Author: Achille Mbog Pibasso

The International Monetary Fund has approved a new disbursement of 156 million dollars (nearly 86 billion FCFA) for Cameroon to deal with the repercussions of the Coronavirus pandemic. The financing ordered by the IMF is the second disbursement under the Rapid Credit Facility (FCR) aimed at helping Cameroon meet the urgent financing needs of its balance of payments resulting from the COVID-19 pandemic. Indeed, the reduction in external demand and the intensification of the economic effects of the health crisis have further deteriorated growth prospects and worsened the external and budgetary positions. As a result, the urgent balance of payments…

The Groupement inter-patronal du Cameroun (GICAM) has just published a White Paper in which it ardently suggests the reform of the national economy by putting a point of honor on industrial development. The document which the Prime Minister Joseph Dion Ngute qualified as being “an original, impressive, rich and useful contribution” devotes an important place to the need to develop an economic policy based on industrialization considered by the creators of wealth as a necessary step. towards an emerging economy. According to the President of GICAM, Célestin Tawamba, “the White Paper establishes a flagship commitment of its executive and will…

The Economic and Monetary Community of Central Africa (CEMAC) is organizing an international round table in November in France, with a view to mobilizing the necessary financing for the realization of integrative projects estimated at more than 5 billion dollars. Presented as the least integrated region of the continent, Central Africa finally seems to be aware of its backwardness by multiplying initiatives to mobilize funds intended for the development of integrative projects whose inadequate infrastructure weighs as well, if not more integration. community than political procrastination of the leaders. A roundtable for the financing of infrastructure in Central Africa will…

Regardless of the endogenous and exogenous causes reflecting a difficult economic situation, the economic situation of the countries of Central Africa recovered timidly in 2018 indicates the Central Bank in its annual report. By Achille Mbog Pibasso Despite persistent monetary, financial and security vulnerabilities in certain countries of the sub-region, faced in particular with the terrorist threat, there has been a resumption of activity in the countries of the Economic and Monetary Community of Africa power plant (CEMAC) according to the 2018 annual report published on January 13, 2020. To illustrate this upturn, the Bank of Central African States (BEAC)…

The Cameroonian government has set its sights on this telecommunications company to support the digital transformation of the civil service. By Achille Mbog Pibasso The local subsidiary of the South African Mobile Telecommunications Network (MTN) Group and the Ministry of Civil Service and Administrative Reform (MINFOPRA) signed a Memorandum of Understanding on the Digitization of the Civil Service in Yaoundé on November 13, 2019 Cameroonian. According to the terms of the memorandum of understanding signed by Joseph LE, the Minister of Public Service and Administrative Reform, and Hendrik Kasteel, the Director General of MTN Cameroon, MINFOPRA will rely on information…

The local subsidiary PC Gabon Upstream S.A of the Malaysian firm Petronasa announces that it has recorded positive first signs on its deepwater oil and gas discovery well. By Achille Mbog Pibasso The outlook looks bright for the Malaysian oil company engaged in hydrocarbon exploration at Boudji-2, on the Likuale F14 block. The company announced the discovery of deep-sea oil and gas with a potential standard. In a statement, the company points out that “based on the work we have done, we believe that there are additional opportunities in the deepening of the F14 block before the salt, where we…

It is a resounding rebound in the soap opera that is now the concession of the container terminal of the port of Douala, with the decision of the highest authorities of the State to put a damper to the process of operating this infrastructure. In a letter stamped “Confidential, Very Urgent”, dated 23 October 2019 addressed to the Director General of the Autonomous Port of Douala (PAD) Cyrus Ngo’o, the Minister of State Secretary General of the Presidency of the Republic Ferdinand Ngoh Ngoh acting on behalf of the President of the Republic instructed the “suspension of the procedure for…

The African Alliance for Electronic Commerce calls on the countries of the continent to streamline trade with a view to strengthening their competitiveness in the global market. By Achille Mbog Pibasso The facts are striking. Africa represents barely 2% of world trade. Intra-African trade is also not well-advised, averaging 12%, with disparities from one region to another. While Gross Domestic Product (GDP) in 2018 is 3.5% according to the World Bank. A real problem for the African economies, faced with many difficulties among which the insufficiency of electricity whose access rate is about 30% to which we can add the…

After the official merger of the Central African Securities Exchange (BVMAC) on July 4, 2019, we expect the start of operations with stock market trading operations in both the equity and bond market. the possibility for the countries of the subregion to be able to finance their economies. Two months after the first phase of the unification of the Regional Financial Market in accordance with the decision of the Heads of State of the Economic and Monetary Community of Central Africa (CEMAC) the Chairman of the Board Henri Claude Oyima went on 04 September 2019 at the meeting of the…

Long leader in the insurance market throughout the Economic and Monetary Community of Central Africa (CEMAC) with a record turnover of 23.3 billion FCFA (nearly 35 million euros) in 2012, Chanas assurances SA, mired for several years in a war of internal leadership, lost the dominant position it occupied. Forgotten this beautiful time when the company occupied the first three places among the hundreds of insurance companies operating in the fourteen countries of West and Central Africa that form the Interafrican Conference of Insurance Markets (CIMA). This is reflected in the 2017 ranking of the Association of Insurance Companies of…

Contradictory information indicates the willingness of the UK Investment Fund Actis to terminate – unilaterally – the concession contract of the electricity sector that binds it to the State of Cameroon. By Achille Mbog Pibasso. Does the electricity sector in Cameroon expect the upheavals other than daily difficulties faced by administrations and households in rationing electricity with intermittent power cuts? The answer to this question does not seem as simple as we think. And for some reason, for some time, information contradictions – but persistent – suggest that Actisqui ensures the production of electricity in the country through its local…

The Gabonese Head of State chaired the military parade on August 17 in Libreville, the capital, on the occasion of the festivities marking the celebration of the 59th anniversary of the independence of his country. By Achille Mbog Pibasso Physically diminished since its Stroke in October 2018, the celebration of Independence Day has allowed several Gabonese to renew “direct contact” with their leader. Many of them say “now convinced that this is not a double that was shown on television, the President of the Republic is alive and well.” Regardless of the challenges of the opposition and those who want…

Cameroon has recorded more than 10 billion CFA francs of losses since the entry into force of the Economic Partnership Agreements (EPAs) signed with the European Union. By Achille Mbog Pibasso Four years after the entry into force of the EPAs between the European Union (EU) and Cameroon, the rating is rather salty for this country of the Economic and Monetary Community of Central Africa (CEMAC). Cameroon, which has decided to plunge alone into this partnership with the EU in the face of the procrastination of the countries of the sub-region which were all initially favorable for a regional agreement,…

The monetary issuing institution in Central Africa is seeking a consultant to develop a legal and regulatory framework for the supervision of Islamic finance activities. By Achille Mbog Pibasso The Bank of Central African States (BEAC) is seeking, through the Regional Financial Institutions Capacity Building Project (PRCIFR) of the Economic and Monetary Community of Central Africa (CEMAC), consultancy services for development of a legal and regulatory framework for the supervision of Islamic finance activities for the benefit of the Central African Banking Commission (COBAC). For the realization of this project, BEAC requested a loan and a grant from the World…

The world leader in port logistics will serve the Port of Kribi, which foreshadows the opening of new maritime services for both export and import. By Achille Mbog Pibasso A little over a year after the start of the commercial activities of the Autonomous Port of Kribi (PAK), the Danish shipowner has announced that it will soon serve this port platform. The assurances given after docking for the first time on 2 August 2019 at the port of Kribi, a ship of the world giant port logistics. After an African journey that took him to Southern Africa, Central and West…

The Attijariwafa Bank Group has opted for innovation through the opening of the first premium agency by Société Commerciale de Banque (SCB). The inauguration of the new VIP agency took place on July 11, 2019 in Douala. The economic metropolis of Cameroon is thus the honor to host “the first of its kind to be dedicated to the patrimonial clientele of the bank” in Central Africa according to the Director General of the SCB, Mohammed Mejbar. Called “SCB Platinium”, it is in particular according to the bank, to develop its network and intensify the strategies of proximity with its clients…

In accordance with the decision of the Board of Directors approved at the 26th session of the Annual Meetings held in Moscow, Russia, from 20 to 22 June 2019, the African Export and Import Bank (Afreximbank) will soon be setting up its Central Africa headquarters in Cameroon. This country is the engine of the Economic and Monetary Community of Central Africa (CEMAC) and concentrates more than 40% of the economic weight of the sub-region. These include a choice of “reason” by the leaders of this bank, the “candidature” of Cameroon was recorded a little late, compared to countries such as…

Four months after the call for tender launched by the Cameroon Debt Collection Company (CBC), it is still awaiting the designation of a “qualified” Cabinet for the preparation of financial statements for five institutions financial institutions that went bankrupt. According to sources close to the file, the process is sufficiently advanced, since the name of the consultant will be made public shortly on the “short list” that was stopped for this open market to “equal conditions to consultants duly established in Cameroon.” The mission of this firm will be mainly to evaluate the real estate assets of the closed liquidations…

The Central African Development Bank (BDEAC) and Commercial Bank Cameroon (CBC) have opened a credit line of 4.5 billion FCFA for the construction of a hotel complex in Douala. By Achille Mbog Pibasso The two banks have agreed to release the amount reported in addition to the construction of a 4-star hotel in the Cameroonian economic metropolis. The infrastructure that will be erected in the Bonanjo administrative district should allow the developers, including the B & B Investment SAS consortium, to build a hotel including, among others, 125 standard rooms, 5 rooms for the disabled, 20 suites. According to BDEAC,…

The Telecommunications Regulatory Agency (ART) imposed a global fine of 3.5 billion FCFA to mobile operators for “recurring shortcomings” in the operation of their services. By Achille Mbog Pibasso Operators of mobile telephony operating in the country outside the public company Cameroon Telecommunications (CAMTEL) were sanctioned the regulator. The ART reproaches these operators, several failures in the course of their activities, notwithstanding reminders to the order of the government and notices through the Ministry of Posts and Telecommunications and those of the regulator of the telecom sector. The terms of the press release published on July 4, 2019 are unequivocal:…

The monetary issuance institution in Central Africa announced in November 2019, the refueling of coins increasingly rare in the market. By Achille Mbog Pibasso An effective solution will soon be made to the thorny problem of the scarcity of coins on the market. The announcement was made on 04 July 2019 in Douala by the Governor of the Bank of Central African States (BEAC) Abbas Mahamat Tolli. It was at the end of the double session of the Ministerial Committee of the Central African Monetary Union (UMAC) and the Council of Ministers of the Economic Union of Central Africa (UEAC).…

The Association of Insurance Companies of Cameroon (ASAC) has appealed to the government on the need to remove the Value Added Tax (VAT) applied to life and health insurance. Cameroonian insurers are concerned about the application of VAT on life and health insurance while the penetration rate remains marginal in the country, with barely 2% of underwriting. An ASAC delegation led by Théophile Gérard Moulong went to meet ASAC President Prime Minister Joseph Dion Ngute on July 2, 2019, to inform the government of the interest represented by the abolition of this tax. . And for good reason, the application…

The Bank of Central African States (BEAC) provides explanations on the new exchange regulations for nationals of the Economic and Monetary Community of Central Africa (CEMAC). Meeting on 4 July 2019 in Douala as part of the dual session of the Ministerial Committee of the Central African Monetary Union (UMAC) and the Council of Ministers of the Central African Economic Union (UEAC), the CEMAC countries have commented on the new exchange regulations which has been the object of reprobation by the business community, in this case the Union of Central African Employers (UNIPACE). Explaining the reforms under way, BEAC Governor…

The appointment of a new Managing Director and an Assistant General Manager opens a new era for Chanas Insurance. Changes that foreshadow a redeployment of this company faced in recent seasons with systemic shocks. Changes in the top of this business with the appointment of a new CEO and his deputy are the actual translation of the resolutions of the Board of Directors last June. The reorganization of the management team kicks off a vast movement within the company which has definitively separated from its emblematic CEO Jacqueline Casalegno, who died last January. This is a new challenge for Léonce…

Electronic money transfers have increased significantly in Central Africa, with a cumulative amount of 8296 billion FCFA in 2018. Electronic money transactions in the countries of the Central African Economic and Monetary Community (CEMAC) reached 8 296 billion FCFA in 2018. These figures, which concern the twelve mobile operators active in the sub-region, are clearly increase, representing almost double e-money transactions recorded in 2017, which amounted to 4700 billion FCFA. A classification of these transactions shows that e-money transactions through Mobile Money account for 99% of the activity. According to the chief executive of the interbank banking group of Central…

The Bank of Commune paid FCFA 108.8 billion to the country’s decentralized territorial communities (CTD) in fiscal year 2018. By Achille Mbog pibasso The bank of the communes, called the Special and Inter-communal Equipment Fund (FEICOM), is increasingly marking its footprint for the development of decentralized territorial collectivities (CTD). This is reflected in the financial and material support that this public institution provides to the 374 municipalities and urban communities in the country. A contribution that is in line with the concerns of the public authorities, since decentralization is one of the priorities of the leaders who intend through this…

Cameroon plans to issue 200 billion CFA francs of issues of government securities for the second quarter of the current year, according to the timetable published by the Ministry of Finance. This envelope provides an increase of 155 billion FCFA compared to the first quarter of 2019 when 45 billion CFA were enrolled in the program. In detail, for this month of April, there are two issues of treasury bills assimilable (BTA) for a total amount of 20 billion FCFA. In May, there are two issues of equivalent Treasury Bonds (OTA) of 100 billion FCFA and a BTA of 10…

The Chadian Sugar Company (CST) threatens to put the key under the mat because of the slump in its production due to fraud, smuggling and counterfeiting. By Achille Mbog Pibasso The economic and financial difficulties of the CTS are not new. Except that the situation goes from bad to worse, at the risk of pushing for bankruptcy, this agribusiness company located in Banda in the province of Moyen Chari in the extreme south of the country, formerly the flagship industrial of Chad. Faced with the difficulties following the slump in sugar, CST officials have not gone through four ways to…

Central African President Faustin Archange Touadéra has just completed a European tour where he has invited mining companies to invest in diamond production in his country. By Achille Mbog Pibasso The diamond is one of the main mineral resources of the Central African Republic because the country derives its main income. The socio-political instability with the multiplication of the armed bands that skirmish this country no longer allows a diamond exploitation in optimal conditions. With a production that oscillates between 350,000 and 400,000 carats per year, the Central African Republic exploits, according to experts, less than 1% of its mining…

The Cameroonian authorities could extend the operating agreement for the Mbalam mining project located in the east of the country to June 30, 2019, to the satisfaction of the Australian mining company Sundance Resources. By Achille Mbog Pibasso Located between Cameroon and Congo, the previous agreement set March 31, 2019, the deadline for the Mbalam-Nabeba iron project whose deposit has a potential of 40 million tons. The Australian mining firm Sundance Resources announced in a press release that Financial Afrik was able to obtain a copy, the opportunity to continue the adventure. And indeed, “the Cameroonian government welcomed the meetings,…