The Governor of the Bank of Central African State, BEAC – Abbas Mahamat Tolli has assured the population that the current economic situation in the CEMAC zone does not warrant a devaluation of the CFA Franc. Abbas made a comparative analysis of the economic situation that prevailed in 1993, before the January 1994 devaluation with the current 2017 situation and observed that the Central Africa sub region is not on the edge of an abyss.

During a press conference at the Central Bank’s headquarters in Yaoundé, Governor Abbas Mahamat Tolli, pointed out that recent rumour about a possible devaluation of the CFA franc are unfounded. He said in 1993, the growth rate of the sub region was -0.3% far below the 2017 growth forecast estimated at 0.4%.

The investment rate is also expected to reach 23.5% by the end of 2017 as against 18.8% of Gross Domestic Product, GDP before the previous devaluation. Budgetary deficit from commitments, excluding grants stand at 3.5% in 2017 as against 9.7% of GDP in 1993. The rate of external coverage of the currency is stabilized to about 60% in 2017 against 14.8% before the devaluation of 1994. From the estimations of the Central Bank, the absolute value of official reserves is equivalent to 2,800 billion CFA F, representing 2.1 months of imports of goods and services.

The reserves are much more significant compared to the 165 billion in 1993, which barely covered one month of imports. BEAC’s operating account with the French Treasury would be in excess of 2,600 billion francs, whereas at the end of 1993 it had a deficit of 78.6 billion francs. The strong points advanced to dispel rumour of devaluation did not however minimize the current dismal economic and financial performance of the sub region. In the presence of members of the Monetary Policy Committee of BEAC, the Governor acknowledged that the zone has been suffering from deceleration of growth since 2014 which has significantly affected the economic and financial situation.

He however noted that there are glimmers of hope in the horizon as corrective measures have begun bearing fruit. The immediate visible impact is the reduction of public spending from an estimated 7000 billion in 2014 to about 3000 billion in 2017 following the implemented budgetary adjustments programmes by member countries. He added four of the six CEMAC countries have already finalised negotiations with the International Momentary Fund to enforce economic reform programs and financial frameworks that will favour mobilization of external resources with international donors.

Abbas Mahamat Tolli stated emphatically that no objective factor necessitates a monetary adjustment in the CEMAC zone at present. The IMF however has made economic prescriptions in order to stay afloat. According to an IMF statement published on the website, much effort is needed from the CFA franc zone countries to reduce poverty and increase the living standards of their people.

According to the IMF, priority areas include essential public and improve infrastructure, health care, education and job training. Each country needs to uphold good governance by tackling corruption, inefficiency and encouraging accountability. Regional integration within the CFA franc zone countries should be based on mutually beneficial economic ties.

Some African leaders now question the CFA parity with the Euro arguing that it does not allow Africa to develop. Many critics consider that the CFA franc, pegged to a strong euro, hampers the competitiveness exports of raw materials, quoted in dollars or pounds sterling on the main financial centres of New York or London.

Source: CRTV

The accountant of the National Social Insurance Fund, Patrick Hervé Bessala has openly accused his general manager, Alain Noël Olivier Mekulu Mvondo Akame of wanting to involve him in the falsification of documents relating to the payment of social benefits for the financial year 2016.

In a correspondence dated May 2017 and copies sent to the Presidency of the Republic, the Ministry of Finance and to the Ministry of Higher State Control, Patrick Hervé Bessala reported to the Chairman of the Board of the National Social Insurance Fund that : “Mr. President, following the May 23rd session of the Board of Directors of the National Social Security Fund (CNPS), in which I took part, I hereby express my deepest disagreement as to the wording of the resolutions adopted at the end of that session, as reflected in the drafting of the minutes by the secretariat and made public by the General Manager of CNPS [Mekulu Mvondo] “.

Patrick Hervé Bessala further pointed out in his letter the numerous deficiencies and inconsistencies in the financial statements presented as well as by mentioning a request made by the board of directors to the general manager with a view to setting up an ad hoc committee to assist the accounting officer in the production of the accounts for the financial year 2016.

Patrick Hervé Bessala also did accuse the GM of CNPS of obstructing, in particular, the concealment of the constituent elements of the assets of the National Social Insurance Fund, “on fraudulent payment by the authorizing officer of the expenses of the organization in place of the accounting officer and his refusal to transmit the employment accounts and supporting documents of the sum of 68 billion FCFA made available to him in order to pay social benefits for the financial year 2016 “.

The GM (seen here on photo attached to this report) Alain Noël Olivier Mekulu Mvondo Akame has been solicited to have his version of the facts. The GM instead directed news reporters to his communication services, which revealed that this conflict is not the first of its kind and is related to the character of legal bigephism that governs the financial position of the fund.

Source: CIN

The Prime Minister and Head of Government, Philemon Yang has opened the so-called first-ever Cameroon Diaspora Forum. The forum began on the 28th of June 2017 in Yaoundé. The three-day forum is taking place under the theme, “Cameroon and its Diaspora, acting together for the development of the nation.”

Chairing the opening ceremony on behalf of the Head of State, the Prime Minister called on Cameroonians in the Diaspora to take advantage of the investment incentives instituted by President Paul Biya in 2013 to make Cameroon a destination of preference for investors.

Prime Minister Philemon Yang also exhorted participants to exchange expertise in crucial domains including health, education, agriculture, culture and technology. The event is an opportunity to lay bare investment opportunities especially for investors from the Diaspora, the aim being to boost the country’s economy more so as this group contributed 0,7% of the country’s GDP in 2009. However, the forum is actually being attended by French speaking Cameroonians seeking cheap funding from the CPDM regime.

Source: CRTV

The beautiful hotels and bazaars of Buea used to be bustling with Anglophone Cameroon Diaspora community enjoying the great Fako constituency and the South West sun. But after more than seven months of political turmoil that has rocked Southern Cameroons including the rapes, extra judicial killings and numerous arrests orchestrated by Mayor Ekema Patrick, Southern Cameroonians are staying away and travelling to other African countries for their holidays. Even the sea resorts in Limbe have all been affected by the actions taken by the Biya Francophone regime to combat the ghost town operation instituted by the Cameroon Anglophone Civil Society Consortium.

The numbers of Southern Cameroonians traveling home to Cameroon from Europe and the US are down by almost three quarters, leaving restaurants abandoned, hotels closed and businesses struggling. Fako Division attracted thousands of Southern Cameroonian tourists when compared to other Southern Cameroon counties. The average number of nights West Cameroonians from abroad are spending in the country in the last seven months also went down by 67.2 per cent according Cameroon Concord News Group findings.

Our chief economic reporter say there is a high risk of French Cameroun state terrorism in Buea and Bamenda against any Anglophone visiting the territory. The Cameroon Anglophone Civil Society Consortium recently advised against all but essential air travel via the Douala and the Yaounde- Nsimalen international airports. Buea was completely deserted today Monday the 26th of June 2017. Francophone plain cloth police officers and hundreds of Secret Service men and women are now active in Fako Division including the Bamenda metropolis.

The Biya Francophone Beti Ewondo’s government, keen to maintain desperately-needed income from visitors, has been reluctant to admit any security problems against Anglophone Cameroonians but many Southern Cameroonians including foreigners remain unconvinced. A recent audio conversation that involved Mayor Ekema Patrick and a Southern Cameroonian citizen will do little to allay concerns about safety in Buea and by extrapolation, the entire Southern Cameroon territory.

By Soter Tarh Agbaw-Ebai
Cameroon Concord News

740 bags of cement, (37 tons), have been destroyed in Douala. The cement was manufactured in a workshop located in Bonaloka, a popular district in the Douala metropolis. It was produced using a mixture of sand; with poor quality cement rejected by the main cement producing companies and was sold throughout the national territory.
The manufacturers of the fake cement were putting the resulting mixture (powder) in new bags bearing the names of the companies operating in the cement industry. They were sold on the market at the applicable official prices- between 4 600 FCFA and 4 700 FCFA in 8 of the 10 regions and between 6,000 and 6,500 CFA francs, in the Far North and North.
The fraudulent chain was uncovered by elements of the Second Gendarmerie legion in Douala, alerted by some concerned citizens. The stock was immediately destroyed on Friday, but there is no evidence that there are no other false cement manufacturing plants in a country where the bodies responsible for verifying products and trademarks are stuck in corruption and poor governance.
In a book titled “50 questions to understand”, the Cameroonian lawyer, Christian Dudieu Djomga, explains that counterfeiting was affecting all imported products and all brands in Cameroon.
By Fru James
Cameroon Concord News

The Minister of Finance, Alamine Ousman Mey has announced a nationwide campaign to control the effective payment of automobile taxes through civil responsibility insurance.

The campaign according the announcement begins today the 1^st of June 2017. The control comes after the merger of payment at the treasury alongside insurance policies. Drivers will be expected to present valid insurance attestations to control agents as justification for the payment of the automobile stamp duty.

The campaign is in conformity with article 598 of the general taxation code which warrants automobile stamp duty to be collected through insurance companies during subscription or renewal of automobile insurance policies.

 Vehicle and motorcycle owners who are still to obtain the civil responsibility insurance or automobile stamp duty for the 2017 fiscal year have been urged to do so or face sanctions. The sanction ranges from fiscal penalty of 100%, a fine and the impoundment of the vehicle.

Source: CRTV