Business

US manufacturer Boeing will today Monday, 20.March 2017 unveil its proposal for the relaunch of Camair-co. The American manufacturer, will present the recovery plan for Camair-co that was initially endorsed by president Paul Biya 8 months ago.

The national carrier has been constantly benefiting from the injection of both public and private capital, but due to poor governance in Cameroon, and corruption of its respective managers,the airliner has been for years on the brink of collapsing. 

However, with the new recovery plan from Boeing, the company will be capable of resuming flight. Boeing Consultant's stimulus plan will inject 327 billion CFA francs into Camair-co over a period of 5 years.

Out of that amount, 135 Billion will be urgently needed. The budget from the US manufacturer could help Cameroon's public air carrier to insure on-site maintenance of its 5 air crafts.

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Rita Akana

20.Mar.2017

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To  most of those who govern the global economy today, -the policy makers of the developed countries, - proprietors of large enterprises, - international economic organizations, developing countries have to adopt “good” economic policies and model institutions that the developed countries used to ensure a proper take off: for example the liberalization of investments and trade. Many questions have certainly been asked on the nature of these reforms and institutions for developing countries. But were these the same routes taking by developed countries to be where they are today? 

The U.S. for example which we suppose has attained the peak of world economy because of its policies founded on commercial liberalization, is in fact one of the countries that has used these instruments most aggressively.  Between the mid 19th century and the Second World War, it had the most protected economy in the world. Great American thinkers like Alexander Hamilton who systematically elaborated the argument of “infant industries” justifying the protection of manufacturing enterprises in less developed economies. However he knew the true nature of the game. He knew that great Britain had acquired an advanced economy because of enormous protection and subvention measures and had to do the same to succeed.

Criticizing British recommendations favouring commercial liberalization, Ulysses Grant, the US president between 1868 and 1876 retorted that “in two hundred years when America has extracted from protection all that it can, it will then liberalize its trade.  After the Second World War, the US seized the first position in world economic matters. It withdrew from the ladder by sermonizing their trade liberalization to developing countries.

We can then logically question  if the recommendations made today by these developed countries have the same objectives, or is it just a coincidence that the economic growth within developing countries has become very difficult in the past three decades? It is actually within this period that rich countries started putting pressure o n developing countries to adopt a pretentious “ world standard” in political and institutional matters.

How do we change this? Historical facts concerning real experiences of the developed world have to be made public. Not only to reestablish the truth but also to permit the developing nations to undertake more informed choices. Secondly we have to admit that the orthodox returns is not working and that there is no “model” that everyone has to copy from.  Thirdly the rules of the world trade organinsation have to be re written in a way that developing countries can actively use customs duties and tariffs to aid the growth of its enfant industries. Finally good functioning of institutions has to be ensured.

If we could adopt economic policies and institutions that are best tailored to our specific conditions, then we will be capable to increase its economic growth more rapidly. In the long run, these will also benefit developed economies in increasing trade and investment opportunities.

The fact that these so called developed countries don’t want to understand this analyses constitutes a tragedy of nowadays.

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Ndi Derek Giyoh

20.Mar.2017

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Customs units in the Eastern region of Cameroon just seized a cargo of 114 ivory tusks weighing approximately 300 kg, we learned from official sources. The two smugglers arrested with the cargo had carefully hidden it in a bush taxi.

According to Eitel Pandong, Regional Delegate of the Ministry of Forestry and Fauna in the East, at the current price of ivory on the international market, this cargo can be estimated at roughly FCfa 270 million.  

The same cargo of ivory, according to this senior civil servant, indicates that about 80 elephants were killed. According to the two smugglers, the seized ivory tusks come from the Northern region of Congo.

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Rita Akana

18.Mar.2017

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Through its Foundation, the mobile telephony company Orange Cameroun just inaugurated in the Nsam neighbourhood in Yaoundé, the capital of the country, the first of 10 “digital houses” this enterprise is planning to equip in Cameroon, as part of the 2^nd phase of its programme for the implementation of digital infrastructure throughout the country.

This 6^th digital house equipped by the Orange Foundation, after the first five set up in the framework of the first phase (Yaoundé, Douala, Kumba, Sangmélima and Bamenda), was done for the benefit of the “Bayam-Selam” Women’s Association of Mfoundi (Asby), the local name for fresh produce sellers in Cameroon.

“For Orange, this program consists in setting up in the Women and Family Promotion Centres implanted in the different regions of the country by the Ministry, fully equipped digital rooms, to promote digital inclusion of women, to promote their integration into the working environment and develop their income-generating activity. This, through basic entrepreneurship training modules using digital tools”, explained Elisabeth Medou Badang, Chairperson of the Orange Foundation Board and Managing Director of Orange Cameroun.

BIC

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Rita Akana

16.Mar.2017

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Cameroonian economic operators now only require to have a minimum capital of FCfa 100,000 to create a limited liability company (Société à responsabilité limitée - Sarl in French), instead of FCfa one million as was previously the case. This is the reform brought on by a decree signed this past 1 March by the Prime Minister, Philémon Yang.

This reform, which also exempts potential Sarl founders from the obligation of establishing their statutes by notarial deed (one had to pay FCfa 300,000), should, according to experts, boost the creation of this type of companies in the country.

Indeed, we learned, since the Company Creation’s Formalities Centre (Centre de Formalités de Création des Entreprises - CFCE) started operating in 2010, over 90% of the enterprises set up in these structures facilitating the creation of companies in 72 hours, were done under the establishment category. This was, as CFCE managers explain, because of the financial requirements linked to the creation of Sarl’s, which have just been reduced by the government.

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Rita Akana

14.Mar.2017

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In spite of the difficult international economic environment marked by the sudden drop in the price of a barrel of crude oil, the security climate in the north of the county and its impact on cross-border trading and currency exchange activities, the risks linked to the growth of economies in the sub-region, Ecobank Cameroon is happy to have continued on its upward performance trend in 2016.

Through the Chairman, Martin Foncha, the directors and shareholders of the bank, during a meeting in Douala at the end of February, were pleased with the fact that Ecobank confirmed its position among the first three banks in the Cameroonian market. This in terms of profitability, by posting pre-tax earnings of FCfa 13.840 billion in 2016, representing an increase of 23% compared to 2015.

As at 31 December, the net banking result of the bank was of FCfa 39.305 billion. Thus, an increase of higher than FCfa 687 million compared to 2015. Client deposits were FCfa 401.420 billion for an overall result of FCfa 507.061 billion. The rate of non-remunerated deposits out of total deposits is 58%. Client credits reached FCfa 260.085 billion.

“This performance is the reflection of the excellent quality of our client service which greatly improved in 2016 moving the quality of service index from 64% in 2015 to 70%”, the Ecobank Cameroon Board was pleased to note.

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Rita Akana

13.Mar.2017

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