Monthly Archives: March 2024

31, March 2024

Yaoundé cuts tax on new tire imports to spur quality use and local production ⁰

The government of Cameroon has announced a 10% reduction in the taxable value of newly imported tires. This move, reported by the Minister of Finance -Louis Paul Motazé, aims to lower the cost of new tire imports into the territory. It is set to last for six months, with the possibility of an extension if required.

Minister Louis Paul Motazé stressed that the decision was taken following “the very high instructions of the Head of State… prescribing additional support measures after pump fuel prices were adjusted,” starting from February 3, 2024. These presidential directives were communicated to him in a letter from Ferdinand Ngoh Ngoh, the Secretary-General of the Presidency of the Republic, dated February 23, 2024.

Beyond the official reasons provided by the Finance Minister, the reduction in the cost of importing new tires in Cameroon also aims to encourage the use of quality tires in the land transport sector. This sector often experiences road accidents caused by the use of poor-quality tires. However, although the decision by Minister Motazé appears to be a temporary measure, it emerges amidst the implementation of an import-substitution policy, which is designed to reduce imports while introducing incentives to foster the development of local production.

In this context, several projects for tire production facilities are in the pipeline. An example is the Cameroon Tyre Factory (CTF), a subsidiary of Neptune Holding owned by Cameroonian business operator Antoine Ndzengué. Currently marketing “Double Star” tires from the German company Double Star Industry, CTF plans to establish a production unit in Bomono, a suburb of Douala, for an investment of CFA400 billion. With an annual production capacity of 4.6 million units, the factory is expected to create about 2,500 jobs.

Such a project could potentially reduce consumer prices for new tires and narrow the country’s trade deficit caused by the massive importation of both new and used tires. According to a report on Cameroon’s external trade by the National Institute of Statistics (INS), the country spent CFA32.6 billion to import 23,164 tons of new tires in 2022. This expenditure represents a decline of approximately CFA1.2 billion from the previous year, as revealed by the INS report.

Furthermore, the INS document disclosed that Cameroon imported 6,596 tons of retreaded or used tires in 2022, costing just over CFA2 billion. The previous year saw imports of 6,913 tons of such tires, amounting to CFA1.8 billion. Contrary to popular belief, the INS data indicates that new tires, despite being more expensive, are more marketed and used in Cameroon than so-called second-hand tires.

Source: Business in Cameroon

31, March 2024

Easter Sunday: The Holy Father calls for end of conflicts ⁰

Thousands of people have gathered in Vatican City to celebrate Easter with the pope.

At Easter Sunday Mass, Pope Francis appealed for a ceasefire in Gaza, and for warring countries Russia and Ukraine to free the soldiers they’ve taken captive.

“In calling for respect for the principles of international law, I express my hope for a general exchange of all prisoners between Russia and Ukraine: all for the sake of all!”

The pontiff has been battling respiratory and mobility problems in recent months, and has been unable to carry out some of his regular speeches and duties.

Easter Sunday is Christianity’s holiest day of the year – the day that many believe Jesus Christ was raised from the dead after his crucifixion.

Source: Africa News

28, March 2024

Senegal: Macky Sall holds ‘courteous’ meeting with president-elect Faye ⁰

Senegal’s anti-establishment leader Bassirou Diomaye Faye, whose weekend election victory could be officially confirmed within days, was welcomed at the presidential palace Thursday by outgoing leader Macky Sall.

The meeting, which came after weeks of crisis surrounding the vote, suggested a swift and peaceful handover in the West African nation that prides itself on democratic stability in a coup-hit region.

Faye, 44, was only freed from prison 10 days before the election, along with his mentor Ousmane Sonko, who was barred from running following a criminal conviction he says was politically motivated.

The outgoing president received both men in what his office called “a courteous meeting where they discussed at length the major issues for the state, as well as the inauguration ceremony”.

According to provisional results, Faye won the first round of the vote outright with 54.3 percent, far ahead of Sall’s hand-picked candidate, former prime minister Amadou Ba.

He came second with 35.8 percent of the vote.

Senegal’s Constitutional Court could declare Faye the official winner before the weekend, which would make a handover possible before April 2, the official end of Sall’s term.

Sall provoked a political crisis in February by suspending the presidential election just days before polls were to open, citing security concerns.

The move sparked protests and clashes that left four people dead, before the Constitutional Court ordered him to set the date for March 24.

Faye, who has never held elected office, is set to become the fifth president of the West African country of around 18 million people.

He has promised to restore national “sovereignty” and implement a programme of “left-wing pan-Africanism”.

Source: AFP

28, March 2024

CPDM Crime Syndicate: Philémon Yang on his way to the presidency of the UN General Assembly ⁰

Philémon Yang, former Prime Minister of Cameroon, is set to become the president of the 79th United Nations General Assembly next June.

Aged 76, he will succeed Denis Francis of Trinidad and Tobago. His candidacy, supported by President Paul Biya, received strong support from the Central Africa region, making him Africa’s only candidate for this prestigious position.

Paul Biya played a crucial role in Yang’s candidacy, publicly supporting him and mobilizing ambassadors in Yaoundé in his favor.

Despite his replacement in 2019, Yang remained active in power circles, holding senior positions. His integrity and discretion, as well as his record of not being involved in controversial matters, strengthened his candidacy.

Philémon Yang, a seasoned diplomat, has a long career marked by key positions and above all benefits from a reputation for integrity. His future presidency at the UN will see him engage in resolving global crises, far from the tumult of Cameroonian politics.

Source: Le Journaldelafrique

28, March 2024

South Africa: Jacob Zuma barred from running in May general election ⁰

Former President Jacob Zuma has been barred from running in South Africa’s general election in May.

The country’s electoral commission, or IEC, has not given a reason.

However, his 2021 conviction, and jailing, for contempt of court would appear to disqualify him.

His backing of the new uMkhonto we Sizwe (MK) party has been seen as a possible threat to the governing African National Congress (ANC), which has suspended Mr Zuma.

The 81-year-old served as president from 2009 until 2018, when he had to step down because of corruption allegations.

Mr Zuma’s new party is named after the ANC’s former military wing, and he sees himself as the true heir to the governing party’s revolutionary roots.

The ANC had wanted South Africa’s electoral body to deregister MK but this request was rejected on Tuesday.

Mr Zuma has been leading the MK party’s campaign and was the first name on their candidate list, but the electoral commission received objections to him potentially becoming a member of the National Assembly.

Rather than voting directly for a president, South Africans elect members of the National Assembly. The head of whichever party gains a majority then becomes the country’s leader.

“In the case of former President Zuma, yes, we did receive an objection, which has been upheld,” said electoral commission head Mosotho Moepya on Thursday.

“The party that has nominated him has been informed,” Mr Moepya told journalists.

Mr Zuma has until 2 April to appeal against the decision.

The former president received a 15-month prison sentence in 2021 for contempt of court and the constitution says anyone who has had a prison sentence of longer than 12 months is not eligible to run for election.

Mr Zuma is also facing charges of corruption over a multi-billion dollar arms deal from the 1990s, when he was vice-president.

The IEC said that the ruling did not prevent the MK party from taking part in the 29 May poll, News24 reports.

For the first time since the start of the democratic era in 1994, the ANC’s vote share could fall below 50%, according to several opinion polls. The MK party is seen as popular in Mr Zuma’s home region of KwaZulu-Natal.

Source: BBC

28, March 2024

Crypto King’ Sam Bankman-Fried jailed for 25 years ⁰

Sam Bankman-Fried – also known as SBF – has been sentenced to 25 years in prison for stealing billions of dollars from customers of his cryptocurrency exchange FTX

After a two hour hearing the judge, Lewis Kaplan, said Bankman-Fried knew what he was doing was criminal and regretted making a bad bet about the likelihood of being caught

“There are a lot of mistakes that I made,” Bankman-Fried told the court, but maintained FTX had the ability to repay customers when it imploded

Prosecutors say Bankman-Fried took more than $10bn (£7.9bn) from unsuspecting customers in “one of the biggest financial frauds” in US history

FTX was valued at $32bn before it went bankrupt in 2022 and SBF crafted a public image that drew in celebrities, politicians and business titans.

Source: BBC

28, March 2024

MTN Cameroon sees record growth with CFA325.7bn revenue in 2023 ⁰

MTN Cameroon reported a robust revenue of CFA325.7 billion for 2023. According to data released on the Johannesburg Stock Exchange in South Africa, this figure marks a 10.9% increase from 2022, showcasing a notable acceleration in growth and performance.

Analysis by Business in Cameroon reveals that revenues rose by 8.7% in 2022, 2.2% less than last year. MTN Cameroon’s revenue substantially outpaced the CFA312.9 billion reported by its main competitor, Orange Cameroon, highlighting the company’s dominant market position. A significant driver behind this growth has been internet connection services, which accounted for nearly 38.4% of total revenues. For the first time, these services have overtaken direct call services as the leading contributor to MTN’s revenue in Cameroon.

The company also saw significant strides in its fintech services, including credit lending, which surged by nearly 44.5% to reach CFA57.5 billion, based on the conversion rate at the end of the financial year. This is a sharp increase from the 10.2% growth in 2022.

Data and fintech services combined have formed 52.13% of MTN Cameroon’s total income, up from 51.4% in 2022, 47% in 2021, and 40.6% in 2020. By the end of December 2023, MTN boasted a record 5.8 million active internet subscribers and 5.6 million active Mobile Money users in Cameroon, marking the highest levels in five years. The average revenue per user in Cameroon reached a new high of CFA2542.02 in 2023.

Amidst this positive trajectory, MTN declared a pre-tax and depreciation profit of CFA123 billion in Cameroon, constituting 37.8% of its revenue, the best margin recorded since 2019. However, despite these favorable outcomes, challenges persist. The internet market faces ongoing consumer grievances regarding service quality across all providers. Furthermore, the South African company is currently embroiled in legal proceedings where its bank accounts were frozen due to a dispute involving Baba Danpullo’s holding company, Bestinver, and its South African banker, First National Bank (FNB), a subsidiary of FirstRand Bank (FRB), one of MTN’s shareholders.

Source: Business in Cameroon

27, March 2024

Spanish World Cup kiss: Prosecutors seek 2.5-year jail term for Luis Rubiales ⁰

Spanish prosecutors want the ex-head of the country’s football federation to be jailed for two-and-a-half years, after he kissed a female footballer against her will at Spain’s World Cup victory.

Luis Rubiales is facing charges of sexual assault and coercion after he grabbed Jenni Hermoso and kissed her on the mouth last August.

Ms Hermoso and her teammates said the kiss was unwanted and demeaning.

Mr Rubiales was forced to resign, but has denied any wrongdoing.

According to a court document seen by Reuters, prosecutor Marta Durantez charged Mr Rubiales with one count of sexual assault and one of coercion for his alleged actions in the aftermath of the kiss. The charges carry prison terms of one year and 18 months respectively.

Ms Durantez also accused the former coach of the women’s national team, Jorge Vilda, the team’s current sporting director, Albert Luque, and the federation’s head of marketing, Ruben Rivera, of coercing Ms Hermoso into saying the kiss was consensual.

The indictment said they harassed her through “constant and repeated acts of pressure”, including through her friends and family.

All three denied wrongdoing when they appeared before the court. Each could face up to 18 months in jail if convicted.

Ms Durantez also wants the four men to pay damages totalling €100,000 (£85,677; $108,000) to Ms Hermoso, and for Mr Rubiales to pay at least half of this amount.

She also requested a restraining order for Mr Rubiales, barring him from coming within 200 metres (656 feet) of Ms Hermoso and from communicating with her for the next seven-and-a-half years.

The scandal overshadowed a historic moment for Spain’s women’s team, which at the time was celebrating its first ever World Cup win.

During the trophy presentation ceremony, Mr Rubiales clasped Ms Hermoso’s head between his hands and planted a kiss on her lips.

Source: BBC

27, March 2024

US: Joe Lieberman, former vice presidential candidate, dies at 82 ⁰

Former US Senator and vice presidential candidate Joe Lieberman has died at 82.

The cause was complications from a fall, according to a family statement obtained by CBS News, The BBC’s US partner.

The centrist represented the state of Connecticut in the Senate for nearly a quarter of a century.

Mr Lieberman became the first Jewish person to join a major party US presidential ticket in 2000 when Al Gore selected him as his running mate.

Source: BBC

26, March 2024

Yaoundé: Cabinet Reshuffle is in the Offing! ⁰

As news of a coup d’état in Cameroon spreads across the country, a source at the Unity Palace has informed the Cameroon Concord News Group that a cabinet reshuffle is on the horizon as members of the president’s inner circle start strategizing on how to grant the ailing and collapsing Biya a massive victory in the 2025 presidential election.

The source, which elected anonymity, said there was panic in Yaoundé, especially after the coup d’état in Gabon which led to the ousting of former president, Ali Bongo, who had been hit by a massive stroke, leaving him paralyzed on one side of his body.

Following the coup d’état in Gabon, Mr. Biya has shaken up the military twice, taking possible suspects from strategic positions and dumping them in the periphery where they have little or no influence.

“The fear of a possible coup could be read on many faces in Mr. Biya’s circle. The president and his men do not have confidence in any of the military generals, most of whom have connections with the French and American forces,” our source at the Presidency said.

“The coup carried out by President Olingi in Gabon has struck fear in many minds in Cameroon. There is no trust between civilians and the military right now. The president is thinking of increasing the salaries of our soldiers as a way of calming down the military which seems to be harkening calls for a military take-over in Yaoundé,” the source added.

“Some news organizations are already suggesting that a coup d’état could be cheaper than the so-called democratic elections where millions of dollars are wasted, people killed, ballots printed and the same unpopular person is returned to power by crooks,” the source stressed.

“The purpose of the upcoming cabinet reshuffle is to take out unpopular ministers like Atanga Nji, the territorial administration minister, who is more of a liability than an asset to the President and the country. Others like Victor Mengot Arrey and Paul Tasong who actually have no portfolio and are not loved by their people are clearly on their way out. There are also rumors that the Prime Minister, Joseph Dion Ngute, might not go beyond 2025. He will be promptly replaced by a more popular Anglophone after the presidential poll and a list of possible candidates has already been established. The President is looking at South westerners and North westerners who are working at the international level as he plans to contract massive loans which will help in the country’s reconstruction after the poll,” the government insider said.

“The ruling party’s current concern is to win hearts and minds in the Northwest and Southwest regions where the population is anti-CPDM due to the conflict in those two English-speaking regions where more than ten thousand Cameroonians have lost their lives in a conflict which could have been avoided. In the coming months, supporters of the government will carry out provocative actions in those two regions to reignite the fighting, thereby causing separatists’ forces to become active as a means of rigging elections. We hope Ambazonian fighters will be smart enough not to fall into the trap. A peaceful northwest and southwest will definitely hand a huge victory to the opposition and this will be a huge blow to the government’s game plan,” our source pointed out.

“Though the Biya government is very unpopular across the country, many ruling party supporters are counting on a massive rigging machinery which the government is already designing and deploying. Ruling party stalwarts are all trembling and it is that fear which is pushing them into urging the desperately ill Biya to run again in 2025,” he added.

“Cameroonians are really counting on the military. The country is in a total mess. Only a coup d’état can help to bring back some sanity to our country. Corruption is rife, and the looting of state resources is taking place openly. There is nobody in charge in Yaoundé and many people want to amass more resources before any clean-up operations begin. I pray the military heeds the people’s call,” our source concluded.

By Soter Tarh Agbaw-Ebai

Editor-in-Chief and Group Chairman