Business http://www.cameroon-concord.com Tue, 23 Jan 2018 03:42:10 +0000 Joomla! - Open Source Content Management en-gb Cameroon issues CFA5 billion treasury bills on (BEAC)'s stock market http://www.cameroon-concord.com/business/cameroon-issues-cfa5-billion-treasury-bills-on-beac-s-stock-market http://www.cameroon-concord.com/business/cameroon-issues-cfa5-billion-treasury-bills-on-beac-s-stock-market Cameroon issues CFA5 billion treasury bills on (BEAC)'s stock market

On January 17, 2018, Cameroon’s public treasury has issued CFA5 billion fungible treasury bills, with a 26-weeks maturity period, on the security market of Bank of Central African States (BEAC). This was revealed by an official statement of Alamine Ousmane Mey, the minister of finance.
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For this operation, sixteen banks, accredited as primary dealers in CEMAC, were in the starting-block to help Cameroon raise the money.

On this market, Cameroon’s treasury bills compete with Gabonese securities. Indeed the same day, Gabon launched an operation aimed at raising CFA8.5 billion after the one initiated on January 3, 2018.

BRM

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bogus@bogus.com (Concord Newsdesk) Business Fri, 19 Jan 2018 06:49:23 +0000
The inauguration of the Port of Kribi slated for the 1st of March 2018 http://www.cameroon-concord.com/business/the-inauguration-of-the-port-of-kribi-slated-for-the-1st-of-march-2018 http://www.cameroon-concord.com/business/the-inauguration-of-the-port-of-kribi-slated-for-the-1st-of-march-2018 The inauguration of the Port of Kribi slated for the 1st of March 2018

The Kribi Sea port though shredded with controversy is another port that will ease the congestion witnessed at the Douala Water port. The Kribi Seaport was primarily constructed for the Chadian Crude oil to be transported via oil pipes, from Duba to Kribi. The Kribi Sea port stands a heavy risk becoming another white elephant project that will ridicule Cameroon.{loadposition myposition}

Its inaugural is slated for the 1st of March 2018 by the Minister Delegate in charge of Transport. The port was constructed by a joint Chinese and French Tagged Cma-Cgm and group Bollare and another Chinese company tagged Chec. The Kribi Sea port stands to be a total misadventure because it was constructed without any exemplary environmental Impact analysis and comparing other projects of such magnitude in neighboring countries.

Nigeria has enlarged its Seaport facilities in Lagos, Calabar, Libreville in Gabon, Point Noir in Congo Brazzaville and Bata in Equatorial Guinea. All the Central African Countries formerly were making use of the Douala Seaport as a transit port for their goods.

Today the paradigm has changed but LA Republique Du Cameroun didn't have the clairvoyance to see and make alternative arrangements.{loadposition myposition2}

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bogus@bogus.com (Concord Newsdesk) Business Mon, 15 Jan 2018 02:48:16 +0000
Cameroon amongst top timber exporter to USA/Canada http://www.cameroon-concord.com/business/cameroon-amongst-top-timber-exporter-to-usa-canada http://www.cameroon-concord.com/business/cameroon-amongst-top-timber-exporter-to-usa-canada Cameroon amongst top timber exporter to USA/Canada

Cameroonian exports of mahogany to Canada have more than tripled by the end of October 2017. This is revealed in a sectoral report of the International Tropical Timber Organization (ITTO).

The increase of exports of this variety of wood which is very popular in Africa is consecutive to the increase in shipments from many producing countries, those of Cameroon and Brazil mainly, the same source stresses.{loadposition myposition}

In the United States, it is the imports of Sapelli, another well-known variety in Africa, which has contributed to Cameroon being ranked among the top suppliers of tropical timber to Uncle Sam during the period under review.

According to ITTO, Cameroon shares its leadership in terms of Sapelli exports to US with Congo, its neighbor which is also a member of the Central African Economic and Monetary Community (CEMAC).

Let’s note that since 2011, according to different reports from the National Port Authority, timber (both raw and sawn) is the top non-oil product exported by Cameroon, with volumes which, most of the time, exceed 50% of the total exports, crude oil excluded.

BIC

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bogus@bogus.com (Concord Newsdesk) Business Fri, 29 Dec 2017 14:21:44 +0000
Cameroon: Customs corruption in the last 5 years amounts to over CFA1,246 billion lost http://www.cameroon-concord.com/business/cameroon-customs-corruption-in-the-last-5-years-amounts-to-over-cfa1-246-billion-lost http://www.cameroon-concord.com/business/cameroon-customs-corruption-in-the-last-5-years-amounts-to-over-cfa1-246-billion-lost Cameroon: Customs corruption in the last 5 years amounts to over CFA1,246 billion lost

On December 22, 2017, the National Anti-corruption Commission (CONAC) revealed the scale of corruption at Cameroon’s customs administration. This was disclosed in its 2016 report, published that day, in Yaoundé, the country’s capital.  

The report showed that because of corruption and fraud practices, which are widespread within the sector, the public treasury has lost CFA1,246 billion between 2010 and 2015.  

This represents about 75% of Cameroon’s public investment budget (PIB) in 2016 (CFA1, 500 billion). A substantial part of this amount results from inconsistencies between the figures declared by customs and monies actually paid to the public treasury.{loadposition myposition} 

CONAC‘s report also highlights the lavish lifestyle of Cameroon’s customs officers who live in a luxurious neighborhood in a suburb of Douala, the economic capital.

According to CONAC, 21 of these officers interrogated during the investigation, confessed to owning many buildings in Douala and other places as well as bank accounts with more than CFA134 million credit balance.

The most famous” of these wealthy civil servants is a customs adjutant serving in Maroua, in the Far-North. Without revealing his name, the report indicates that he “is the owner of 13 villas, built on titled lands, a 5-story building, also built on a titled land, and 10 registered lands”.

To this large real estate properties, add “five 30-ton trucks, five 28-seats Toyota Coasters, two 18-seat buses and a car park full of world-class vehicles”.

BIC

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bogus@bogus.com (Concord Newsdesk) Business Thu, 28 Dec 2017 10:40:28 +0000
Euro 100 Million for Supporting Cotton in Cameroon by the International Islamic Trade Finance Corporation (ITFC) http://www.cameroon-concord.com/business/euro-100-million-for-supporting-cotton-in-cameroon-by-the-international-islamic-trade-finance-corporation-itfc http://www.cameroon-concord.com/business/euro-100-million-for-supporting-cotton-in-cameroon-by-the-international-islamic-trade-finance-corporation-itfc Euro 100 Million for Supporting Cotton in Cameroon by the International Islamic Trade Finance Corporation (ITFC)

YAOUNDE, Cameroon, December 19, 2017/ -- The International Islamic Trade Finance Corporation (ITFC) (www.ITFC-IDB.org), a member of the Islamic Development Bank (IDB) Group (www.IsDB.org), signed a EUR 100 million syndicated agreement with the Government of Cameroon and Sodecoton as the Executing Agency for the export of cotton and the import of agricultural inputs. The Agreement was signed by HE Louis Paul Motaze, Minister of Economy, Planning and Regional Development, and IDB Group Governor for Cameroon, which took place at Yaoundé, Cameroon.

The financing is in line with Cameroon’s policy of promoting agricultural exports especially cotton. Sodecoton will ensure the distribution of the fertilizers, in addition to buy from farmers their raw cotton and process into cotton fiber for exporting. Cotton is one of the country’s main exports, and an important revenue generating vehicle for the country.

Mr. Abou Jallow, the special advisor to the CEO of ITFC and General Manager of Operations, ITFC commented, “ITFC approved a total financing of US$370.30 million for the Republic of Cameroon since its inception in 2008, and eighty (80%) of the approved financing went to the Agricultural sector. This financing is tailored to suit the financing needs of cotton farmers, and resembles ITFC drive to create impact on the people in our member countries.”

ITFC financing is a strong motivation for cotton growers to intensify production taking advantage of the ready market provided through the financing. This helps to support other small businesses linked to the cotton sector.

HE Louis Paul Motaze said, “This financing is directly providing means of livelihood to over 300,000 farmers and indirectly to over 3 million people in the North and Far-North regions of Cameroon by enabling the Government to provide the needed agricultural inputs to the farmers and ensure timely payment of cotton harvests of the farmers” {loadposition myposition}

It is worth mentioning that Cameroon is one of the main oil-producing countries in Africa, thus in complementing the government’s Agricultural Support Program, ITFC is contributing to the government’s policy of diversifying the economy through the promotion of agriculture. 
 

Distributed by APO Group on behalf of International Islamic Trade Finance Corporation (ITFC).

 

About the International Islamic Trade and Finance Corporation (ITFC): 
The International Islamic Trade Finance Corporation (ITFC-IDB.org) is an autonomous entity within the Islamic Development Bank (IsDB) Group. ITFC commenced operations in January 2008 with the purpose of consolidating all the trade finance businesses that used to be handled by various windows within the IsDB Group. The consolidation of IsDB Group’s trade finance activities under a single umbrella enhanced the Corporation’s efficiency in service delivery by enabling rapid responses to customer needs in a market-driven business environment.  

As a leader in Shari’ah-compliant trade finance, ITFC deploys its expertise and funds to businesses and governments in its Member Countries. With the vision of being the leading provider of trade solutions for OIC Member Countries’ needs, the Corporation helps entities in Member Countries gain better access to trade finance and provides them with trade development programmes in order to help them compete successfully in the global market. Operating to world class standards, ITFC promotes IsDB developmental objectives through its two main pillars, Trade Finance and Trade Development, to fulfil its brand promise of 'Advancing Trade & Improving Lives'.
 

SOURCE
International Islamic Trade Finance Corporation (ITFC)

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bogus@bogus.com (Concord Newsdesk) Business Tue, 19 Dec 2017 12:12:52 +0000
French group Thalès and Gemalto merge to maintain contract of producung National ID cards for Cameroonians http://www.cameroon-concord.com/business/french-group-thales-and-gemalto-merge-to-maintain-contract-of-producung-national-id-cards-for-cameroonians http://www.cameroon-concord.com/business/french-group-thales-and-gemalto-merge-to-maintain-contract-of-producung-national-id-cards-for-cameroonians French group Thalès and Gemalto merge to maintain contract of producung National ID cards for Cameroonians

On December 17, 2017, through a joint statement, Thalès and Gemalto announced a strategic merger agreement aimed at creating "the world leader in digital security".

The acquisition of Gemalto marks a key milestone in the implementation of Thalès’s strategy. Together with Gemalto’s management, we have big ambitions based on a shared vision of the digital transformation of our industries and customers. Our project will be beneficial to innovation and employment, whilst respecting sovereign strategic technologies”, commented Patrice Caine, Thalès’ Chairman, and Chief Executive Officer. {loadposition myposition}

This agreement, which let Thalès group retake control of the contract of computerized national ID cards and resident permits (that Gemalto is actually commissioned to manufacture), will be completed in Q2 2018.  

Indeed, for ten years, Thalès has produced National ID cards for Cameroonians, in the framework of the SENAC (Système de sécurité de la nationalité Camerounaise), a project steered by the country's police. On December 31, 2014, Thalès was notified of the government's decision not to renew their contract for the SENAC. This was through a letter from the current Delegate General for National Security, Martin Mbarga Nguélé.

At the time its contract was terminated, the French company demanded the Cameroonian State a payment of a debt amounting to around CFA4 billion. According to our sources, the two parties were able to find an amicable solution after many negotiations. It was then expected that the Spanish company Indra, known to be close to Martin Mbarga Nguélé, would replace Thalés.

But, talks between Indra and Cameroon’s government were finally halted and on n July 31, 2015, the contract, which is worth billions of CFA, was awarded to Gemalto which has just been acquired by Thalès.  This thus consecrates Thalès’ return on the contract of secured national ID cards. However, it is said that Gemalto will continue “operating its own brand”.

BIC

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bogus@bogus.com (Concord Newsdesk) Business Tue, 19 Dec 2017 10:05:39 +0000
SONARA Cameroon: Due to production deficit, the Country imported 618,833 m3 of oil this year http://www.cameroon-concord.com/business/sonara-cameroon-due-to-production-deficit-the-country-imported-618-833-m3-of-oil-this-year http://www.cameroon-concord.com/business/sonara-cameroon-due-to-production-deficit-the-country-imported-618-833-m3-of-oil-this-year SONARA Cameroon: Due to production deficit, the Country imported 618,833 m3 of oil  this year

Basile Atangana Kouna, Cameroon’s minister of water and energy, while reporting his activities to the Senate on December 12, 2017, revealed that the country turned to imports in 2017, to overcome the production deficit of the national refinery company (SONARA).

The minister indicated that Cameroon has imported overall 618,833 m3 of oil products, knowingly, 286,400 m3 of super, 246,000 m3 of gasoline, 63, 535 m3 of DPK (Dual Purpose Kerosene), 6,257 m3 of fuel 1500 and 16,641 m3 of fuel 3500. He explained that 78% of the products were imported by SONARA on the instructions of the presidency.{loadposition myposition}

Between January and September 2017, 71,070 metric tons of domestic gas have been imported; this out of an average total annual quantity of domestic gas’ imports of 90,000 metric tons. This therefore represents a 79% achievement rate over the period. “All the measures have been taken by the ministry of energy and water, in collaboration with organizations and companies under its jurisdiction, to ensure the availability of domestic gas and fuel at the pump, enough to spend the New Year period peacefully”, Basile Atangana Kouna said.

S.A

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bogus@bogus.com (Concord Newsdesk) Business Thu, 14 Dec 2017 10:41:36 +0000
Cameroon: Government commissions Chinese firm to build 3,200 social houses in the country http://www.cameroon-concord.com/business/cameroon-government-commissions-chinese-firm-to-build-3-200-social-houses-in-the-country http://www.cameroon-concord.com/business/cameroon-government-commissions-chinese-firm-to-build-3-200-social-houses-in-the-country Cameroon: Government commissions Chinese firm to build  3,200 social houses in the country

On December 4, 2017, Jean Claude Mbwentchou, Cameroon’s minister of housing (MINHDU) received Tang Lezhen, General manager of China Shenyang International Economic & Technical Cooperation Corporation Limited (CSYIC), the company commissioned to build 3,200 social houses in Cameroon.{loadposition myposition}

The Chinese official said 1,520 houses will be sold in 2018. About the second phase of the project for the 3,200 houses (which could increase to 3,400 according to the MINHDU), Tang Lezhen explained that the technical details are already discussed with the project manager and, it will focus on three house types: high-standing, medium-standard and social housing units.

“Jean Claude Mbwentchou explained that because Eximbank China which funded the first phase does not want to finance the second, talks are ongoing with commercial banks in this regard”. However, he disclosed neither the commercial banks involved nor the amount sought by government.

Let it be recalled that it was on May 18, 2016, that Jean-Claude Mbwentchou signed a partnership agreement for the construction of 3,200 social houses in Cameroon with the managers of Shenyang.  {loadposition myposition2}

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bogus@bogus.com (Concord Newsdesk) Business Tue, 12 Dec 2017 09:25:26 +0000
Cameroon borrows EUR150 from AfDB for Nachtigal Dam construction http://www.cameroon-concord.com/business/cameroon-borrows-eur150-from-afdb-for-nachtigal-dam-construction http://www.cameroon-concord.com/business/cameroon-borrows-eur150-from-afdb-for-nachtigal-dam-construction Cameroon borrows EUR150 from AfDB for Nachtigal Dam construction

The board of directors of the African development bank (AfDB) through its section in charge of the private sector has approved a senior loan of EUR150 million to finance the construction of the Nachtigal dam (whose generating capacity is 400MW) in Cameroon. The loan was approved on November 28, 2017, in Abidjan, Côte d’Ivoire.  {loadposition myposition}

 According to AfDB, this “intervention responds to the urgent need to build additional production capacity that would make a major impact in accelerating the country development”. Moreover, this financing complements the one already consented in favor of Cameroon's electricity sector (Eneo,  Kribi, Dibamba, Lom Pangar and Preretd projects which are projects to strengthen and extend electricity transmission networks). It also demonstrates AfDB’s strong commitment to Cameroon’s energy sector.

Nachtigal will come online in 2022, increasing the country’s power output by 30% and also help lower the cost of electricity in the long term.

This approval falls in line with the bank’s initiatives to promote renewable energies whose share in power mix increased from 14% between 2007 and 2011 to 70% between 2012 and 2017.

The 420 MW hydroelectric power plant,  jointly designed and developed by Cameroon, EDF International-Electricité de France, and the International Finance Corporation (IFC), is an essential component of Cameroon’s Power Development National Plan and as such was recognized as a key priority for the country.

BIC

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bogus@bogus.com (Concord Newsdesk) Business Wed, 06 Dec 2017 07:54:44 +0000
Cameroon: Government "created" over 398,046 jobs in 2017 http://www.cameroon-concord.com/business/cameroon-government-created-over-398-046-jobs-in-2017 http://www.cameroon-concord.com/business/cameroon-government-created-over-398-046-jobs-in-2017 Cameroon: Government

During his exposé of Cameroon’s social and economic program for 2018, Philémon Yang, the country’s prime minister, made a retrospective evaluation of the employment sector.

Indeed, he said that the country has promoted decent employment in 2017 by creating 398,046 new jobs. "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,” Philémon Yang said.{loadposition myposition}

The minister also mentioned the effective launch of Limbé, Douala and Sangmelina’s centers of vocational excellence to promote vocational training which will lead to more jobs. He also mentioned the construction of the national institute to form trainers and the extension of programs funded by Koreans in Yaoundé. Philémon Yang also talked about the completion of the Nkongsamba vocational training center (which results from cooperation with Austria) and the provision of 30 Moroccan and 19 Algerian scholarships to young Cameroonians.{loadposition myposition2}

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bogus@bogus.com (Concord Newsdesk) Business Wed, 06 Dec 2017 07:47:40 +0000