Business

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.

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

Details

Rita Akana

10.Feb.2018

Hits: 2042

Write comment (0 Comments)

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. 

Details

Mola Eko

06.Feb.2018

Hits: 2681

Write comment (0 Comments)

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.

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

Details

Rita Akana

03.Feb.2018

Hits: 2307

Write comment (0 Comments)

Biggest Palm oil producing company in Cameroon Socapalm, has accused French newspapers of defamation. The company filed a complaint against several French newspapers like, Mediapart, Obs and Le Point as well as two NGO’s, SHERPA and REACT. The court case started on Thursday 25 January 2018, at the court of first instance in Paris. These media organs are said to have published some reports of Cameroonians, accusing the oil company of stealing their pieces of land. The mediapart newspaper reported that, 6000 Cameroonian villagers had come together to say no to the stealing of their land by SOCAPALM. SOCAPALM has debunked the claims of the French newspapers against them. 

Details

Rita Akana

28.Jan.2018

Hits: 2373

Write comment (0 Comments)

Cameroonians willing to travel to Senegal will now henceforth benefit from new visa regulations as announced by representatives of the airline companies (Air Côte d’Ivoire, Asky, Camair-Co) that shuttle between Douala/Yaounde and Dakar-Senegal.  

The new Visa rules were revealed to the press on January 15, 2018, in Douala by the honorary council of Senegal in Cameroon. “The presentation of entry visas at departure is no more a prerequisite for Cameroonians heading to Senegal”, the honorary council explained.

The Senegalese diplomat also hinted that, to ease visa procedures, a system will be put in place as well at the Blaise Diagne international airport in Dakar Senegal in order to handle visa requests on arrival.

Before new rules, Cameroonian travellers to Senegal had to request a visa at the embassy in Cameroon.

It should be noted that, a single-entry visa for a 30-day in the West African economic hub stands at $100 (about CFA50,000) .  

Details

Rita Akana

23.Jan.2018

Hits: 3617

Write comment (0 Comments)

Cargolux, the giant freight company has decided to temporarily stop its freight to Cameroon due to a scanner breakdown which is yet to be resolved in Douala international airport, good sources reveal.

Some sources also explain that because of the breakdown, the company has sustained important losses by offloading goods and going back empty, the scanner being necessary to scan the goods to be embarked as the aviation safety standards require. Last year though, during the official launch of its activities in Cameroon, Cargolux was rejoicing.  

Douala “has the biggest port in Central Africa. It is the country’s economic and commercial capital which handles most of its exports, oil, cocoa, coffee, fruits, metal and woods notably.

European countries are its main import-export partners, followed by Asia”, it said. Let’s note that the freight activity which has increased significantly in 2016 (76% according to the aviation authority) will thus slow down due to the temporal stop.

BIC

 

Details

Rita Akana

23.Jan.2018

Hits: 2803

Write comment (0 Comments)