Author: Achille Mbog Pibasso

Enforcement of the foreign exchange regulations adopted by CEMAC in 2018 continues to cringe in business circles in the sub-region. Demonstrations made to the national monetary authorities and the Central Bank have yielded no tangible results. The difficulties encountered by investors are linked in particular to the collection of supporting documents requested by banks from companies on transactions that are supposed to be cleared; obtaining supporting documents from various administrations, the anteriority of certain transfer files already archived; the lack of visibility of companies on the real reasons for blocking certain transfers, even after they have provided all the supporting…

The African Development Bank (AfDB) consolidates its position as one of Cameroon’s main development partners with around thirty active projects. The AfDB group’s portfolio of operations, which stood at around 900 billion CFA francs ($ 1.6 billion) in 2018, currently stands at 1482 billion CFA francs, or $ 2.7 billion. This envelope encompasses thirty-three projects spanning several production sectors, including agriculture, health, education, water, energy, transport and infrastructure. Funding that has contributed to the implementation of the development program, to the recovery of economic growth and to the strengthening of regional integration, according to the Ministry of the Economy, Planning…

Two weeks after the death of President Idriss Déby Itno, the Chadian economy is sluggish, particularly because of restrictions imposed by the ruling military junta. While the country is emerging from the period of national mourning and the war against the rebels is far from reassuring investors, economic operators also worried about social discontent want a normal resumption of economic activities so as not to plunge Chad further into the crisis. recession. The president of the Transitional Military Council (CMT), Mahamat Idriss Déby, met on May 4, 2021, a delegation of Chadian employers and the Chamber of Commerce, Industry, Agriculture,…

The Singaporean firm KiwiPay is conquering the monetics of the Economic and Monetary Community of Central Africa (CEMAC) has just concluded a partnership with the Interbank Monetic Group of Central Africa (GIMAC) in order to extend the payment digital in this part of the continent. Under the terms of the agreement, the goal is “to optimize KiwiGo’s (KiwiPay app) services for financial inclusion and cashless payment solutions for CEMAC customers and businesses.” This agreement offers multiple services to customers and merchants, while connecting them to cashless payment solutions. The arrival of KiwiGo also enables the deployment of WeChat Pay, Google…

A week after the death of President Idriss Déby Itno, it is difficult to predict the immediate future of Chad. The tragic and brutal disappearance of the man who embodied the sovereign institutions over the past thirty years seems to open a Pandora’s box. Admittedly, the country is ruled by the Transitional Military Council (CMT) made up of about fifteen soldiers who give themselves eighteen months to return to constitutional order. A deadline that is far from unanimous in Chad, especially since the constitutional mechanisms in the event of vacancies at the head of power provide that it is the…

The financial holding company BGFIBank is at the head of a banking pool for the sale of the receivables of the company Globeleq Cameroon, a subsidiary of the British development financial institution CDC Group and of the Norwegian development fund Norfund. For the moment, the number of banks involved in this arrangement is not known, even if we know that are concerned, financial institutions operating in the CEMAC zone. This operation concerns more than 83 billion FCFA, approximately 153 million dollars of debts of the company Energy of Cameroon (ENEO), the concessionaire of the electricity service representing the assets of…

The telephone exchange between Presidents Paul Biya and Muhammadu Buhari following the death of their counterpart Idriss Déby Itno calls for a change of strategies in the security system deployed against the terrorist sect Boko Haram. “The disappearance of Marshal of Chad is a huge loss for your country, Central Africa and our continent, which he will have served tirelessly, and for many years”. This excerpt from the message of the Cameroonian head of state Paul Biya following the death of his “eminent Chadian brother” Idriss Déby Itno lets shine in the background, the immense void created in the regional…

A few months after the United Kingdom’s exit from the European Union following Brexit, investors from the United Kingdom are stepping up initiatives with a view to positioning their country among Cameroon’s main economic and trade partners. This is the meaning to be given to the visit of Africa Minister James Duddridge, whose purpose is to review British investments in Cameroon. Prominent among these investors is the British Investment Fund Actis, owner of Energy of Cameroon (ENEO), the country’s electricity utility concessionaire. The latter, through a bank syndication, recently raised 100 billion to strengthen the country’s energy supply, particularly the…

Activa Assurance with the support of the International Finance Corporation (IFC), the World Bank Group (WB) entity dedicated to financing the private sector, is making two new insurance solutions available to Cameroonian female entrepreneurs. objective of covering more than one million women by 2022. This solution makes it possible in particular to save money and carry out business creation projects and health coverage primarily intended for women grouped together in cooperatives. According to its promoters, this program is supported by the Funding Initiative for Women Entrepreneurs (We-Fi) aimed at improving access to finance for women promoters of income-generating activities. “IFC…

The exploitation of the iron deposits attributed to a Chinese firm previously conceded to Australian multinationals at the center of a conflict. At stake, the control of high-grade ores estimated at more than one billion tonnes. The decision of the Congolese government published on March 13, 2021 attributing the management of iron ore to Chinese Sangha Mining Development is making waves. These are mining sites taken over at the end of last year from two mining companies of Australian rights represented by their branches, in this case, Congo Iron and Avima Fer, for “insufficient exploitation and non-payment of the royalties…

Conflicting information is circulating about the introduction into the CEMAC zone of new denominations and new silver coins. In addition to the usual denominations of 500, 1000, 2000, 5000 and 10,000 FCFA, the monetary issuing institution in the sub-region should also market denominations of 2,500 and 25,000 FCFA. What is really happening with regard to the placing on the money market of the sub-region, of new denominations of banknotes? For some time now, the Bank of Central African States (BEAC) has been at the center of the news, with some believing that the current “deadlock” is linked to political reasons…

The Central African Securities Exchange (BVMAC) has just launched a call for applications for the appointment of a new managing director as the regional financial market seeks new life. Can only apply until March 31, 2021, nationals of countries of the Economic and Monetary Community of Central Africa (CEMAC) meeting the criteria set out in the management of high finance published in the press release including Financial Afrik was able to consult. The expected change comes following the interruption of the process of appointing a new managing director launched in 2020 by the Bank of Central African States (BEAC) in…

The commissioning of the first phase of the Alén Gas Hub-Backfill project intended for the treatment of gas at Punta Europa by Noble Energy EG Ltd, a subsidiary of the American group Chevron, should generate over 4.5 million euros for the entire project. dollars over the next seven years. The construction of a 70 km (43.5 mile) pipeline with a capacity of 950 million cubic feet of natural gas equivalent per day (MMcfe / d) at a cost of $ 475 million allows gas from the Campo Alén located in the Douala basin is treated in existing facilities maximizing the…

The path leading to the merger between the Economic Community of Central African States (ECCAS) and the Economic and Monetary Community of Central Africa (CEMAC) to comply with the spirit and letter of the Union African (AU) which advocates the existence of a single grouping per region is still long. Regional integration in Central Africa remains dominated by the lack of real political will from leaders to achieve the creation of a single institution. However, this institutional bipolarization has shown its limits because it undoubtedly constitutes a brake on development. In all likelihood, even the entry into force on January…

Cameroon’s eligibility for the “Prevention and Resilience Allocation (PRA)” window of the World Bank should make it possible to mobilize nearly 362 billion FCFA, approximately 670 billion dollars. Funds allowing this country to pursue its development program in the face of multiple challenges, in particular the socio-political crisis in the North-West and South-West regions, the attacks of the terrorist sect Boko Haram in the Far North and the influx of Central African refugees in the eastern region. To achieve this, the country will need to develop a strong and inclusive strategy taking into account sectoral and national perspectives based on…

Cameroon plans to return to the international securities market to raise funds to finance its development. The recovery to growth envisaged this year, combined with better debt conditions under the effect of Covid-19 with reduced interests, seem to offer good timing for the country. The difficult economic context with the deterioration of commodity prices on the international market calls for effective financing solutions to deal with a recession that is visibly marked over time. According to the International Monetary Fund (IMF), the risk of debt distress is quite high for this country due in particular to the proximity of the…

The war against the terrorist sect Boko Haram could resume in intensity under the auspices of the international community in order to provide an appropriate response against this obscurantist movement whose renewed activity is reflected in armed incursions, kidnappings and terrorist attacks. suicides in Cameroon, Niger, Nigeria and Chad, this region of Lake Chad where the terrorist movement still nurtures the ambition to create a Khalifa. According to reliable information, unless there is a last-minute change for “timing reasons”, Abuja, the Nigerian capital is expected to host an international summit on the security situation in the Lake Chad region by…

The Federation of Insurance Companies under African National Law (FANAF) announces the postponement of the 45th General Assembly due to the health crisis linked to the Coronavirus pandemic. Initially scheduled for this February, the African insurance high mass could finally take place in June or July 2021 in Dakar, Senegal. Because of this pandemic, the Senegalese market has requested the postponement of the holding of the General Assembly. However, the Ordinary General Meeting will be held between the last week of February and the first week of March 2021 in virtual mode. A virtual phase which will be essentially devoted…

The risk of money laundering and terrorist financing is high in Cameroon. According to the National Financial Investigation Agency (ANIF), between 2006 and 2017, more than 1050 billion FCFA, approximately 1.8 billion dollars were laundered in Cameroon according to figures published during the first National Assessment of Money Laundering (ML) and Terrorist Financing (FT) risks (ENR). This evaluation, which benefited from the technical support of the World Bank (WB), was carried out in compliance with the recommendations of the Financial Action Task Force (FATF) in the matter as well as the provisions of the regulations of the Economic Community and…

Differences between the government through the Ministry of Posts and Telecommunications and the General Directorate of Cameroon Telecommunications (CAMTEL) are delaying the start of the activities of the fourth mobile operator in the country. After the postponement to December 21, 2020 for “notorious regulatory inadequacies in the implementation of the mobile network”, the launch of CAMTEL Mobile’s activities scheduled for January 13, 2021 will not take place, essentially for the same reasons. And for good reason, the Ministry of Posts and Telecommunications in its capacity as technical supervisor, considers that all the conditions are not met to proceed with the…

Beyond bombastic diplomatic language, the unexpected onset of the Covid-19 health crisis is just the hidden face of a tumultuous relationship that resulted in the suspension of the Economic Partnership Agreements (EPAs). Six years after the signing of the Economic Partnership Agreements between the European Union (EU) and Cameroon, the skies have often been cloudy between the two partners regardless of the fact that diplomacy has always been in charge of smoothing the angles. The machine has really seized up in the light of the 5th phase of the EPAs which should have entered into force on August 4, 2020.…

The ONOMO hotel group has signed a partnership with Universal Music Africa (UMA) for the promotion of African culture and music. A timely joint venture, the cultural sector being one of the most impacted by the health crisis linked to the Coronavirus. Despite the persistence of the COVID-19 pandemic and its negative repercussions on the production tool, many companies are already planning for the post-pandemic in order to continue their activities. With this in mind, the ONOMO Hotels group is joining Universal Music Africa, the African subsidiary of Universal Music Group (UMG), thus enriching its ONOMO Africa’s Finest label in…

The International Court of Justice (ICJ) in The Hague will deliver on December 11, 2020, the final verdict in the “violation of diplomatic immunity” case between Equatorial Guinea and France. A facet of the “ill-gotten gains affair” at the origin of the diplomatic quarrel between the two countries. After four years of instructional twists and turns, the ICJ will come to a final decision next Friday in this case which has poisoned political and economic relations between the two countries. The sentence expected at the weekend is in line with the hearings of February 17 and 21, 2020, which provided…

The restructuring of the National Refining Company (SONARA) requires an investment of 700 billion FCFA ($ 1.2 billion) for the reconstruction of the plant and the continuation of works to extend and modernize the facilities. The victim of a serious fire on May 31, 2019 which totally damaged 4 of the 13 production units and partially destroyed 4 others, the SONARA is subjected to idling. A disastrous situation for the Cameroonian economy which will have to mobilize nearly 700 billion FCFA to restart the production machine. Except that this optimization of activity includes both the clearance of a huge debt…

The BGFIBank Group is strengthening the digitization of its services with the opening of fully mobile bank accounts. The service designed for individuals and businesses is nonetheless an innovation that also contributes to the fight against the COVID-19 pandemic. Digital Banking, a strategic ambition of the BGFIBnak Group is taking root over time and accelerating the transformation, is a strategy that incorporates both a business digitization program and agile working methods. To meet customer needs, BGFIBank Gabon has decided to launch the opening of 100% mobile accounts. The bank which had already initiated this transformation with the implementation of digital…

The apex body of world football questions the management of the president of the African Football Confederation (CAF), who is suspended for five years. The one whose four-year mandate at the head of this institution expires in five months will have to pay a fine of 185,000 euros sees his future darken, because despite the existence of remedies, this sanction seriously jeopardizes his re-election during the renewal of the office scheduled for next March. Ahmad Ahmad has just been struck with a real sledgehammer. The Ethics Commission of the International Federation of Association Football (FIFA), on 23 November 2020, issued…

The Central African Economic and Monetary Community (CEMAC) mobilized 3.8 billion euros during the meeting with bilateral and multilateral partners. An envelope intended to finance eleven integrative programs to boost development in this part of the continent. The delegation of the Economic and Monetary Community of Central Africa participated on November 17 and 18, 2020 in the round table of investors in the French capital and returned to the fold with a full bag. This is the least that can be said in view of the jackpot garnered in front of bilateral and multilateral partners, since CEMAC, which initially counted…

The CAC40 surprised analysts on Monday, November 9 by buying the rumor to propel itself from 5,030 to 5,330 points on the rumors of a promising vaccine from Pfizer against Covid-19. At 11:45 a.m., the news gave hope to a market resigned to the consequences of the second wave. It all happened in 30 minutes of trading, long before the wolves of Wall Street, served by the time zone, woke up. “This is a bullish crash,” say portfolio managers who have witnessed the most violent sector rotation in history. The management went “full risk on” at 12:45 pm with +…

The French multinational has obtained, for the next twenty years, the co-management of the Djeno oil terminal, the future of which was at the center of several options, in particular a possibility of nationalization of activities under the auspices of the Société nationale des pétroles du Congo (SNPC). . We know a little more after the meeting on November 3, 2020 in Oyo between the Congolese head of state Dénis Sassou Nguesso and the Chairman and CEO of the Total Group, Patrick Pouyanné. It emerged from this interview that Congo and Total have agreed to a new contract which now…

The Bank of Central African States (BEAC) has just called on mobile telephone operators to end the use or operation of telephone credit units in CFA Francs to avoid confusion with legal tender in force in the member states of the Central African Economic and Monetary Community (CEMAC). The use of electronic money in CEMAC countries is once again the subject of disagreements between the BEAC acting as the monetary authority of the sub-region, and the telephone operators who use it as a means of payment. The latest news is related to the interpretations of the provisions of the 2019…