Business

20, January 2025

Brenda Biya competing with poor saloon girls as the country burns ⁰

Her dad President Paul Biya is fast exceeding his quarter of killing. Roads in the country are so bad that potholes are swallowing cars, okadas and bicycles the way his ministers Paul Atanga Nji, Laurent Esso and Ngoh Ngoh are swallowing opponents of the regime.

The Delegate General for National Security, Martin Mbarga Nguele observed recently that driving from the nation’s capital Yaoundé to Mutengene in the South West region, the only way to continue the journey is over the rooftop of the vehicle which the road has already eaten.

So, the best way to survive in Cameroon is by relocating to Bastos in Yaoundé with all your belongings including small shops, hair dressing saloons, beer parlours and cosmetic shops. This is what Brenda Biya, daughter of President Biya the so called Father of the Nation has just done.

Bastos is supposed to be a kind of Stamford Bridge hosting foreign diplomats, billionaires and those who matter deep within the Cameroonian society. But Brenda Biya and her dad President Paul Biya have made it a free for all with any Tom, Dick or Harry steaming up and down eating roast corn and plums like in Metta Quarter in Kumba.

Recently, a small shop Bree Cosmetics opened its doors in Bastos under the direct supervision of the Minister-Secretary General at the presidency of the republic Ferdinand Ngoh Ngoh. Bastos is the place no one can be killed in Cameroon.

The decision by Brenda Biya to open her cosmetic shop in Bastos is essentially to keep her father’s failed and empty legacy alive. Brenda Biya is now competing with poor Cameroonian girls who are shuttling between Dubai and Douala to make ends meet!! And Cameroon is burning.

Brenda reportedly studied in one of the best universities in the USA when thousands of English speaking Cameroonians were being killed by the Francophone dominated military in a war that her dad declared against English speaking Cameroonians.

Today, the monstrous liability of a head of state and the all powerful Fon of Fons is watching his children either committing the same shameful errors or falling into spectacular new ones.

The fire burning up the Biya family is the result of him thinking that he is a god. His refusal to bow to demands for change in Cameroon and hand over power to the new generation and his corrupt policy in which the funds of Cameroon as a country are confused with his own, have led to a complete breakdown of law and order.

The Biya family is now opening a small cosmetic shop for Brenda Biya, after more than 42 years of watching the economic and political corruption that has reduced Cameroon to wretched and grinding poverty.

Roman Catholic Bishops have appealed to Mr Biya to step down, but he is not showing any sign of leaving. Cameroon Intelligence Report gathered that he is now struggling to pay his destitute army.

Although French speaking Roman Catholic Bishops are trying to chip away Mr Biya’s authority, the 92-year-old dictator is still firmly entrenched. The most powerful elements of the army, the gendarmerie, the police force and the media are all under his control.

Ultimately Biya’s survival depends on the loyalty of the secret service dominated by elements from his Beti-Bulu tribal extraction, the Francophone military including the National Gendarmerie and to this end, the privileged service men and women will be allocated funds to go and shop at the Bree Cosmetics Shop in Bastos. That will give them a special kind of divinity.

By Soter Tarh Agbaw-Ebai

20, January 2025

Minister Ngoh Ngoh attends opening of Brenda Biya’s Cosmetics boutique in Yaoundé ⁰

Brenda Biya, daughter of President Paul Biya, has officially launched her cosmetics boutique in Yaoundé’s Bastos district.

On Saturday 18 January 2025, Brenda Biya inaugurated her high-end cosmetics store in the heart of Cameroon’s capital. The shop, called ‘Bree Cosmetics’, offers a wide range of beauty products.

The inauguration ceremony was well attended with the Secretary General at the presidency of the Republic, Ferdinand Ngoh Ngoh also answering present.

‘I worked really hard on this project,’ says Brenda Biya in a promotional video about the opening of her boutique in the Bastos district of Yaoundé.

By Rita Akana in Yaoundé

16, January 2025

Global Economy Stabilizes, But Developing Economies Face Tougher Slog ⁰

Developing economies—which fuel 60 percent of global growth—are projected to finish the first quarter of the 21st century with the weakest long-term growth outlook since 2000, according to the World Bank’s latest Global Economic Prospects report. Even as the global economy stabilizes in the next two years, developing economies are expected to make slower progress in catching up with the income levels of advanced economies.

The global economy is projected to expand by 2.7% in both 2025 and 2026, the same pace as in 2024, as inflation and interest rates decline gradually. Growth in developing economies is also expected to hold steady at about 4% over the next two years. This, however, would be a weaker performance than before the pandemic—and insufficient to foster the progress necessary to alleviate poverty and achieve wider development goals.

The World Bank’s analysis is its first systematic assessment of the performance of developing economies in the first quarter of the 21st century. It finds that, during the first decade, developing economies grew at the fastest clip since the 1970s. Yet progress ebbed after the Global Financial Crisis of 2008-09. Global economic integration faltered: as a share of GDP, foreign direct investment (FDI) inflows into developing economies are at about half the level of the early 2000s. New global trade restrictions in 2024 were five times the 2010-19 average. As a result, overall economic growth dropped—from 5.9% in the 2000s to 5.1% in the 2010s to 3.5% in the 2020s. Since 2014, with the exception of China and India, the average per capita growth rates of income in developing economies have been half a percentage point lower than that in wealthy economies, widening the rich-poor gap.

“The next 25 years will be a tougher slog for developing economies than the last 25,” said Indermit Gill, the World Bank Group’s Chief Economist and Senior Vice President for Development Economics. “Most of the forces that once aided their rise have dissipated. In their place have come daunting headwinds: high debt burdens, weak investment and productivity growth, and the rising costs of climate change. In the coming years, developing economies will need a new playbook that emphasizes domestic reforms to quicken private investment, deepen trade relations, and promote more efficient use of capital, talent and energy.”

Developing economies are more important for the global economy than they were at the start of the century. They account for about 45% of global GDP, up from 25% in 2000. Their interdependence has also grown: more than 40% of their goods exports go to other developing economies, double the share in 2000. Developing economies have also become an important source of global capital flows, remittances, and development assistance to other developing economies: between 2019 and 2023, they accounted for 40% of global remittances—up from 30% in the first decade of the century.

As a result, these economies now have greater sway on growth and development outcomes in other developing economies. For example, an increase of 1 percentage point in the GDP growth of the three largest developing economies—China, India, and Brazil—tends to result in a cumulative GDP boost of nearly 2% in other developing economies after three years. Those effects, however, are only about half the effect of growth in the three biggest economies: the United States, the euro area, and Japan. The welfare of developing economies, in short, is still strongly tied to growth in the big three advanced economies.

“In a world shaped by policy uncertainty and trade tensions, developing economies will need bold and far-reaching policies to seize untapped opportunities for cross-border cooperation,” said M. Ayhan Kose, the World Bank’s Deputy Chief Economist and Director of the Prospects Group. “A good start would be to pursue strategic trade and investment partnerships with the rapidly expanding markets of other developing nations. Modernizing transportation infrastructure and standardizing customs processes are critical steps to cut unnecessary expenses and foster greater trade efficiency. Finally, sound macroeconomic policies at home will fortify their capacity to navigate the uncertainties of the global outlook.”

Over the next two years, developing economies could face serious headwinds, the report notes. High global policy uncertainty could undercut investor confidence and constrain financing flows. Rising trade tensions could reduce global growth. Persistent inflation could delay expected cuts in interest rates. Yet the global economy could also do better than expected—especially if its largest engines, the United States and China, manage to gain steam. In China, additional stimulus measures could boost demand. In the United States, robust household spending could result in stronger-than-expected growth, with beneficial effects for developing economies.

The report argues that developing economies have many options to improve their growth prospects, despite the headwinds. With the right policies, these economies can even transform some challenges into significant opportunities. Addressing infrastructure needs, speeding up the climate transition, and improving human capital can improve growth prospects while also helping to achieve climate and development goals. All countries, meanwhile, should work together to strengthen global trade governance, with the support of multilateral institutions.

Source: World Bank

6, January 2025

Biya regime removes VAT on locally produced flours ⁰

Locally produced flours made from corn, yam, cassava, and plantain are now exempt from Value Added Tax (VAT). This new policy, outlined in the 2025 finance law and confirmed by the General Directorate of Taxes (DGI), is expected to lower the price of these products on the market by 19.25%, which matches the current VAT rate in the country.

The government sees this move as part of its strategy to promote “import substitution.” By encouraging the production of local flours, Cameroon aims to reduce its reliance on imported wheat, one of the country’s most imported food products, alongside rice. This dependency has heavily contributed to the country’s trade deficit.

In 2023, although imports dropped by 31.6% compared to the previous year, Cameroon still spent CFA178.3 billion on wheat imports, down from CFA260.7 billion in 2022. France remains the top supplier of wheat to Cameroon, followed by Poland, Russia, and Germany. Notably, Poland saw a 9% increase in wheat exports to Cameroon in 2023.

To lessen the country’s dependence on imported wheat, particularly for bread production—which is one of the most widely consumed foods in Cameroon—the government has been promoting local flours in recent years. Before removing VAT on these products, the government had already modified bread production standards, allowing up to 15% of local starch-based flours, such as cassava and yam, to be blended with wheat flour. The long-term goal is to gradually replace wheat flour with local flours in bread-making.

In 2023, the Ministry of Youth launched a training program for trainers in local flour processing, with the aim of teaching at least 378 young Cameroonians to make pastries using locally produced flours. In line with these efforts, a platform for local producers was established in 2022, with a target of producing around 5 million tons of high-quality products by 2030. However, this target seems ambitious, given the current pace of local flour production.

In his national address on December 31, 2024, President Paul Biya announced that 12,800 tons of local flours were produced in Cameroon in 2024. In comparison, the country imported 887,400 tons of wheat in 2023, according to the National Institute of Statistics (INS).

Achieving the goal of producing 5 million tons within five years will require significant investments, especially from millers whose factories are mainly designed to process wheat. As Alfred Momo Ebongue, Secretary General of the Cameroon Millers’ Industry Group (GIMC), pointed out, mills will need to be redesigned or adapted to process local tubers like cassava, yam, and potatoes instead of just wheat.

Source: Business in Cameroon

18, December 2024

IMF urges further actions after CEMAC Summit ⁰

Reacting to the outcomes of the extraordinary summit of the Economic and Monetary Community of Central Africa (CEMAC) on the region’s economic situation, the International Monetary Fund (IMF) has commended the commitment of the heads of state while urging “further actions.” These additional efforts, the IMF stated in a December 16 communiqué, should focus on “rebuilding buffers, enhancing public finance sustainability and transparency, mobilizing non-oil revenues, and addressing debt vulnerabilities.” The organization also reaffirmed its readiness “to support the region in achieving sustainable and inclusive growth.”

The extraordinary summit, held in Yaoundé, was reportedly convened at the insistence of the IMF. The Bretton Woods institution had raised concerns about declining foreign exchange reserves in the CEMAC region. These reserves increased from 2.3 months of imports in 2016 to 4.6 months in 2023 but showed a “downward trend” in 2024, according to the Cameroonian presidency.

Observers believe the IMF’s broader aim for the summit was to encourage Equatorial Guinea, Gabon, and Chad to join its Economic and Financial Reform Program, which Cameroon, the Central African Republic, and Congo-Brazzaville are already part of. Reflecting this objective, one of the summit’s recommendations called on “other member states to formalize agreements with the International Monetary Fund as soon as possible to benefit from its support and that of other technical and financial partners.”

Abebe Aemro Selassie, Director of the IMF’s Africa Department, emphasized the need for “bold actions,” particularly in improving transparency in public finances and the oil and gas sectors. He also reiterated the importance of CEMAC’s fixed exchange rate regime, which he noted “continues to serve the region well by effectively anchoring inflation expectations and reducing uncertainty associated with international trade and investment.” Selassie welcomed the renewed commitment to external sustainability, describing the summit as a pivotal step forward.

“This Heads of State Summit has laid the groundwork to advance critical discussions on regional policy assurances and on safeguarding regional macroeconomic stability,” he stated. Selassie added that IMF staff, along with national and regional authorities, are continuing discussions to align on efforts to improve CEMAC’s fiscal adjustment path, preserve external reserves, and strengthen debt sustainability.

Source: Sbbc

18, December 2024

BEAC increases liquidity injection to meet bank demand ⁰

The Bank of Central African States (BEAC) conducted a new liquidity injection operation for commercial banks on December 17. This time, the central bank offered CFA220 billion, a rise of CFA60 billion compared to the previous operations on December 3 and December 10.

This increase in liquidity follows a prior reduction of 50%, when the offer dropped from CFA320 billion to CFA160 billion between late November and early December. The adjustment comes amid a renewed interest from banks in BEAC’s refinancing operations. For example, on December 3, the BEAC offered CFA160 billion, but the banks requested CFA224.8 billion. Similarly, on December 10, the entire CFA160 billion made available was taken up, yet not all banks could meet their financing needs, which totaled CFA162.8 billion.

This renewed interest in the central bank’s refinancing offers in December may be linked to increased demand for bank loans. According to banking officials, the year-end holiday season, a time of high consumer spending, often drives up demand for credit in commercial banks.

Source: Business in Cameroon

18, December 2024

MTN Group announces leadership changes ⁰

MTN Group has announced key leadership changes aimed at addressing succession, operational execution, and advancing the Ambition 2025 strategy.

Mitwa Ng’ambi, CEO of MTN Cameroon, will move to the same position at MTN Côte d’Ivoire, effective 1 March 2025, as Djibril Ouattara takes early retirement. We thank Djibril for his significant contributions to MTN, including his leadership of MTN Congo-Brazzaville. To ensure an orderly handover, Djibril will support Mitwa during her transition for a few months.

Mitwa brings over 15 years of telecom experience and transformational leadership, having served as CEO of MTN Cameroon since September 2022. She is also the Board Chairperson of Mobile Money Corporation, MTN’s fintech subsidiary in Cameroon. Prior to her role in Cameroon, Mitwa was CEO of MTN Rwanda, where she successfully led the renewal of the company’s licence and spearheaded its growth and listing on the Rwanda Stock Exchange. Previously, she held leadership positions at Airtel Tigo in Ghana and Tigo in Senegal. Mitwa’s experience and track record will add impetus to the growth and turnaround of MTN Côte d’Ivoire.

Wanda Matandela, Chief Commercial Operations Officer at MTN South Africa, has been appointed as the new CEO for MTN Cameroon, effective 1 March 2025. Wanda joined MTN in 2018 as Chief Enterprise Business Officer and drove the turnaround of this business. With over 20 years of experience, including more than 13 years in telecoms, he has held strategic roles across the FMCG and financial services sectors. Wanda serves on the boards of Supersonic (Pty) Ltd and MTN Rwanda PLC. His strong commercial and stakeholder management experience will be invaluable as he builds on the high impact and energy created under Mitwa’s leadership, bringing new capabilities and insights to drive growth in Cameroon.

Effective 1 January 2025, Mazen Mroue, MTN Group Chief Technology and Information Officer (GCTIO), will assume additional responsibilities as CEO of Digital Infrastructure (Infraco). This new role will incorporate the mobility and fibre businesses of Bayobab, along with executing our data centre strategy as we position MTN Group for growth and profitability in the development of AI across Africa. In this dual role, he will continue to report to the Group President and CEO and remain a member of the Group Executive Committee.

Since joining MTN in 1998, Mazen has held various senior positions within the Group’s regional operations in Africa and the Middle East, including CEO and COO roles across multiple operating companies. He has also served as a board member of various companies within the MTN Group. Mazen’s strong technology and operational experience, combined with his track record of delivery, positions him well to fulfil this dual mandate.

Frédéric Schepens, current CEO of Bayobab, will be leaving the group effective immediately. We thank Frédéric for his contributions and wish him success in his future endeavours.

MTN Group President & CEO Ralph Mupita extends his best wishes and appreciation to all incoming and outgoing colleagues, expressing confidence in the internal succession bench-strength of the business. He emphasises the importance of driving execution and maintaining our commitment to digital and financial inclusion priorities across our markets.

Source: Techafricanews

17, December 2024

WTO commends Cameroon’s ratification of fisheries subsidy law ⁰

During the opening ceremony of the 5th annual session of the General Council of the World Trade Organization (WTO) on December 16, 2024, in Geneva, Cameroon officially submitted its law ratifying the Agreement on Fisheries Subsidies. The law, adopted by Cameroon’s Parliament in June, was formally handed over by Cameroon’s ambassador, Salomon Ehet, Permanent Representative to the United Nations Office, the WTO, and other international organizations in Geneva, to WTO Director-General Ngozi Okonjo-Iweala.

“I warmly welcome Cameroon’s formal acceptance of the WTO Agreement on Fisheries Subsidies, a critical step toward protecting our oceans and ensuring sustainable fishing practices,” said Okonjo-Iweala.

The WTO Director-General also emphasized the significance of this move for small-scale fishing: “As the proud host of the WTO’s 14th Ministerial Conference in 2026, Cameroon is demonstrating leadership in advancing global trade and environmental sustainability. This agreement is especially vital for artisanal fishers in Cameroon and around the world, safeguarding their livelihoods by curbing harmful subsidies and preserving marine ecosystems for future generations.”

The Cameroonian government had submitted the bill to Parliament in June 2024 to ratify the amendment to the Marrakesh Agreement establishing the WTO, which focuses on regulating fisheries subsidies. The agreement, signed on June 17, 2022, aims to combat illegal, unreported, and unregulated (IUU) fishing, a challenge for Cameroon’s coasts, often exploited by foreign fishing fleets.

By ratifying the agreement, Cameroon commits to providing detailed information on its fisheries subsidies and benefits from a two-year exemption period to comply with disciplines related to IUU fishing subsidies. Additionally, the country will receive technical assistance to strengthen its capacities and access to a voluntary WTO funding mechanism dedicated to this support.

Ambassador Salomon Ehet highlighted that Cameroon’s adoption of the law is “a compelling testament to governance that is both relevant and geared towards the protection of the environment in all its forms, while remaining committed to developing the maritime fisheries sector. This initiative, which aligns with Cameroon’s National Development Strategy (NDS-30), further stands as a strong symbol of the country’s commitment to hosting a successful Ministerial Conference (MC14) in 2026.”

The 14th WTO Ministerial Conference is scheduled to take place in Yaoundé from March 26 to 29, 2026.

Source: Business in Cameroon

17, December 2024

Douala: Sanlam and Allianz finalize merger to form SanlamAllianz ⁰

German insurer Allianz and South African insurer Sanlam officially announced their merger. The merger, which was finalized after an extraordinary general meeting of their Cameroonian subsidiaries on July 22, has created two new companies: SanlamAllianz Cameroun Assurances, which handles general insurance and is led by Olivier Malatre, and SanlamAllianz Cameroun Assurances Vie, which focuses on life insurance and is headed by Laya Sidibé.

“The insurance market in Cameroon is growing rapidly, with increasing demand for more diverse services and customized solutions. The merger between Sanlam and Allianz meets this demand by combining the strengths of two industry leaders. Sanlam brings deep knowledge of the African market, while Allianz contributes global expertise and technological innovation. Together, they create a synergy that will greatly benefit the Cameroonian population,” said Heinie Werth, CEO of SanlamAllianz.

SanlamAllianz now holds a significant position in Cameroon’s insurance market, with over CFA51 billion in revenue. More than CFA26 billion comes from SanlamAllianz Cameroun Assurances Vie, based on 2023 data. With the country’s total insurance market revenue reaching CFA272.5 billion at the end of 2023, according to the Association of Insurance Companies of Cameroon (ASAC), SanlamAllianz now controls 18.7% of the market.

The merger agreement was first announced on May 4, 2022, in a statement released on the Johannesburg Stock Exchange. Sanlam, Africa’s largest listed insurance group, had reached a deal to combine its pan-African operations with German group Allianz.

According to the terms of the agreement, Continental-Re, a reinsurer also operating in Cameroon, is not included in the deal. It remains under Sanlam’s ownership, as the group acquired it in 2018 after purchasing Moroccan insurer Saham.

The agreement also states that Allianz holds a 40% share in the newly formed entity, with an option to increase its ownership to 49%. The remaining shares remain under Sanlam’s control.

Source: Business in Cameroon

6, December 2024

Cameroon truck drivers ask military to protect goods destined for CAR ⁰

Road transport has failed to fully resume between Cameroon and the landlocked Central African Republic after a top-level crisis meeting this week to reopen borders sealed by Cameroon following escalating violence in C.A.R. Hundreds of truck drivers say they will cross into C.A.R. when government troops protect them from rebels.

Several hundred truck drivers who left Cameroon’s Douala seaport for Bangui, capital of the Central African Republic, say they are stranded in Garoua-Boulai, a town on Cameroon’s eastern border with C.A.R.

C.A.R. is a conflict-ridden landlocked country that depends on the Douala seaport for about 95% of its goods and humanitarian aid.

One of the stranded truck drivers, 49-year-old Kum Innocent, said all of the drivers who have been in Garoua-Boulai for over two weeks have agreed to stop shipping goods and humanitarian assistance into C.A.R. because their lives are regularly threatened by armed gangs operating there.

“We can’t enter Bangui right now because of the insecurity on the way,” he said. “Armed gangs put [up] road barricades on the way. They even kidnap some of us, and they ask us [for] ransom. Our lorries are blocked down. Many of our merchandise [is] getting rotten, and we are losing a lot. That’s what we go through when we leave Garoua-Boulai for Bangui.”

Kum said that late last month, C.A.R. rebels killed a Cameroonian truck driver and abducted at least two mechanics hired to carry out truck maintenance along the Douala-Bangui road corridor.

Cameroonian truck drivers say they want an immediate release of their kidnapped peers before they resume the shipment of goods to C.A.R.

El Hadj Oumarou, head of Cameroon’s land freight transportation bureau, said several hundred truck drivers stationed in Garoua-Boulai want assurances that the C.A.R. government will take responsibility for their security and safety, as well as the security and safety of their goods and trucks. He said the C.A.R. government is responsible for the safety of every civilian in its territory.

The angry drivers refused to fully resume work after a crisis meeting Wednesday of top Cameroon and C.A.R. government and military officials in Garoua-Boulai. Officials say the crisis meeting was to plead with the striking truck drivers to resume activity.

Cameroon said it had agreed to open the border.

Gontrand Djono Ahaba, C.A.R. minister of Transport and Civil Aviation, attended the crisis meeting. He said he was surprised that drivers are still reluctant to ship goods and humanitarian assistance to C.A.R.

Ahaba said he has informed C.A.R. President Faustin-Archange Touadéra that truck drivers along the Douala-to-Bangui road want assurances of their safety before shipping goods to C.A.R.

He said Touadera has given assurances that the central African state’s military will organize convoys for drivers who feel threatened by armed gangs operating in C.A.R. and attacking truck drivers for supplies.

Speaking on C.A.R. state TV on Thursday, Ahaba said the C.A.R. military had located the trucks abandoned by drivers, adding that the trucks will be restituted, but he did not say when.

Cameroon’s transport minister, Jean Ernest Messena Ngale Bibehe, told Cameroon state TV on Thursday that negotiations have continued for truck drivers to suspend their protest. He assured them that C.A.R. officials have agreed to protect trucks daily and free of charge from Garoua-Boulai to Bangui and back.

C.A.R. descended into violence in 2013, when a rebel group forced then-President Francois Bozize out of office.

Violence among C.A.R. armed groups since then has forced close to a million Central Africans to flee to Cameroon, Chad, the Democratic Republic of Congo and Nigeria.

Source: VOA