Business http://cameroon-concord.com Sun, 21 Apr 2019 13:06:26 +0000 Joomla! - Open Source Content Management en-gb Cameroon: Opening of the Cameroon Business Forum in Douala, a tool for promoting private investment. http://cameroon-concord.com/business/cameroon-opening-of-the-cameroon-business-forum-in-douala-a-tool-for-promoting-private-investment http://cameroon-concord.com/business/cameroon-opening-of-the-cameroon-business-forum-in-douala-a-tool-for-promoting-private-investment Cameroon: Opening of the Cameroon Business Forum in Douala, a tool for promoting private investment.

The 10th edition of the Cameroon Business Forum (CBF) opens  today Monday, March 19, 2019 in Douala the country's economic capital, chaired by  Prime Minister  Joseph Dion Ngute.


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At least 400 participants are expected. The 2019 edition is placed under the theme "emergence and development of private investment in Cameroon".

The CBF, the platform for public and private dialogue for the promotion of investments in Cameroon, has become over the years an essential business meeting.

On the menu of the CBF which opens  today in a context where Cameroon occupies the 166th rank of Doing Business, are the debates on the emergence and industrialization of the country.{loadposition myposition2}

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bogus@bogus.com (Concord Newsdesk) Business Mon, 18 Mar 2019 09:51:09 +0000
Cameroon: Government rejects unilateral increase in prices of alcoholic beverages http://cameroon-concord.com/business/cameroon-government-rejects-unilateral-increase-in-prices-of-alcoholic-beverages http://cameroon-concord.com/business/cameroon-government-rejects-unilateral-increase-in-prices-of-alcoholic-beverages Cameroon: Government rejects unilateral increase in prices of alcoholic beverages

The Cameroonian government rejects the unilateral increase in the prices of beverages decided by the brewing companies.{loadposition myposition}


The Minister of Commerce denounces a violation of the regulations in force.

According to the Government, the brewing companies have not complied with the formalities, "before any increase in prices, the producer must first file with the Ministry of Commerce. No new prices can come into effect if this formality have not been respected. The brewing companies have not filed any price increament, "said Luc-Magloire Mbarga Atanganaa the Cameroonian Minister of Commerce.

In the meantime, the government is suspending the unilateral increase in the prices of alcoholic beverages and is sending brewing companies back to the negotiating table.{loadposition myposition2}

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bogus@bogus.com (Concord Newsdesk) Business Wed, 06 Mar 2019 13:26:40 +0000
Cameroon: After Brasseries, Guinness steps up to increase drink prices http://cameroon-concord.com/business/cameroon-after-brasseries-guinness-steps-up-to-increase-drink-prices http://cameroon-concord.com/business/cameroon-after-brasseries-guinness-steps-up-to-increase-drink-prices Cameroon: After Brasseries, Guinness steps up to increase drink prices

Guinness Cameroun, local subsidiary of Diageo, increased the prices of its products on March 4. Prices grew by XAF50 for all products expect the Harp brand of 30 CL.{loadposition myposition}

 

As a reminder, the public brewer Sabc was the first to take the step on March 1st. The companies explained the measure follows a tax pressure that has become “excessive”. Indeed, the 2019 Finance Act provides for an increase in excise duties on alcoholic beers, up to 5.5%.

To prevent tensions that can rise from this measure, the Ministry of Commerce is calling the Brewery Distributors' Unions, Consumer Rights Associations and CAPA (Cameroon Alcohol Producers Association) for a meeting tomorrow March 6. This is to discuss the inflation in beer prices.

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bogus@bogus.com (Concord Newsdesk) Business Wed, 06 Mar 2019 09:40:32 +0000
Camair-co sluggishly started 2019 with three aircraft out of six are out of order. http://cameroon-concord.com/business/camair-co-sluggishly-started-2019-with-of-its-three-aircraft-three-out-of-six-are-out-of-order http://cameroon-concord.com/business/camair-co-sluggishly-started-2019-with-of-its-three-aircraft-three-out-of-six-are-out-of-order Camair-co sluggishly started 2019 with three aircraft out of six are out of order.

Cameroon’s airline Camair Co closed 2018 with a turnover of XAF26.6 billion, up more than XAF10 billion compared to the XAF16.4 billion in 2017, the company’s balance sheet showed.{loadposition myposition}

 

Yet, the airline sluggishly started 2019 only operating half of its fleet since three of its six aircraft are out of order, two Boeing and a Chinese MA60; a situation that slowed performances, the company said.

In detail, Camair Co collected only XAF1.4 billion in January, far below the average XAF2.4 billion per month throughout 2018. This month (February 2019), the company’s top management forecasts revenues to drop further to XAF700 million.

According to MD Ernest Dikoum, a way out for the company is to quickly mobilize XAF2.5 billion to acquire three rental aircrafts, including two Bombardier Q400 and one Boeing 737. The company also aims, in the short term, to raise XAF5.5 billion and repair the engines of the immobilized Boeing 737s.{loadposition myposition2}

 

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bogus@bogus.com (Brice R. Mbodiam) Business Thu, 14 Feb 2019 14:57:43 +0000
Cameroonians spent over XAF228 billion in the last 4 years on the purchase of mbile phones http://cameroon-concord.com/business/cameroonians-spent-over-xaf228-billion-in-the-last-4-years-on-the-purchase-of-mbile-phones http://cameroon-concord.com/business/cameroonians-spent-over-xaf228-billion-in-the-last-4-years-on-the-purchase-of-mbile-phones Cameroonians spent over XAF228 billion in the last 4 years on the purchase of mbile phones

Between 2015 to 2017, the money spent to purchase mobile phones reached a total of XAF228 billion, ranking these devices in the top 10 most imported items in Cameroon, the trade ministry revealed.

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In detail, expenditures were XAF81.3 billion in 2015, XAF146.2 billion in 2016 and XAF60.4 billion in 2017, reflecting a decrease by XAF85.8 billion, or more than half, between 2016 and 2017.

According to the posts and telecoms department, the bullish trend between 2015 and 2016 is the fact of a strong growth of the mobile penetration rate, since the advent of mobile phones in the country in 2000. Statistics showed that this rate jumped to nearly 83% in 2016 from about 12% in 2005 ; a growth more pronounced in 2015 with the deployment of 3G and 4G networks by mobile operators that drove the use of smartphones to ease the access of internet.

A deduction would lead to the conclusion that the implementation of these networks drove the higher spending for phone import in 2016.

Brice R. Mbodiam

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bogus@bogus.com (Concord Newsdesk) Business Mon, 11 Feb 2019 10:03:01 +0000
The Government of Uganda promotes oil and gas projects at Africa Oil Week 2018 http://cameroon-concord.com/business/the-government-of-uganda-promotes-oil-and-gas-projects-at-africa-oil-week-2018 http://cameroon-concord.com/business/the-government-of-uganda-promotes-oil-and-gas-projects-at-africa-oil-week-2018 The Government of Uganda promotes oil and gas projects at Africa Oil Week 2018

Uganda offers opportunities for companies looking to explore, develop and utilise its petroleum assets.

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LONDON, United Kingdom, August 23, 2018/ -- Hon Irene Muloni, the Minister of Energy and Mineral Development, in the Republic of Uganda will lead a delegation of private and public-sector players from Uganda’s oil and gas sector to the Africa Oil Week 2018 (http://www.Africa-OilWeek.com), which will be held between 5 – 9 November, 2018 in Cape Town, South Africa. Hon Muloni said, “Uganda is open for business and we will be looking forward to promoting the country`s highly progressive and lucrative hydrocarbon sector during the Africa Oil Week. Over the course of the week, we will announce a roadmap for Uganda’s next licensing round and offer insights into our country’s potential and operating environment.”

Uganda is committed to developing its petroleum sector across the entire value chain, and clear strides to move the country’s key assets from the exploration phase into the development phase have been made. Uganda offers opportunities for companies looking to explore, develop and utilise its petroleum assets. The Permanent Secretary of the Ministry of Energy and Mineral Development Robert Kasande said, “During the Africa Oil Week, we will host private meetings with the global private sector with a view to successfully attract capital in every stage of our oil and gas value chain.”

Ernest Rubondo, Executive Director of the Petroleum Authority of Uganda went on to say, “As the regulator of Uganda’s oil and gas sector, Africa Oil Week offers the Authority an exciting platform to provide insight into the regulatory environment in the country and how this has been structured to position the country as a sound investment destination. We encourage operators, investors and service companies to attend the Oil Week and meet with officials from the Government of Uganda and the private sector. Uganda welcomes you to partner in what we believe is one of the most commercially viable and prospective oil and gas environments in the world.”

The Africa Oil Week is an important event which continues to drive new business opportunities for E&P companies in Africa. It presents an exclusive and dynamic network of Oil and Gas operators in Africa. Former UK Foreign & Commonwealth office Minister with responsibilities for Africa, the Caribbean, UK Overseas Territories, International Energy and Conflict Prevention Rt. Hon. Mark Simmonds added, “The commitment of the Ugandan Government to Oil Week reflects a country on the move in the petroleum sector. Africa Oil Week will focus on the country’s oil and gas sector during the week.”

Dr Josephine Wapakabulo, Chief Executive Officer for Uganda National Oil Company (UNOC) also added that, “UNOC is responsible for the State’s commercial interests in Uganda’s oil and gas sector and we see the country’s participation at Africa Oil Week as a clear opportunity to engage with the most prestigious global operators. UNOC will arrive at Africa Oil Week looking for strategic partners who have the appetite, financing, technology and capabilities to deliver equitable and profitable projects in Uganda’s oil and gas sector.” These projects have been identified and will be on display during the week.

Conference Director Mr. Paul Sinclair said, “On top of the 13 confirmed ministers who will lead delegations to Africa Oil Week, we now have a partnership with the Government of Uganda to host a huge opportunity for the global private sector to exclusively engage and hold private meetings regarding oil and gas opportunities at Africa Oil Week.” This comes fast on the back of the governments of Ghana and Congo announcing their own bidding rounds at Africa Oil Week in November 2018. Africa Oil Week remains the only true industry event for the Africa’s upstream Oil and Gas sector.

Distributed by APO Group on behalf of Africa Oil Week.

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bogus@bogus.com (MYK) Business Fri, 24 Aug 2018 13:44:38 +0000
Frenchman Alain Ripert appointed new head of BICEC Cameroun http://cameroon-concord.com/business/frenchman-alain-ripert-appointed-new-head-of-bicec-cameroun http://cameroon-concord.com/business/frenchman-alain-ripert-appointed-new-head-of-bicec-cameroun Frenchman Alain Ripert appointed new head of BICEC Cameroun

Formerly the managing director of BICEC, Alain Ripert has been promoted to the position of administrator of BICEC and member of the board of CEPAC in charge of the overseas departments. The news of his departure was already circulating at the end of BICEC’s board meeting on March 23, 2018, but there was no clarification on where he would land. {loadposition myposition}

Nonetheless, he will manage BICEC until the end of August 2018. The departing managing director is being replaced by Sylvain Faure, the current president for market development of BPCE international, the entity to which subsidiaries such as BICEC belongs. The appointment of Sylvain Faure occurs while the group is implementing an exit strategy in Africa and according to analysts; the operation with BICEC is the most complicated for the French Group. Let’s note that Alain Ripert achieved his goals to put BICEC on track. Indeed, speaking during the launch of the renovation works at the headquarters in Douala, he saluted the work of his collaborators and team to whom the group realized a turnover of CFA60 billion and a net profit of CFA10 billion in 2017.

This performance offers him a glorious exit following the discovery of a fraud scheme, which is still being investigated, within the group two years ago. The bank has not yet published the whole figure of its operation in 2017 so it is difficult to assess the real extent of the performance that year.

BIC

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bogus@bogus.com (Concord Newsdesk) Business Wed, 04 Apr 2018 04:40:29 +0000
Ecobank mobile app reaches 4 million users milestone in Africa http://cameroon-concord.com/business/ecobank-mobile-app-reaches-4-million-users-milestone-in-africa http://cameroon-concord.com/business/ecobank-mobile-app-reaches-4-million-users-milestone-in-africa Ecobank mobile app reaches 4 million users milestone in Africa

LOME, Togo, April 3, 2018/ -- The upgraded version of Ecobank’s (www.Ecobank.com) revolutionary mobile app has attracted 3 million new customers in just 6 months, taking the total number of users to 4 million.  

The app builds on the core functionality that saw the original version applauded as a game changer for African banking by using digital technology to combat many of the financial inclusion barriers faced by those on the continent. This includes the dearth of rural branches, affordability of products, high transaction costs and minimum opening balance requirements.

Ade Ayeyemi, Ecobank Group CEO, says Ecobank’s strategic mission is built around using mobile banking to deliver innovative, efficient and cost-effective services to those who have typically sat outside of the formal economy, and therefore goes far beyond the reach of the traditional branch and ATM networks. Subsequently, while the app won one million customers in its first year of launch, upgraded features have seen the rate of sign-ups treble in half of the time. So far this year, app usage has been growing at an average 700k new customers per month.  {loadposition myposition}

“Customers can use the app on their mobile to instantly open Ecobank Xpress Account™, which doesn’t have any account fees, paperwork or minimum balance requirements, or to send and receive money across 33 African countries,” he explains. “Therefore, our app not only removes the barriers that have financially excluded so many Africans but offers next generation functionality to help them send money, make withdrawals or pay for goods and services.”

Patrick Akinwuntan, Ecobank’s Group Executive, Consumer Banking, says that Ecobank is committed to providing all Africans with access to financial services, but doing so in a way that conjoins functionality with convenient, accessible and efficient banking channels, such as the rollout of Ecobank Xpress  Point Agents.

“We want to be the digital bank of choice for all Africans,” he said. “Functionality is one thing – giving our customers unrivalled convenience is another. The Ecobank Xpress  Point Agents that can now be found in your local neighbourhood enable you to deposit money into your app-based Ecobank Xpress Account™ and begin to make digital payments on the app using Ecobankpay. You can also withdraw funds in local currency that may have been sent to you from friends or relatives using our innovative instant transfer or Xpress Cash capabilities.”

The Ecobank Mobile App is available for download from the Google Play Store or Apple Store.

Distributed by APO Group on behalf of Ecobank.

View multimedia content

Media Contact:
Mireille Bokpe-Anoumou
Group Communications
Email: MBokpe@Ecobank.com
Tel: +228 22 21 03 03
 
About Ecobank Transnational Incorporated (‘ETI’ or ‘The Group’)
Incorporated in Lomé, Togo in 1988, Ecobank Transnational Incorporated (‘ETI’) (www.Ecobank.com) is the parent company of the leading independent pan-African banking group, Ecobank. It currently has a presence in 36 African countries, namely: Angola, Benin, Burkina Faso, Burundi, Cameroon, Cape Verde, Central African Republic, Chad, Congo (Brazzaville), Congo (Democratic Republic), Côte d’Ivoire, Equatorial Guinea, Ethiopia, Gabon, Gambia, Ghana, Guinea, Guinea Bissau, Kenya, Liberia, Malawi, Mali, Mozambique, Niger, Nigeria, Rwanda, Sao Tome and Principe, Senegal, Sierra Leone, South Africa, South Sudan, Tanzania, Togo, Uganda, Zambia and Zimbabwe. The Group employs over 17,000 people in 40 different countries in over 1,200 branches and offices. Ecobank is a full-service bank providing wholesale, retail, investment and transaction banking services and products to governments, financial institutions, multinationals, international organizations, medium, small and micro businesses and individuals. Additional information on Ecobank can be found at www.Ecobank.com

SOURCE
Ecobank

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bogus@bogus.com (Concord Newsdesk) Business Tue, 03 Apr 2018 14:47:45 +0000
Switzerland pumps in CFA3.4 billion to promote renewable energy projects in Cameroon http://cameroon-concord.com/business/switzerland-pumps-in-cfa3-4-billion-to-promote-renewable-energy-projects-in-cameroon http://cameroon-concord.com/business/switzerland-pumps-in-cfa3-4-billion-to-promote-renewable-energy-projects-in-cameroon Switzerland pumps in  CFA3.4 billion to promote renewable energy projects in Cameroon

Switzerland disburses CFA3.4 billion to promote renewable energy projects in Cameroon. This was revealed on March 14, 2018, during the first meeting of the steering committee in charge of the management of this fund in Yaoundé.

During the meeting presided by the economy minister, Alamine Mey, it was revealed that the projects supported by these funds will be constructed by the rural electrification agency (AER). {loadposition myposition}

Let’s note that though the potential exists for solar, biomass and wind energy in Cameroon, they represent only 1% of the country’s energy mix.  

BRM

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bogus@bogus.com (Concord Newsdesk) Business Fri, 16 Mar 2018 05:38:57 +0000
Cameroon launches call for tender to run multipurpose terminal of Kribi deepwater http://cameroon-concord.com/business/cameroon-launches-call-for-tender-to-run-multipurpose-terminal-of-kribi-deepwater http://cameroon-concord.com/business/cameroon-launches-call-for-tender-to-run-multipurpose-terminal-of-kribi-deepwater Cameroon launches call for tender to run multipurpose terminal of Kribi deepwater

 Port autonome de Kribi (PAK) has just launched a call for expression of interest to pre-qualify the companies that are willing to operate the multipurpose terminal of Kribi deepwater port. {loadposition myposition}

Cameroon’s government thus restarts the process it concluded in August 2015 by choosing the group formed by Necotrans and Kribi Port’s Multi Opérators (KPMO) which is a consortium formed by many local companies.

Indeed, due to financial difficulties, Necotrans was unable to fulfill its commitments in the framework of this concession and in January 2018, the country officially declared that company’s default. {loadposition myposition2}

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bogus@bogus.com (Concord Newsdesk) Business Fri, 16 Mar 2018 05:31:54 +0000