Business

9, June 2025

Cameroon Debt Recovery Agency backs director amid controversy ⁰

The Board of Directors of Société Camerounaise de Recouvrement des Créances (SRC), Cameroon’s public debt recovery agency, reconfirmed its confidence in General Manager Marie-Rose Messi during an extraordinary session held on June 4, 2025, in Yaoundé. This decision follows a wave of disinformation and criticism aimed at the SRC and its leadership, particularly after the forced seizure of assets belonging to prominent state debtors.

In a statement signed by Board Chairman Robert Bapooh Lipot, the board “strongly condemns” these “malicious” attacks, which it attributed to a misunderstanding of the SRC’s mandate. The board urged Messi and her staff to continue their mission of recovering public debts “with commitment and determination.”

Marie-Rose Messi, who has led the institution since 2013, faced significant controversy following a high-profile asset seizure at the residence of a wealthy businessman in Douala. The incident fueled speculation of political rivalries at the highest levels of the state. In response, Messi issued a statement clarifying that “no high-level instruction was given or relayed to return the seized assets,” emphasizing that the sale of those assets was intended to repay outstanding debts.

The board’s support, expressed during a meeting at the national headquarters of the Bank of Central African States (BEAC), marks a significant moment in defending the CEO, whose integrity and legitimacy had been questioned in some circles. An anonymous official from the Ministry of Finance welcomed the decision, noting that Messi retains “a free hand to go after cardboard billionaires.“

This reaffirmation of trust comes as the SRC intensifies its strategic efforts in managing public debt—a politically sensitive task—and as its leadership faces increasing media and political pressure.

Source: Business in Cameroon

5, June 2025

2,500 containers choke Douala Port; Biya’s men are threatening mass auctions ⁰

Approximately 2,500 twenty-foot equivalent units (TEUs) are currently in “prolonged stay” at the Port of Douala’s container terminal, according to internal sources at the Container Terminal Authority (RTC SA). This term refers to containers that were offloaded over 90 days ago but have yet to be cleared by their owners.

To address the issue, which is contributing to port congestion, Lin Dieudonné Onana Ndoh, the Director General of RTC, issued a memo on May 7, 2025. The memo urged owners of these containers to “carry out all necessary procedures for immediate removal.” Ndoh’s note emphasized that the Douala port container terminal “is not a container storage area, but solely a transit zone for containers,” adding that “the allowable stay in the container yard is eleven working days, in accordance with current port regulations.”

Under current regulations, importers offloading goods at Cameroon’s ports receive an 11-day grace period during which no storage fees apply while awaiting customs clearance. After this period, storage charges are incurred. However, a port operator in Douala pointed out that “under the customs code, importers are required to clear and remove their containers within a maximum period of three months — that is, 90 days — otherwise, they are considered abandoned and transferred to the customs administration for auction.”

Currently, the presence of about 2,500 such containers at the Port of Douala is hindering the terminal’s optimal operations. Members of the port community suggest that the phenomenon is driven by the relatively low storage fees charged at the terminal compared to those at off-site warehouse facilities.

“Importers are tempted to leave their containers in the yard because it’s secure and the storage costs are much lower than outside the port,” explained a seasoned observer of Douala’s port logistics. “This behavior is not consumer-friendly, as the additional charges incurred by this practice are generally passed on to the product once it reaches the market, thereby fueling inflation.“

This is not the first instance of a large quantity of containers being abandoned at the Douala terminal. The practice appears to be entrenched among importers for the reasons mentioned. In 2014, for example, due to congestion caused by containers exceeding the 90-day limit, the Cameroonian government ordered their removal from the port. Nearly 1,000 containers were transferred from the terminal within the port to a three-hectare area known as the “Udeac-Cotco zone,” which was established to hold up to 2,900 TEUs.

Source: Business in Cameroon

2, June 2025

Port of Douala and partners sign CFAF50B deal for logistics expansion ⁰

The Port Authority of Douala (PAD) and Douala Port Container Solution SA (DPCS) have signed a landmark agreement to build a 25-hectare logistics platform dedicated to the storage and management of empty containers. Signed on May 30, 2025, in Douala by Cyrus Ngo’o, Director General of PAD, and Evariste Eloundou Onana, General Administrator of DPCS, the project is set to transform operations at the Port of Douala’s timber dock.

The public-private partnership (PPP) is financed and will be executed by DPCS, a project company of the Cameroonian group Project Partners, which specializes in the port, shipping, and maritime industries. The agreement spans 28 years, allocating one year for design studies, two years for construction, and a 25-year operational phase.

Development plans include a 21-hectare area for container storage, a 1-hectare zone for empty container repairs, and a dedicated refrigerated container management area. This refrigerated section will feature approximately 240 outlets, designed to proactively address potential congestion at the main container terminal.

Beyond core container facilities, the project encompasses the construction of a head office, a 5,800-square-meter technical zone, and a 5,000-square-meter green space. Supporting infrastructure will include two 300-square-meter gatehouses, a 5,000-square-meter engine maintenance area, and a 4,000-square-meter administrative building housing various offices for the logistics zone’s services.

DPCS will also undertake complementary activities, such as stacking and preparing empty containers before the stuffing of raw materials like cocoa, coffee, or cotton. The platform will additionally offer rentable storage space. The total project cost is estimated at 50.4 billion CFA francs, with DPCS contributing 10 billion CFA francs (20%) in equity and securing the remaining 40 billion CFA francs (80%) from financial partners.

According to PAD, the project is projected to yield an impressive internal rate of return of approximately 18%. By the end of its operational period, it is expected to generate total revenues of around 220 billion CFA francs. DPCS will receive an estimated 128 billion CFA francs (58%), while PAD royalties and state duties and taxes are projected to amount to 91 billion CFA francs (42%).

Joseph Nguene Nteppe, Head of the Analysis and Cooperation Division at PAD, stated the initiative is expected to create 1,200 direct and indirect jobs. Furthermore, he noted its contribution to modernizing and securing handling operations at the Port of Douala, simultaneously boosting the port’s overall revenues.

Source: Business in Cameroon

29, May 2025

Sidi Ould Tah elected president of African Development Bank ⁰

Sidi Ould Tah of Mauritania was today elected President of the African Development Bank Group at the Bank’s Annual Meetings held in Abidjan, Côte d’Ivoire.

Tah was elected by the Bank’s Board of Governors, comprising Finance and Economy Ministers or Central Bank Governors of the Bank Group’s 81 regional and non-regional member countries. The board is the highest decision-making authority for the Bank Group.

The results were announced by Niale Kaba, Minister of Planning and Development for Côte d’Ivoire, and Chairman of the Board of Governors of the Bank Group.

The winning candidate is required to obtain at least 50.01% of both the regional and non-regional votes.

A Mauritanian national, Tah brings over 35 years of experience in African and international finance. He served as president of the Arab Bank for Economic Development in Africa (BADEA) for 10 years from 2015, where he led a full transformation that quadrupled the Bank’s balance sheet, secured a AAA rating, and positioned it among the top-rated development banks focused on Africa.

A former Minister of Economic Affairs and Finance of Mauritania, Tah has held senior roles in multilateral institutions and has led crisis response, financial reform, and innovative resource mobilization for Africa, including the establishment of BADEA’s $1 billion callable capital program for African MDBs.

The Board of Governors Steering Committee received and approved a total of five candidates by the closing date of 31 January 2025. The list of candidates was officially announced on 21 February 2025.

The other candidates in the election were:

Amadou Hott (Senegal)
Samuel Maimbo (Zambia)
Mahamat Abbas Tolli (Chad)
Bajabulile Swazi Tshabalala (South Africa)

Tah will assume office on 1 September 2025, for a five-year term, following the end of the second mandate of current President, Dr. Akinwumi Adesina.

The African Development Bank’s past heads since its inception in 1964 are:

Mamoun Beheiry (Sudan), 1964-1970
Abdelwahab Labidi (Tunisia), 1970-1976
Kwame Donkor Fordwor (Ghana), 1976-1980
Willa Mung’Omba (Zambia), 1980-1985
Babacar N’diaye (Senegal), 1985-1995
Omar Kabbaj (Morocco), 1995-2005
Donald Kaberuka (Rwanda), 2005-2015
Dr. Akinwumi Adesina (Nigeria), 2015-2025.

The election of a new president comes at a crucial time in the Bank Group’s six decades of existence. Africa has remained resilient despite climate shocks, economic disruption, and a shifting geopolitical landscape, but needs to move faster or risk falling behind on delivering on the African Union’s Agenda 2063 and the Sustainable Development Goals, summed up in the Bank Group’s High 5’s.

The 2025 Annual Meetings of the African Development Bank Group are taking place from May 26 to 30 in Abidjan, Côte d’Ivoire under the theme “Making Africa’s Capital Work Better for Africa’s Development.”

The African Development Bank Group comprises three entities: the African Development Bank, the African Development Fund and the Nigeria Trust Fund. Its shareholder countries include 54 African countries or regional member countries, and 27 non-African countries or non-regional member countries.

Source: CNBC News

29, May 2025

Cameroon emerges as key market for Orange Money in Africa ⁰

Orange Money has achieved significant penetration and usage in Cameroon, ranking the country among the leading African markets for the platform. Representatives from Orange Money Cameroon presented data to the Directorate General of Customs (DGD) in Yaoundé on May 27, 2025, highlighting the service’s extensive reach as part of a proposal to the customs administration.

Orange Money, a subsidiary of Orange Cameroon specializing in mobile payments, now serves more than 11 million customers in Cameroon. This figure represents over 11.5% of the 96 million Orange Money users across 17 African countries.

Official data also show that more than 100,000 sales outlets in Cameroon provide Orange Money services, supporting the creation of over 200,000 jobs to date. These outlets account for more than 25% of the 400,000 points of sale dedicated to Orange Money distribution across Africa, according to Orange Group figures.

The widespread adoption of mobile payment services such as Orange Money and MTN Mobile Money in Cameroon reflects their popularity since launch. Their flexibility in enabling money transfers, withdrawals, merchant payments, mobile banking, and tax payments has fueled a surge in mobile money usage in recent years.

The expansion of mobile money in Cameroon was notably accelerated by restrictions imposed during the COVID-19 pandemic. The global lockdown prompted many Cameroonians to adopt mobile money services, as reducing cash handling in financial transactions was a key preventive measure promoted by the government to curb the spread of the virus. Authorities encouraged the use of mobile money, e-payment, and mobile banking. In response, mobile money operators reduced fees and ramped up promotional offers to attract more users.

Intense Competition for Market Leadership

The impact of these measures, along with the broader benefits of mobile money in promoting financial inclusion, is reflected in the results of the 5th Cameroon Household Survey (Ecam 5), published on April 24, 2024, by the National Institute of Statistics (INS). The survey shows that mobile money usage in Cameroon “increased significantly,” rising from 29.9% in 2017 to 42.7% in 2022 among people aged 15 and older—a 12.8 percentage point increase over five years.

The 2022 Report on Payment Services in the CEMAC region published by the Bank of Central African States (BEAC), underscores Cameroon’s dominance in mobile money within the six-nation bloc. According to BEAC, Cameroon accounted for the majority of mobile money transactions in the region in 2022, both by volume (71%, or 1.7 billion transactions) and by value (55%, or 59,003 billion CFA francs).

Local subsidiaries of Orange and MTN are engaged in fierce competition for market leadership. Orange Cameroon claims a 70% market share in mobile money, while MTN contests this, asserting superior performance. “I believe I can also say that we have now become the leader in the mobile financial services market, as our subsidiary Mobile Money Corporation now has the largest active mobile money user base in the country,” said Mitwa Ng’ambi, then CEO of MTN Cameroon, in an interview with Investir au Cameroun in early 2023.

Source: Business in Cameroon

27, May 2025

World Trade Organization: Ngozi Okonjo-Iweala is in Yaoundé ⁰

Ngozi Okonjo-Iweala, the Nigerian Director-General of the World Trade Organization (WTO), arrived in Yaoundé on May 25, 2025. Her visit is part of the preparations for the organization’s 14th Ministerial Conference.

During her visit, the WTO Director-General is scheduled to meet with Cameroonian authorities and economic operators to outline the terms of reference for the upcoming WTO Ministerial Conference. The high-level event is slated to take place in Yaoundé from March 26 to 29, 2026.

The visit will also include the signing of an agreement between the WTO and Cameroon, detailing the responsibilities and cost-sharing arrangements for organizing the conference.

Cameroon was initially chosen to host the 13th WTO Conference in 2024 but subsequently withdrew from organizing it following “an arrangement” with the United Arab Emirates. Instead, Cameroon positioned itself to host the 2025 edition, a decision ratified during a December 19, 2022, meeting of WTO member countries in Geneva, Switzerland.

The WTO Ministerial Conference is a world-class event, typically drawing thousands of delegates and international trade stakeholders from the WTO’s 164 member countries. This major gathering serves as a forum for WTO members to discuss global trade policy and reforms. Cameroonian authorities have hailed the hosting of this event as a diplomatic victory for the nation.

Source: Business in Cameroon

22, May 2025

Biya regime to borrow as much as $348m to bolster finances ⁰

Cameroon’s finance minister has been authorised to raise up to 200 billion CFA francs ($348 million) from international financial markets to shore up government cash flows for fiscal year 2025, according to a presidential decree.

Kelly Mua Kingsly, Head of Finance Operations of the State at Cameroon’s Ministry of Finance, told Reuters on Wednesday that the government would consider using several market instruments, but most likely syndicated loans.

“This is most likely given the urgency and nature of liquidity needs. It is also attractive due to shorter structuring time and flexible drawdown options,” Kingsly said.

In addition, he said concessional or semi-concessional loans suitable for budget support components and assimilable treasury bonds or treasury bills on the Bank of Central African States (BEAC) market could also be considered.

Eurobonds were less likely, he said, due to high global interest rates, low sovereign credit ratings and lower appetite from international capital markets for frontier markets in the wake of the COVID-19 pandemic and during a period of geopolitical risk.

The borrowing plan comes as Cameroon faces slow disbursement of external financing and delays in revenue mobilisation, notably non-oil tax collection deficits.

Tight monetary policy by the regional central bank to curb inflation and stabilise the CFA franc currency has provoked a liquidity squeeze across Central Africa, while the BEAC’s reserve requirement has impacted treasury liquidity.

Officials also say the government is keen to diversify its sources to avoid excessive domestic borrowing that could crowd out private sector investment.

Cameroon has recently relied on domestic and external borrowing to bridge budget deficits.

($1 = 575.5000 CFA francs)

Source: Reuters

12, May 2025

Fitch affirms Cameroon at ‘B’; outlook negative ⁰

Fitch Ratings has affirmed Cameroon’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘B’ with a Negative Outlook.

Key Rating Drivers

Ratings Affirmed; Negative Outlook: Cameroon’s ratings are supported by resilient GDP growth, a manageable debt maturity schedule and our expectations that moderate debt levels will be supported by non-oil revenue mobilisation and spending restraint. This is balanced against low GDP per capita, weak governance indicators and persistent security challenges. The Negative Outlook reflects political risks related to potential succession issues and structural weaknesses in public finance management (PFM), evidenced by weak liquidity management, late external debt payments and accumulation of domestic arrears.

Political and Potential Transition Risks: Fitch assumes the 92-year-old President Paul Biya, in power since 1982, will win the presidential election, scheduled for October 2025, guaranteeing political and policy continuity (which underpin bilateral support). Nevertheless, social and political tensions could increase in the run-up to the election, increasing concerns about political stability. The lack of a succession plan and political divisions and rivalries within the ruling party increase the risk of an eventual disorderly transition of power.

Persistent PFM Challenges: PFM weaknesses weigh on the rating, as evidenced by recurrent late external debt service payments (although settled within grace periods). It was revealed in July 2024 that Cameroon was late in making external debt payments to one commercial creditor in March 2024. Fitch understands that there have since been additional delays in non-commercial external debt payments, all of which were cured within the grace periods. Moreover, the World Bank’s budgeted financing for 2024 (USD200 million, 0.4% of GDP) was postponed to 1Q25 due to delays in implementing structural reforms.

Domestic Arrears: The authorities have made some progress in reducing domestic arrears, clearing XAF732 billion (2.3% of GDP) in 2024 using an Afreximbank loan (0.5% of GDP) and external commercial borrowing (1.9% of GDP in 2024, from 0.1% in 2023). Total arrears stood at XAF342 (1.1% of GDP) at end-2024, comprising entirely of longer-dated arrears (90 days or over), which are incorporated in our domestic debt figures. In 2023, longer-dated arrears stood at only 0.5% of GDP. We see continued risk of arrears accumulation, given weak public finance management.

Tight Financing Flexibility: The regional market remains tight, with Congo (CCC+) and Gabon (CCC) recently implementing local-currency debt exchanges to lengthen maturities in a context of liquidity pressures. Cameroon’s market access remains stronger than other countries in the regional market and it faces an easier amortisation profile. In 2024, Cameroon’s regional local-currency marketable debt was 6.1% of GDP in 2024, unchanged from 2023, with only 1.6% of GDP amortising within one year

We expect Cameroon’s funding needs will be covered through the IMF programme, ending June 2025, and official creditor support tied to the completion of the reviews (including the World Bank loan). Our baseline assumes strong support from official creditors will continue over the medium term, with a potential new IMF programme in 2026, the lack of which is a key risk for the financing plan.

Manageable Maturity Schedule:We estimate fiscal financing needs will decline to 4.7% of GDP in 2025 (from 5.7% of GDP in 2024), owing to a narrower cash deficit and lower arrears repayment. We project fiscal financing needs will increase to 5.4% of GDP in 2026 as domestic debt amortisation will amount to 2.6% of GDP from 2.1% in 2024. External debt amortisation will increase from 2.0% of GDP in 2024 to 2.1% in 2025 and 2.2% in 2026, including Eurobond payments at 0.1% of GDP per year.

Oil Revenue Drops: The fiscal deficit on a commitment basis deteriorated to 1.4% of GDP in 2024, from 0.6% in 2023, on a drop in oil revenue, from 2.9% of GDP in 2023 to 2.1% in 2024. We expect the fiscal deficit will remain at around 1% in 2025-2026. In our baseline, oil revenues will continue to decline due to lower oil prices and production, but non-oil revenues will gradually improve through revenue mobilisation measures, tax exemptions reduction, and improvement in tax and customs administrations.

Larger Cash Deficits: The fiscal deficit on a cash basis widened from 0.4% of GDP in 2023 to 3.5% in 2024, on a larger commitment fiscal deficit and net repayment of arrears. We expect the cash deficit will stabilise at 1.5% of GDP in 2025 and 2026, below the forecast 3.2% ‘B’ median, although the pace of net repayment of arrears casts uncertainty on the fiscal trajectory. There are risks of fiscal slippage from security and election-related spending over the forecast period.

Debt Lower Than Peers: We project government debt will continue to decline, although at a slower pace than in our previous forecast. We project government debt will decline from 41.7% in 2024 to 40% of GDP in 2026, below the ‘B’ median forecast of 50.6%. Our debt metrics include arrears (1.1% of GDP at end-2024), public guaranteed debt (less than 0.02% of GDP), and the debt of SONARA (1.9% of GDP).

Resilient Economic Growth: Real GDP growth increased to 3.9% in 2024 from 3.2% in 2023, and we forecast it will remain broadly stable at 3.9% in 2025 and 4.1% in 2026 (‘B’ median forecast of 4.6%), driven by agriculture, construction, and the coming on-stream of infrastructure and electricity projects. Downside risks to growth stem from geopolitical uncertainties, leading to renewed commodity price volatility, and inflationary pressures. The 2025 presidential election threatens reform implementation and increases security and social risks.

Narrowing CAD: We forecast the current account deficit (CAD) will continue to narrow to 3% of GDP in 2025 and 2026, from 4.1% in 2023 and an estimated 3.4% in 2024, owing to higher cocoa prices supporting exports. In 2025-2026, the decline in oil production will be offset by the implementation of the import substitution policy, while exports will increase thanks to stronger agricultural production.

ESG – Governance: Cameroon has an ESG Relevance Score (RS) of ‘5’ for both Political Stability and Rights and for the Rule of Law, Institutional and Regulatory Quality and Control of Corruption. These scores reflect the high weight that the World Bank Governance Indicators (WBGI) have in our proprietary Sovereign Rating Model. Cameroon has a low WBGI ranking at the 16th percentile, reflecting the absence of a recent track record of peaceful political transitions, weak institutional capacity, uneven application of the rule of law, a high level of corruption and persistent security issues.

Culled from Fitch

18, April 2025

World Bank to inject extra CFA20bn into Cameroon’s Social Safety Program ⁰

The World Bank has announced an additional CFA20 billion (about $35 million) in funding for Cameroon’s adaptive social safety net and economic inclusion project. The funds will help support vulnerable families affected by the 2024 floods in the Far North region.

Cheick Fantamady Kanté, the World Bank’s Country Director for Cameroon, made the announcement on April 14 during a portfolio review meeting with government officials in Yaoundé. He said the extra funding is in its final stages of preparation and will be used to strengthen emergency support for about 100,000 more households in need.

With this new commitment, total funding for the program will rise to roughly CFA166 billion. Of that, the World Bank will have provided CFA112 billion, with the remaining CFA54 billion coming from Cameroon’s national budget. The program was originally designed to help 356,000 people between 2023 and 2028. The new funds are expected to push that number even higher.

Launched in December 2023, the project marks the second phase of Cameroon’s broader social safety net strategy, which began in 2013. Like the first phase, it aims to support the country’s poorest households and promote entrepreneurship among young people between the ages of 18 and 35, especially in cities.

The project is structured around five core components. First, it offers regular cash transfers to low-income families, combined with basic guidance to help them become more resilient and productive. Second, it includes emergency cash payments for families affected by climate shocks, conflict, or large-scale displacement. Third, it provides money in exchange for participation in labor-intensive public works programs in both rural and urban areas.

The fourth component targets urban youth working in the informal sector, helping them launch small income-generating activities as a way to survive through self-employment.

Finally, the program also offers financial and technical support for young entrepreneurs with viable business plans, aiming to help them bring their ideas to life and join the formal economy.

Source: Business in Cameroon

16, April 2025

World Bank increases funding to Cameroon by 21% ⁰

The World Bank has stepped up its financial support to Cameroon. Since April 2023, the institution has added $826 million, or about CFA475 billion, to its local portfolio. The total now stands at $4.5 billion, or roughly CFA2,700 billion, up from $3.7 billion (CFA2,220 billion). This marks a 21% increase in just two years.

Cheick Fantamady Kanté, who oversees the World Bank’s Cameroon portfolio, shared the news during a review session held on April 14, 2025, focusing on the projects funded by the institution.

There are 22 active projects in Cameroon backed by the World Bank. These include both national and sub-regional programs, with 17% of them classified as national projects that include direct budget support. Kanté highlighted that the energy and transport sectors alone absorb $2.3 billion (about CFA1,380 billion), making up half of the total commitment.

Figures from Cameroon’s Ministry of Economy show that 66% of the funds are going into infrastructure. That translates to ten ongoing projects: four in energy, five in transport, and one focused on digital transformation.

The rural development sector has four projects. Governance accounts for three, education has two, and social development is represented by just one.

The significant increase in funding reflects the World Bank’s continued commitment to building up Cameroon’s key infrastructure, while still supporting essential social programs.

Source: Business in Cameroon