Business

The scarcity of onions in Douala is being felt not only traders, but households. As a result, a sack of onion has increased from 30,000 FCFA last August to 60,000 FCFA in October 2016. Traders in Marché d’Oignons blame the scarcity on the off season. “Since harvest season in the main production areas of the North and Far North Regions is February and March, it is but normal that onions be scarce,” Zacharie Waraha, a trader in Marché des Oignons, disclosed.

Given that there is abundance during the harvest season and cultivation is mostly done once a year, what is consumed after is reserved from the harvest season. When the stock starts running out from August, the prices automatically increase. A sack of 100 kilogrammes during peak season in Douala sells between 20,000 FCFA and 25,000 FCFA, while the same quantity from August to early January sells for 60,000 FCFA and 80,000 FCFA. The situation in markets is painful to both traders and customers, with four medium-size onions that used to cost 100 FCFA in April now going for 500 FCFA.

Though locally-produced onion is available, it is largely insufficient. Reason why imported onions from Niger and Holland supplement local production. Dutch onion sold in nets of 25 kilogrammes, goes for between 10,000 FCFA and 11,000 FCFA; while the red type from Niger that is mostly imported between October and January, sells for between 40,000 FCFA and 50,000 FCFA a sack. Locally-cultivated onion, Zacharie said, will be available in large quantity from February.

Details

Rita Akana

31.Oct.2016

Hits: 2032

Write comment (0 Comments)

Between 18 October and 26 October 2016, the farm gate price of cocoa in the main production areas in Cameroon decreased by at least FCfa 125, we learned from statistics compiled within the framework of the cocoa-coffee Sector Information System (SIF)

Indeed, over the period under review, this reference price went from a minimum average of FCfa 1,225 per kilogram to FCfa 1,100, against a maximum of FCfa 1,400 to FCfa 1,250 only. We can however note that this new drop is less important in value than the one noted at the beginning of September, period during which prices had seen a drop of FCfa 200 to 300 per kilogram.

According to analyses from experts in the sector, this drop in the farm gate price for the Cameroonian cocoa could be explained by the gradual end of the raining season, which makes the product more available, in part due to the production areas being accessible.

Details

Rita Akana

27.Oct.2016

Hits: 2147

Write comment (0 Comments)

Ecobank (Ecobank.com) has launched the Ecobank Mobile App, an instant and convenient way of banking via the mobile phone. It is the first unified app delivered by any institution for use in 33 countries. Group CEO, Ade Ayeyemi unveiled the new App at a large product launch in Lagos, which brought together a wide range of customers, including students, various professionals, traders and transporters. Ecobank board members, shareholders, staff and media were also present at the event.

 The Ecobank Mobile App uniquely leverages the power of digital to deliver real convenience to customers. The App gives Ecobank the scale and capacity to achieve its target of attaining 100 million customers in a profitable and sustainable way. 

Details

Rita Akana

25.Oct.2016

Hits: 2315

Write comment (0 Comments)

Cameroon lies in the 15th place in Africa (out of 42 countries) and 80th in the world (out of 118 countries), in the Global Hunger Index 2016, published by the International Food Policy Research Institute (IFRI). This annual ranking, which focuses on the Sustainable Development Goals aiming to totally eradicate hunger in the world by 2030, lists the countries according to the share of their undernourished population.

With an indicator of 40.3 in year 2000 and 22.6 in 2016, Cameroon, Global Hunger Index 2016 reveals, is among the countries having achieved the feat of reducing by more than 45% the proportion of its population afflicted by undernourishment during the last 15 years. This performance has already been recognised by the FAO in June 2015. Indeed, this specialised organisation of the United Nations awarded a certificate to the Cameroonian Ministry of Agriculture, on 8 June 2015, for having succeeded in achieving the first Millennium Development Goal (MDG) even before the target of 2015. This MDG consisted in reducing the proportion of people afflicted by hunger.

«You have overcome great challenges in difficult world economic conditions and political surroundings», indicated the MD of FAO, the Brazilian Graziano da Silva, announcing the list of the 13 countries in the world concerned by this FAO recognition. Among these countries lauded by FAO, we also find Gabon, a country in the CEMAC region that outperformed Cameroon in the Global Hunger Index 2016. First country in Central Africa in this ranking, Gabon is among the top 5 in Africa and lies in 54th position in the world. Chad and Central African Republic, two other countries in the CEMAC area, are at the bottom of this table. However, it is to be noted that countries such as Burundi, Cape Verde, Comoros, Republic of Congo, Eritrea, Equatorial Guinea, Libya, Sao Tome, Somalia, South Sudan and Sudan were not included in the 2016 table, due to lack of adequate information, we learn.

Details

Rita Akana

25.Oct.2016

Hits: 1769

Write comment (0 Comments)

Uwem Essia, Regional Director of the Pan African Institute for Development – West Africa, PAID-WA, has noted that Cameroon which recently celebrated its 50th year as a reunified nation has an excellent investment potential which can carry it to emergence.

Some of Cameroon’s excellent Investment potentials he numerated include; an ambitious but realizable Cameroon vision 2035, abundant mineral and agricultural resources, a peaceful and happy population, a stable macro-economic environment with inflation rate below 3% just to name but these.
A nation with thriving middle class

To him, Cameroon, a nation with a thriving middle class of consumers, a gradually growing democracy and free press, diverse ecological and climatic conditions, enormous cross-border trade potentials

A strong culture of civil obedience especially with paying taxes are all potentials that if well exploited will see Cameroon witnessing a rapid, stable and impressive transformation into an African super-power.

He made the declaration last week at the Amphitheater 750 of the University of Buea as he was guest speaker during the international i.Boot camp 2016 organized by the Youth Alliance for Leadership and Development in Africa, YALDA.
Cameroon's potential to grow

In his presentation Dr. Uwem Essia, of Nigerian origin noted that throughout his stay in Cameroon, he has gotten to realize that Cameroon more than any other African state has the potentials to grow rapidly in all aspects. This he says is due to minimal inter-communal conflicts and civil disturbances, regime longetivity which to him is an opportunity for a sound long term planning

While showering praises on Cameroon for its juicy investment potentials, the PAID-WA regional director who has done Africa proud through his works as an academia pointed out that 50 year old Cameroon has light development challenges which seem to pose not just a problem but a threat to its developments.
Development challenges

Some of the development challenges he highlighted include; a weak private sector with few competitive indigenous firms, a wide income gap as many live far below the poverty line, slow infrastructural development such as roads and rails despite steady toll charges and huge resource leak through massive imports.

Quoting the African Development bank which noted that Cameroon’s vast potential is constrained by poor produce quality, inadequate infrastructure, weak marketing and price uncertainties and poor financing.
Avenues for job creation

Dr. Uwem of the democratic institution points out that despite job creation initiatives such as the National Employment fund, NEF, Rural and Urban Youth Support Program, PAJER-U, the Cameroon National Youth Council, CNYC and the National Civic Agency for Participation in Development, ASCNPD, youths unemployment and underemployment rates according to the international labor organization 2013 was 30 and 75% respectively.

To him, measures such as making local entrepreneurs global players, Cameroon duly belonging to CEMAC and ECOWAS will profit from both sides since it is geographically linked to ECOWAS and politically to CEMAC.
Proposals for development

Provision of incentives to farmers, cutting taxes, speeding up decentralization, separation of economic democracy from political democracy and so on, will put Cameroon back on track headings for its place which is at the top rather than been admitted again and again as a highly indebted poor country, HIPC due to repeated and consistent borrowing without been able to pay its debts. #investing in Cameroon #cameroon economy

Details

Amos Fofung

20.Oct.2016

Hits: 1919

Write comment (0 Comments)

A recent statistics released by the Societe General de Surveillance (SGS) about 45 000 used cars have been imported into Cameroon a decade ago. The Institution reveals that in 2006 about 17 540 such cars were imported and that the figures doubles to 39 093 in 2013. According to the French daily newspaper Le Quotidian de l’Economie Custom officials at the Douala Sea Port succeeded to obtain 34 billion FCFA from Car importation.

Consequently the number of newly imported cars into Cameroon has dwindled, from 7000 in 2010 to 5000 in 2014 and a possible 4500 in 2015.  

The importation of used cars which have had life span of over 20 years was banned by the Cameroon government to encourage the importation of new ones.

The government went further to institute a 30% tax decrease on importation of new vehicles in the 2011 Finance law. It is evident that Cameroon has become a dumping ground for old and outdated European Cars which are sent into the country on daily basis mostly by ‘Bush fallers’ to their families back home.

Details

Prince Nfor Hanson

19.Oct.2016

Hits: 2413

Write comment (0 Comments)