Business

Since the beginning of 2017, fish has been a rare commodity in most house holds around the country. House wives have been complaining of severe increase in prices of imported frozen fish in local markets .

"...Two months back, a kilogram of machoiron which was sold for 850frs has gone up to 1000frs, the most consumed variety of fish, Marquereau is sold at 1300frs instead of the 1100fsr few months back...with this situation, it becomes very difficult for us to make good business since costumers turn to prefer vegetables...." Alain Kuam, a cold store owner at the Nsam market in Yaoundé told Cameroon Concord. 

Consumers on their parts have been so bitter about the situation accusing the government for not taking adequate measures to avert the economic crisis."....It is difficult to fine chicken in the market and even when you see it, the price is too high to the point that it can 'break one's neck' more to that, meat is meant for the rich because its very expensive and some of us low income earners resorted in eating fish but price hikes is already sending us away... 'Chaii mr Biya' lamented Marry Ngong, a house wife."

The inflation which has hit the fish sector,..."is not due to scarcity because our freezers are full with varieties of imported fish but business is very slow. A supplier told us..."

The main cause of the hike is the reintroduction of 5% customs duties in the 2017 finance law on imported frozen fish. Since the start of this year, importers have been struggling to adapt to this new market rule. A customs officer hinted us. He added that, reintroducing this tax is not aimed at encouraging local aquaculture which is developing at a snail pace but rather because it has come to the notice of officials that fish hitherto imported into Cameroon free of customs charges was re-exported to neighbouring countries of the  sub region meanwhile prices in local markets remain very high. But this custom official reiterated that this action is just a pretext to curb the illicit trade deal and the impact should not fall on consumers. 

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Rita Akana

26.Jun.2017

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The said Economic partnership agreement EPA between Cameroon and the European Union which entered into vigour since 4th of August 2016 has been in disfavour of mr Biya's country.

Ten months after the agreement went operational, Cameroon has recorded a fall in revenue collection which stands at 600 million fcfa far from the 15 billion drop that was previewed.

The general manager of Cameroon customs, Fongod Edwin Nuvaga revealed this information during a two day workshop which ended in Douala yesterday 21st of June 2017.

This lose could increase drastically as days go by due to fraud, corruption and black market transactions at the Douala seaport.

More to that, Customs officials also warn that, if strict surveillance measures are not taken to control products imported,  businessmen will fraudulently pass their goods through Europe  so as to benefit from tax exoneration in Cameroon.

It is against this backdrop that the directorate general of customs brought its private partners on a common platform to chart the way forward on how to  fight against these ills.

The first group of imported products benefiting from tax  incentives include medications, medical equipment computers, school materials, among others. Meanwhile the second set of goods  which constitutes;  industrial products, essential oil, tyres, just to name a few, will receive a 15% reduction per year in taxes for seven years as from 2016.

Though government overlooks at the 600 million lose, but economists say it is not healthy for the country's economy which is dangling at the moment and hope to emerge by 2035.

Making a trade deal with a 27 nation zone against Cameroon is very unfair and even makes Cameroon's commitment to the  CEMAC sub region questionable.

It is alleged that mr Biya's kingdom 'Nicodemusly' signed the partnership with the EU without the consent of its CEMAC members who have remained reticent and sceptical about the deal.

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Rita Akana

22.Jun.2017

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Rita Akana

21.Jun.2017

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According to information published by the  United Nations Conference on Commerce and Development (UNCCD) last  June 7 2017,  from 1990 to 2016, Cameroon has received in 26 years 5769.8 million dollars. This  amount corresponds to 1% of the total foreign direct investment to Africa (FDI).

The total sum of FDI to the continent stands at 917713.9 million dollars.

It is also noted that, in 2016, the FDI to Cameroon witnessed a drop from 627.4 million dollars in 2015 to 128.2 million dollars in 2016 corresponding to a fall by 79%.

As compared to other countries in the CEMAC sub region, mr Biya's kingdom is ranked 4th and Congo is first on the chart of countries that receive the FDI.

Looking at  Cameroon's foreign direct investment, the 2017 report of the UNCCD,situates it at 491 million dollars in 26 year after thorough studies.

Cameroon's economy in particular and the world at large  have witnessed numerous ups and downs due to the various economic crisis which has plagued the whole planet  in recent times.

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Rita Akana

19.Jun.2017

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United Bank for Africa Plc (UBA) successfully raised USD500 million, though a debut Eurobond, which was 240% over-subscribed. The significant investor demand reflects the strong global investor appetite for UBA’s credit and support for the Group’s pan-African financial services strategy. The Global Offering is a five-year senior unsecured benchmark bond (144A/Reg S) listed on the Irish Stock Exchange and will further support the Group’s strategic vision, as it continues to grow its franchise across the continent and client segments.

The bond, which is rated by both Fitch (B, stable outlook) and S&P (B, stable outlook), matures in June 2022 and was issued with a coupon rate of 7.75%, priced at an effective yield of 7.875%. This pricing is seen by the global investor community as the best possible pricing for a debut issue from a financial institution of Nigerian origin in current markets. The pricing was at par to the recent bond issue by the Federal Republic of Nigeria, which issued USD1 billion in February 2017.

Investor interest was global, including the United Kingdom, Europe, Asia, the Middle East and the US.

Speaking on the offering, the Group Managing Director/CEO of UBA Plc, Mr. Kennedy Uzoka stated: “This successful dollar-denominated offering further illustrates global investor confidence in the strong fundamentals of our Group. The USD500 million bond will complement our stable funding base and support the growth of our balance sheet and the overall business. More importantly, this medium-term funding will further enhance our strength in financing profitable, impactful projects on the African continent.” 

Also commenting on the Eurobond, the Group CFO, Mr. Ugo Nwaghodoh said: “UBA's debut global offering is another milestone for us. It is timely in the Group's growth phase and aligns with our strategic plan to profitably grow the balance sheet, as we maintain our prudent risk management and benchmark asset quality ratios.”

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15.Jun.2017

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Another internet access provider has joined the already competitive internet market in Cameroon. Konnect Africa is an affiliate of French giant Eutelsat.
The company whose specificity lies in the provision of internet access via satellite equipment, announced its entry into some African nations on June 6. Cameroon, Benin, Lesotho,South Africa, Tanzania, Swaziland, Uganda... are the targets of the French company, cameroononline.org reports
Konnect Africa is entering a very competitive battle championed by South African mobile giant MTN. Nexttel, Orange, Camtel, Vodafone are some of the internet access providers in Cameroon.
However, the newcomer appears to be the only company to provide internet access to the remotest parts of the nation where the others do not reach. This is because Konneck Africa uses satellite equipment.
New technology to improve on internet access speed in Cameroon is usually centred in cities, not in remote places.

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Tasha Seidou

12.Jun.2017

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