority (APN) reveals that most of the times, the volumes exported exceeds 50% of the total exports, crude oil excluded.

BIC

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bogus@bogus.com (Concord Newsdesk) Business Sat, 03 Feb 2018 12:06:05 +0000