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After rumours on Social media and the press that the value of the FCFA will drop, the BEAC Governor Abbas Mahamat Tolli steps forward to rectify that there is no such thing.

“False information about the devaluation of FCFA has been circulating on social networks and media organs for some time now in the concerned sub Region, CEMAC since the mid 90s. This dates from the 1994 Devaluation. It is not something new but these rumours are uncalled for” explained the Governor.

The 1994 Devaluation as revealed by BEAC, was meant to scale to the same level the profound economic and financial imbalances that the six Central African countries were facing in the second half of the 1980s. They further explained that, the upheavals the FCFA is facing now have not reached the stage at which the Devaluation option can be considered.

The six Central African countries which are; Cameroon, Central African Republic, Congo, Gabon, Equatorial Guinea and Chad have engaged in negotiations with the International Monetary Fund (IMF) which are aimed at strengthening efforts in the development of their states. This is because, they all are in crisis particularly economic crisis.

 

 

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12.Jul.2017

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On Tuesday July 4th, 2017, The UBA Foundation, the Corporate Social Responsibility arm of the United Bank for Africa (UBA) Plc, continued on its quest to educate and empower African youths as it visited the Accra High School in Ghana. UBA Foundation Read Africa Initiative was launched in 2011 and has been changing the lives of African students across the continent for six years. The Project is aimed at encouraging children to improve their vocabulary and communication skills through reading. Through its Read Africa initiative, the UBA Foundation is helping rekindle the dwindling reading culture amongst African youths as they pursue their education. Over a hundred thousand books and educational materials have been donated to various schools across Africa as UBA Foundation continues to traverse the continent, contributing positively to the development of African youths.

The Accra High school assembly hall was packed with over 500 energetic and enthusiastic high school students who were already in reading mode as they prepare for their exams next week. They were eager to talk about their own ambitions and to read passages from The Fishermen.
Bola Atta, Acting CEO of the UBA Foundation, told the children that the Foundation was eager to give back to society and to contribute to creating  dynamic educational platforms for future generations on the continent. She encouraged the students to read voraciously saying: ‘the pursuit of knowledge should be a lifelong activity that starts at a very young age. You should read all types of books so that you can explore and shape your own narrative.’

Abiola Bawuah, the CEO of UBA Ghana who was also present, advised the students to pay a lot of attention to studying. ‘Don’t spend all your time glued to your mobile phones. Spare some moments for reading also’ said Bawuah.
The Assistant Head master of Accra High School, Michael Addo thanked the UBA Foundation for coming to their Aid.

United Bank for Africa (UBA)Plc, Africa's global bank, is committed to being a socially responsible company and role model for all businesses in Africa. UBA understands that there is a need for a social contract between the bank, the communities in which it operates, and its people. To this end, in 2006, UBA became the first bank in Nigeria to institute a foundation, the UBA Foundation. As the Corporate Social Responsibility arm of the UBA Group, UBA Foundation is committed to the socio-economic betterment of communities across the African continent focusing on development in the areas of Environment, Education, Economic Empowerment and Special Projects.

 

 

 

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11.Jul.2017

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The loan deal was reached in three separate accords in Yaoundé on Wednesday.
The money is meant for the improvement of electricity network in Yaoundé from 2018 to 2019.
Government says the project could also extend from Yaoundé to Edea.
The Biya regime has stepped up borrowing in recent months.
Last month the IMF approved a loan deal of about FCFA 390.4 billion to help Cameroon as it battles with Boko Haram and the falling oil prices.
Some months back Cameroon also borrowed a huge some from the Islamic Development Bank.
Besides mismanagement, the fight against insecurity and the desperate attempts to stifle the just cry of West Cameroonians have bled the country dry.

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Rita Akana

06.Jul.2017

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At the24th Annual General Meeting of the African Export-Import Bank(Afrexim), held in Rwanda, Tony O. Elumelu, CON, Chairman of Heirs Holdings and the Tony Elumelu Foundation, congratulatedAfrexim for the critical supportthat the Bank, led by President Oramah, provides for African businesses and its significant contribution to the development of cross-border trade and investment in Africa. 

 

Mr Elumelu highlighted the role of African institutions, such asAfrexim,commenting that the Bank’s mission wasfurther evidence of Africa’s own ability to provide long-term, strategic financing to Africa’s economic and social development. “Afrexim brings a unique and highly relevant perspective to the challenge of supporting intra-African trade flow and ensuring value is created in and exported from our Continent” said Mr Elumelu. “I urge other development finance institutions, particularly the Bank’s African peers, to follow its example in providing transformational forms of funding to African businesses.”

 

Mr Elumeluspokeon the topic “Cross-Border Investments as a Driver of Intra-African Trade and Industrialisation: Reflections from a Continental Business Leader", where he championed the agenda of the private sector, as the key contributor to Africa's ability to attract and implement sustainable investment. Mr Elumelu, who created Heirs Holdings, cited hisownapproach to long-term investment in critical sectors, such as power, finance and resources,across twenty African countries. According to Mr Elumelu, Africa mustgrow cross-border trade and investment, and attract both local and international investors.

 

“An investment is not just about profit and returns. It is also about sustainability,” he explained. “What I want to see is Africans investing in Africa. We appreciate and welcome partnerships, but there is a generation of African businessmen and women, who have the capability and ambition to lead and transform Africa’s future. Let your money work in Africa”.

 

 

Elumelu also highlighted the importance of entrepreneurship. "We know the challenge and potential of Africa’s demographic explosion. That is why the Tony Elumelu Foundation is catalysing 1,000 entrepreneurs each year, with the objective of assisting 10,000 entrepreneurs over 10 years. Invest in the future, our youth," he told delegates.

 

The meeting also witnessed the signing of aUS$100million facility between Afrexim and Heirs Holdings. This initial transaction, between Heirs Holdings and Afrexim, was, said Elumelu, “Just the beginning and a clear indication of the intent and capacity of both parties to identify means to grow Africa’s wealth and create sustainable business opportunities over time. We welcome this and hope this serves as an example to others”.

 

Mr.Elumelu tasked more African Development Institutions to fund intra-Africa trade and businesses in a manner which will boost and embolden African business leaders and facilitate the further development of Africa's economy. The $100 million facility is to further support Heirs Holdings cross border investment programme. Heirs Holdings Limited is a pan African investment proprietary holding company with a portfolio of investments in 20 African countries, in key sectors of the African economy – Energy, financial services, real estate and hospitality. Elumelu commented further that support from African DFIs like the Afrexim bank are often symbolic - being less about the size of the cheque and more often because such support acts as a catalyst to other providers of investible capital. 

 

Mr Elumelu concluded by calling for African leaders doing businesses across borders, to build legacies and focus on corporate governance, while building businesses that last. "It's all about legacy. We need to think about how history will judge us,” he stated.

 

Themed “Trade and Economic Transformation”, this year’s Afrexim Annual General Meeting gathered level leaders from the public and private sectors, African Ministers of Finance, Trade and Investment, Central Bank Governors, Senior Government Officials, in a series of panel discussions to grow intra and extra-regional trade in Africa. The Meeting was opened by His Excellency, Paul Kagame, President of the Republic of Rwanda who invited Africans present to invest in Rwanda. Other guests at the event included H. E. President OlusegunObasanjo, Former President of the Federal Republic of Nigeria; John Rwangombwa, Central Bank Governor of Rwanda and AlhajiAlikoDangote, Chairman, Dangote Group.

 

 

ABOUT HEIRS HOLDINGS

 

Heirs Holdings is an African proprietary investment company, with interests in power, oil and gas, financial services, hospitality, real estate and healthcare, present in twenty African countries.  The Group’s operations are inspired by the economic philosophy of Africapitalism, which positions the private sector as the key enabler of economic and social wealth creation in Africa.

 

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04.Jul.2017

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Meanwhile the Yaounde regime has received twice a prohibition of the forum of Cameroonians of the Diaspora which had to take place first in Ouagadougou (Burkina-Faso) then in Abidjan from the 26 to the 28 of June 2017, the Prime Minister Philemon Yang was the one to represent the head of State Paul Biya at the official opening of FODIAS (Economic Forum of the Diaspora), at the congress hall in Yaounde.

The forum which is the initiative of Paul Biya, has as objective to bring together members of the public sector in Cameroon and obedient Cameroonians living abroad even though there is much disgruntlement about it  in the Diaspora.

         

For the other Cameroonians overseas, who don’t see any reason why they should participate in such a forum, they called for a boycott of this meeting organised by the ministry of External relations. These Cameroonians see this forum as a way the regime wants to garner support from those who will fall for their machinations.

On the side of the government, they see it as an opportunity to create a permanent platform for dialogue which will increase the participation of Cameroonians outside the national triangle in the development of their nation.

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Pavel Joseph Nyuysuliy

28.Jun.2017

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Rita Akana

28.Jun.2017

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