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Letter to Camcordnews

20, December 2024

Letter to Camcordnews 0

Dear Cameroon Concord News

Help us to understand the new finance law many people are talking about. Francophone newspapers in Cameroon have spent a lot of time talking about the new taxes which will destroy Cameroonians and the economy but our own news platform has not yet shed light on this disturbing problem.

The parliament of Cameroon has been in session for weeks now and the law-makers of the country who are supposed to represent the population will be passing some new finance laws which might hurt many struggling citizens.

As ordinary citizens, we are yet to recover from the high prices caused by the pandemic. The stress and tension in the country arising from hardship are visible and many people are losing their lives due to hardship.

 Cameroonians are already paying taxes but not much is seen in terms development, especially concerning the building of infrastructure.

To my knowledge, taxes are not a bad thing. They can help a country to develop. In Western countries such as France and Great Britain, many people lose huge amounts of money to the state by way of taxes. I don’t live in the West but I read a lot about life abroad.

It is true that citizens in Western countries hate paying taxes, but they do admit that taxes go a long way in positively impacting their lives.

Good roads, hospitals and schools are some of the things which make westerners to accept some of the high taxes they pay.

There is also the issue of security. Where there is security, there is a tendency for people to settle there and security usually gets financed with tax money.

Cameroonians are afraid of taxes not because they do not know what taxes could do for a country if well used. Their fear comes from the fact that Cameroon does not have good roads, good schools and hospitals but the citizens get punished every day, every year with taxes.

Taxes are not bad, what makes Cameroon’s taxes bad is the way tax revenues are used. For now, not many people back home are talking about the new taxes and high cost of living.

Like many ordinary Cameroonians, I will like the Cameroon Concord News to shed light on this new burden that will be soon imposed on Cameroonians by a government that hardly renders account.

Thank you for helping our government to understand our pain and for helping Cameroonians to understand what is in that new finance law.

Ngah Jude in Bamenda

Fight against corruption: Nyenè Mawn suspends 7 frontline leaders

19, December 2024

Fight against corruption: Nyenè Mawn suspends 7 frontline leaders 0

The Manyu Women International Association (Nyenè Mawn) has suspended seven of its front line leaders indefinitely for sowing intolerance and disunity by misappropriating the association’s funds. The action announced today by the leadership of Nyenè Mawn’s governing body against the seven was unexpectedly severe.

Nyenè Mawn stated that “recent acts of financial misconduct by Bessem Bayen, Nancy Tarkang, Evelyn Ashu, Frida Enow, Emilia Ntoh, Florence Bessong and Baphe Lurke for which all 7 have been found guilty are very serious, and have damaged the integrity of Nyenè Mawn and Nyenè Mawn’s international reputation.”

The Nyenè Mawn press release also suggested that the suspended seven members have been intimidated by the verdict.

The sanction deprives the seven members, who have been active in Nyenè Mawn ever since the association was created in Belgium from participating in any Nyenè Mawn activity. The Nyenè Mawn statement furthered that the memberships of the seven have all been frozen.

“This decision has been communicated to the concerned parties and we have been told that the 7, intimidated by this action, are planning to release on social media a statement saying they have passed a vote of no-confidence on the President-General Dr Mrs Patience Abangma. We hereby call on all Nyenè Mawn queens, all over the world not to treat as serious any vote of no-confidence statement on social media against Dr. Patience Abangma,”

“We again are asking all our members to remain vigilant and to bear in mind that only the general assembly meeting coming up in August in Paris, France will implement changes as regards to leadership positions in Nyenè Mawn.”

At the time of filing this report a statement from the seven suspended members was sent to our editorial chat forum.

By Soter Tarh Agbaw-Ebai

IMF urges further actions after CEMAC Summit

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

BEAC increases liquidity injection to meet bank demand

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

Dr Motsepe confers CAF President’s Outstanding Achievement Award to Biya and El-Sisi of Egypt

18, December 2024

Dr Motsepe confers CAF President’s Outstanding Achievement Award to Biya and El-Sisi of Egypt 0

The President of the Confédération Africaine de Football (“CAF”), Dr Patrice Motsepe, on Monday, 16 December 2024 conferred the CAF President’s Outstanding Achievement Award 2024 on Cameroon Head of State, President Paul Biya and Egypt Head of State President Abdel Fattah El-Sisi.

The CAF President’s Outstanding Achievement Award is in recognition and appreciation of the support and partnerships that exist in many African countries between the Head of State, the National Government and the Football Leadership in each of the 54 nations that are Members Associations of CAF.

Mr. Philippe Mbarga Mboa, Representative of President Paul Biya
Dr. Ashraf Sobhy , Representative of President Abdel Fattah El-Sisi

Previous Winners

2022: The CAF President’s Outstanding Achievement Award 2022 was conferred on President Paul Kagame of Rwanda and King Mohammed VI of Morocco in recognition of their track record and extensive and far-reaching contributions to football in their countries, and to making African football globally competitive and self-sustaining.

Source: CAF

MTN Group announces leadership changes

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

Nyenè Mawn Financial Crisis: Leader weighs in, issues stern ultimatum

18, December 2024

Nyenè Mawn Financial Crisis: Leader weighs in, issues stern ultimatum 0

The President-General of the Manyu Women International Association (Nyenè Mawn) has called for branch and chapter leaders to be more responsible in their commitments to the association. Dr Patience Abangma issued an ultimatum to some chapter heads who reportedly withdrew money from the association’s bank account recently and hindering preparations for France 2025.  The Manyu royal warned that some risk losing their membership over the next 48 hours.

Below is the Nyenè Mawn statement sent to Cameroon Concord News

Nyenè Mawn’s era of hope and unity: Leaders who receive money will see their groups banished

A very good day to all the Nyenè Mawn queens in this great family!

Our Nyenè Mawn queens all over the world are performing greatly and flying the Nyenè Mawn flag.

We witnessed that in Buea during the just ended South West Cultural Festival. Nyenè Mawn and its responsible leadership answered present and made an impact during the festival.

In Abuja the capital of the Federal Republic of Nigeria, Nyenè Mawn queens held their end of year and celebrated in grand style. We all were proud to read the Abuja festivity in the Cameroon Concord News.

In France, our queens raised the bar as they continue to prepare for our international convention this coming August.

In South Africa, Nyenè Mawn celebrations sent positive signals all over the globe that Nyenè Mawn is now a force to reckon with!

In Benin Republic meetings upon meetings are being held all in a bid to establish a proper Nyenè  Mawn identity in that great nation.

In Germany, we are proud that a majority of our members are still holding up to our creed and founding principles and have blatantly refused to be drag into the mess playing out in some anti Nyenè  Mawn quarters.

End of year celebrations actually started in Holland and we all are very proud that our queens in that Kingdom are keeping the faith and are supporting the planning of our general assembly meeting in France 2025.

We all should be thanking our queens in Belgium-the place of our birth! The history of Nyenè Mawn will never forget them. We are hoping to get more of their Stella Artois beer in France 2025!! But this is not to say we will also not enjoy some French wines.

In Great Britain, many are now aware that leadership is not about who wants it but it is about who can deliver it!! We thank all of our queens in the UK who have started working and preparing for the trip to France in August!

My office has not gotten any statement on the bill of health from our queens in Ireland and in the Scandinavia for reasons best known to the interim leadership we installed in those two constituencies.

My fellow queens, it was a very big responsibility you all gave me in Belgium to lead Nyenè Mawn. I shall be handing over the baton of command that you people gave me to a new leader in France.

A series of negative actions have taken place heralded by some members of my interim team.  Some within my team have withdrawn money from Nyenè Mawn’s UK bank account and shared between two persons!! Others are going around sharing the proceeds Nyenè Mawn made during our maiden outing in Belgium. These are all criminal actions punishable here in European courts and these are also moves meant to destabilize us as queens of Nyenè Mawn.

After very intensive and productive discussions with all stakeholders of our association, we have decided that any Nyenè Mawn leader who receives money sent to her on lame and ridiculous reasons that the governing body has sanctioned the disbursements, shall see herself and her branch suspended from all Nyenè Mawn’s activity worldwide. Correspondingly, as your President-General, I am by this statement giving any branch or chapter leader who has reportedly receive such money to transfer it within the next 48 hours into the Nyenè Mawn bank account to avoid Nyenè Mawn’s strong punitive measures and litigation that will follow.

My dear Nyenè Mawn queens, your great end of year celebrations remains a strong message and a clear clarion call for working together. Your messages constitute what I see as a well of encouragement, of good advice, and of wisdom.

I want to thank the queens of this great Nyenè Mawn family who through their voices have invested and placed their trust in me. I intend to work with all our queens until I take a back seat in France this August.

Our queens in France have given the green light that all is now set for Paris 2025!  I do sincerely believe that all in indeed ready and to me, France is providing Nyenè Mawn queens an era of hope and unity. What we will achieve in Paris will usher in an era of inclusivity in Nyenè Mawn.

I ask you therefore to be very vigilant and remain focus!! If you receive any information that disturbs you as a member of this much respected association, please call me as your leader and I will be ready to give you the right answer.

I wish to state very clearly that Nyenè Mawn is NOT holding any elections in January. Elections will only hold in August during our convention. This is what Nyenè Mawn shall do, and this is what I am committed to achieving as your National President.

Nyenè Mawn will never commit to rascality! We did not do shameful things in Belgium! We have never done shameful things ever since we left Belgium, so we are not going to do so now. We don’t have a history of being immoral mothers or queens in Manyu.

All of us are going to ensure that Nyenè Mawn as an association remains functional. I reassure you all that Nyenè Mawn will remain the best and effective Manyu women organization. Those who are investing negative energy trying to destroy our unity, I say to them history will judge you and judge you harshly.

Merry Christmas to all of you

God bless Nyenè  Mawn

God bless Manyu

Dr Mrs Patience Abangma

President-General

WTO commends Cameroon’s ratification of fisheries subsidy law

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

SDF leaders mobilize support for Joshua Osih ahead of 2025 presidential election

17, December 2024

SDF leaders mobilize support for Joshua Osih ahead of 2025 presidential election 0

The leaders of the Social Democratic Front (SDF) in Cameroon’s Centre region are calling on party militants to mobilize in support of Joshua Osih’s candidacy for next year’s presidential election. During a recent meeting of the region’s Executive Committee, it was agreed that every party member should act as an “ambassador” for Osih’s campaign. Additionally, the regional leadership is aiming to expand its ranks by recruiting new sympathizers, a move also intended to prepare for the upcoming legislative and municipal elections.

The critical question now is whether these measures will be enough to strengthen the SDF’s presence in the Centre region, particularly ahead of the presidential election. To meet this challenge, the party will need to urgently revitalize its grassroots structures. According to the December 2024 edition of the SDF newsletter, the latest Executive Committee meeting found that “most of the structures across the region’s ten departments are inactive.”

A reorganization of these structures appears to be in the works. This is not the first time the SDF has attempted such an overhaul. After disappointing results in the 2020 legislative and municipal elections in Mfoundi—Yaoundé’s most significant department—the party launched efforts to revive its activities there. However, four years later, little progress has been made, as the Executive Committee acknowledges that operations in Mfoundi remain nearly stagnant.

Joshua Osih, who hopes to run for the presidency as the head of a platform comprising political parties, trade unions, and associations, faces significant challenges. In the 2018 presidential election, Osih finished in fourth place with a lackluster result, marking a major setback for the SDF, which lost its position as the leading opposition party. At the time, the party attributed its poor performance to the security crisis in the North-West and South-West regions (Noso)—traditional SDF strongholds—where many militants were unable to vote.

Source: Business in Cameroon

Douala: Sanlam and Allianz finalize merger to form SanlamAllianz

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

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