Cameroonian President Paul Biya inked March 19, 2019 a decree authorizing the finance minister to conclude with Ecoank Cameroon a XAF25 to 60 billion loan agreement.

Monies will partially fund the 3-year Growth Acceleration Emergency Plan (Planut), adopted by the government in December 2014. The plan requires a capital of XAF925 billion.

Focus sectors include agriculture (seed distribution and opening of agricultural roads), health (improving technical capacities of certain hospitals), real estate (construction of 1000 social housing units across the country) and road infrastructure. Overall, 35,000 jobs are expected to be created under the scheme.

Planut is co-financed by five banks including the Cameroonian subsidiaries of BGFI, Standard Chartered Bank, Banque Atlantique, Ecobank and Deutsche Bank of Madrid.

Source: Business in Cameroon

Cameroon will make efforts to enhance the skills of and opportunities for women in the digital business as part of the measures to draw more young girls to the sector, said its telecommunications minister on Thursday.

“The more women we have in digital business, the better for the emancipation and growth of women,” said Minister of Post and Telecommunications Minette Libom Li Likeng.

“Digital economy is the future for our country and Africa. It plays a very important role in economies in developing countries. We will look for efficient and effective ways to encourage young digital entrepreneurs,” Likeng said while meeting with young female digital entrepreneurs at the National Advanced School of Post and Telecommunications.

The event was part of the activities to mark the International Women’s Day on March 8. Over 2,900 female students have been trained by the school with government support, Likeng said, calling for efforts to enroll more girls to the school.

Xinhuanet

State-own telephone network service provider Cameroon Telecommunications (Camtel) has reportedly fired 50 of its employees, including administrative, commercial and technical staff. According to an official statement by the company, Judith Yah Achidi Achu, General Manager of Camtel, made this decision based on recommendations of a disciplinary committee established to evaluate the cases of the concerned workers on an individual basis.

Details are sketchy at this point, but a source at Camtel said that the GM is believed to have ordered an internal audit to investigate and identify specific HR issues. These include employees who have secured employment using fake certificates or who have earned undue bonuses, or whose salary does not match their qualifications.

The latest development has occurred while the company’s new management is attempting to rejuvenate the beleaguered corporation. Specifically, the intention is to address financial difficulties including debt and the result of inability to recover substantial amounts owing.

According to a report released by the Ministry of Post and Telecommunications in August 2018, Camtel had 3,634 permanent staff across the country, a figure which has been on the rise since 2006. There is speculation that more jobs could be lost as the audit progresses. The company provides landline connectivity services and CDMA, and plans to incorporate GSM going forward.

Source: itwebafrica

Landlocked Chad and the Central African Republic have dispatched senior customs officials to Cameroon to look into allegations of corruption in the Atlantic Coast port of Douala.

At the port, heavy equipment is excavating and relocating huge quantities of abandoned material at the Douala seaport.

Some of the containers, with vehicles and other goods destined for Cameroon, Chad and CAR, were abandoned by importers who complain that high levels of corruption, red tape and overpriced services are driving them away from one of Africa’s largest harbors.

​Pay and pay again

Moise Vokeng of the Professional Transporters Network at the Douala seaport says importers and exporters are looking for alternatives.

“When you arrive at the port and at any checkpoint, from gendarmes to police to customs, you have to pay money, you have to pay heavy money, you do not know why you pay but you must pay before you pass,” Vokeng said.

“Whether you enter with empty trucks or you are loaded, you have to pay. When we load we have to wait for the tracking equipment from the customs to be certain and when it is certain we have six hours to leave the seaport to Yassa, which is the first checkpoint. When you arrive at the checkpoint after six hours you have penalties to pay,” he added.

Vokeng says clearing procedures are long and cumbersome because of degraded infrastructure and lack of investment. He says to take a car out, an importer needs no fewer than 25 stamps before paying $2,000 to customs officials for a 5- to 10-year-old car. He says to remove a car from the port at times takes two to three weeks.

Yaya Abdallah, a Chadian driver finally leaves the port. He says corruption is not only a problem inside the port, it stalks drivers on the road as well. He says Chadian and CAR drivers say Cameroon’s military and police harass them and drivers pay huge sums of money, which makes their businesses highly unprofitable.

He says they spend more than $300 to bribe gendarmes and police between Douala and Ndjamena, and no one seems to listen to them when they complain.

​Officials deny bribe-taking

But Ngube Philomene, a senior official of the Cameroon military controlling traffic between Cameroon and Chad and Cameroon and CAR, says that because of insecurity, they have to control the trucks. She denies they collect bribes from drivers.

“We are systematically controlling all vehicles to CAR and Chad because of insecurity and the crisis in CAR. We have to do it for their own security and safety,” Ngube says.

Douala is the nearest ocean gateway for Chad and CAR, but importers and exporters say they are fed up and want to relocate to Cotonou in Benin.

Onana Ndoh, secretary general of the Community of Workers at Douala’s port authority argues, that Cotonou will be more expensive. He says it would be better for the landlocked countries to meet Cameroonian authorities and negotiate improvements.

“The shippers of Central Africa and Chad cannot leave the port of Douala, the shortest way for them to go to the sea,” he said. “I can tell you that the commandant of Gendarmerie in the port has already taken steps to punish all caught in creating complications to shippers.”

This week, Chad’s director of customs, Colonel Ousmane Adam Dicki, visited Cameroon. He says he first wants goods that have been piling up there to be cleared before negotiations on what his country will do next.

He says his country has sent him to take stock of all merchandise and containers destined for Chad, and to control and organize their transit within the shortest possible time.

More than 2,000 containers have been stuck in Douala for the past two months. In the past 30 years, there has been no major investment to expand the port.

Culled from VOA

The Central African Economic and Monetary Community (CEMAC) has finalized plans to harmonize laws governing trade in the sub-region, Fatima Haram Acyl, vice-president of CEMAC said on Tuesday.

“We are going to harmonize so we make sure that somebody that is trading in Chad, in Cameroon, Central Africa Republic or anywhere in CEMAC actually operates under the same law,” Acyl told reporters as trade ministers and economic experts from the CEMAC sub-region met in Cameroon’s economic capital Douala to adopt a legislation on competition and consumers protection.

She said the intention was to intensify integration in the sub-region that already has a single market and free trade zone.

“The CEMAC is one market. We have the same people, the same currency and free movement of people. So this exercise is very critical,” Acyl said.

The new legislation will attract more foreign investors and erase unhealthy competition and consumer exploitation that has retarded trade development in the sub-region for a long time, according to Acyl.

CEMAC is made up of Gabon, Cameroon, the Central African Republic, Chad, the Republic of the Congo and Equatorial Guinea. With a total population of about 37 million, it was established to promote cooperation and exchange among its members.

Source: Xinhuanet

Increasingly determined and bold separatists seeking the international recognition of the self-proclaimed “Federal Republic of Ambazonia” (Southern Cameroons) have created a crypto-currency which they claim is the first to be fully nation-backed.

Known as AmbaCoin, 20,082 of the Ambazonian crypto bond had already been bought, out of 100,000,000 on pre-sale as of Nov. 10. One AmbaCoin sells for 25 cents (circa 140 CFA franc) and the main initial coin offering of the crypto-currency is scheduled for Dec. 24. It is said to be backed by the “rich natural resources” of the breakaway region.

The AmbaCoin was conceived and built by a group of anonymous Anglophone separatist scholars, technocrats and developers. But it has gained the support of frontline secessionists and separatist movements. When news of the crypto-currency was made public last month, Chris Anu, who has the title secretary of state for communications & IT for the “Federal Republic of Ambazonia”, posted a sample of the crypto-currency bond on his Facebook page and said: “We are getting there folks.”

In the last five decades in Africa, especially in areas where people want to create a country of their own out of another, people have been opting to put their faith in a form of exchange other than a currency which is globally accepted. During the Nigerian civil war (1966-1970), the then self-declared Republic of Biafra adopted the Biafran pound as legal tender, abandoning the Nigerian pound it had been using before ‘independence’.

There is also a plethora of unrecognized countries in the past which came up with currencies in their efforts to be independent. The Katangas in DR Congo came up with their own franc currency in the 1960s, while the Rhodesian pound was the currency of Southern Rhodesia (now Zimbabwe) from 1964 to 1970.

A statement on the website of AmbaCoin indicates that plans are already underway for the creation of a traditional fiat currency for “Ambazonia” that will be used to peg the future price of AmbaCoin. The English-speaking separatists will be keen to dissociate themselves from the Central African franc (CFA) which Cameroon uses. Both the Central and West African CFA are linked to France’s national treasury.

There’s also the practical advantage that using a cryptocurrency for now will be out of reach of the Cameroon government.

According to the developers, the biggest challenge faced by the breakaway region is that most of the resources and wealth in the area are controlled by the Francophone-led government of Cameroon, which stifles access to its assets.

“Numerous Ambazonians in the diaspora and other stakeholders who want to see a prosperous Ambazonia, are unable to help provide foreign direct investment to the Governing Council,” Amba Coin developers said. As such, they thought the best way out will be to create a bond, which will be used to raise capital to kick-start the ‘Ambazonian’ economy.

AmbaCoin, with tailored-made features, is an ERC20 crypto-currency which relies on Ethereum as the parent chain. The developers boost of the crypto’s transparency, confidentially and low transaction cost.

The crypto-currency is the latest effort by Cameroon’s Anglophone secessionists to cement the Oct. 1, 2017 symbolic declaration of independence of the “Federal Republic of Ambazonia”. The separatists have in recent times carried arms against the state of Cameroon, enforced a school boycott since October 2016 and a civil disobedience action known as ‘ghost towns’ every Monday.

In addition to the new crypto-currency, ‘Ambazonia’ has an anthem, flag and an interim government, but is yet to be recognized as a nation by any country in the world, unlike the Republic of Biafra which had a short-lived existence but was at one point was formally recognized by Côte d’Ivoire, Gabon, Haiti, Tanzania and Zambia.

Culled from Quartz Africa