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17, November 2024

Fitch Keeps Cameroon at ‘B’ with Negative Outlook ⁰

Fitch Ratings has affirmed Cameroon’s long-term foreign currency issuer default rating (IDR) at ‘B’ with a negative outlook. In a note, Fitch revealed that the negative reflects political risks related to potential succession issues and structural weaknesses in public finance management (PFM).

This is evidenced by weak liquidity management, late external debt payments, and accumulation of domestic arrears, according to the rating note. Cameroon’s ratings are supported by its resilient GDP growth, a manageable debt maturity schedule and expectations that moderate budget deficits and debt levels will be supported by non-oil revenue mobilization and spending restraint.

Analysts added that this is balanced against low GDP per capita, weak governance indicators, and persistent security challenges. The 92-year-old President Paul Biya, in power since 1982, will likely run in the presidential election, scheduled for October 2025, Fitch said.

The rating note stated that social and political tensions could increase in the run-up to the election, increasing concerns about Cameroon’s political stability, policy continuity and commitment to reform – which underpin bilateral support.

The lack of a succession plan and political divisions and rivalries within the ruling party exacerbate the risk of a disorderly transition of power. The rating note revealed that the country’s weaknesses in budget planning and execution, and debt management weigh on the rating.

The government’s exceptional spending procedures remain high, albeit declining, due to constant unexpected security spending and liquidity pressures. PFM weaknesses are evidenced by occasional late external debt service payments.

It was revealed in July that Cameroon was late in making external debt payments to one commercial creditor in March 2024. Moreover, in 2024, Cameroon has cleared XAF467 billion of domestic arrears using proceeds of a private placement issuance and resources lent by Afreximbank.

“We see continued risk of arrears accumulation given a projected financing shortfall”, Fitch Ratings said amidst country’s tight finance.

In 2004, Cameroon is unlikely to obtain budgeted financing from the World Bank of USD200 million, due to delays in implementing structural reforms, Fitch stated.

Analysts explained that the projected shortfall in financing will be compensated by spending cuts. The funds could be disbursed in 2025, but the electoral context may further slow reform implementation.

“Nevertheless, we expect Cameroon’s funding needs will be covered through the existing IMF programme, ending June 2025, and official creditor support tied to the completion of the reviews”.

The government will also rely on the regional bond market.

Fitch baseline assumes strong support from official creditors will continue over the medium term, with a potential renewal of the IMF programme in 2026, which is key for the financing plan. Cameroon has limited fiscal room, and fiscal consolidation is being driven by spending cuts, mainly on capex under-execution.

“We forecast the fiscal balance on a commitment basis will shift to a surplus of 0.1% of GDP in 2024, remaining broadly stable in 2025-2026.

“Oil revenues will decline due to lower oil prices and production, but non-oil revenues will continue to improve through revenue mobilisation measures, tax exemptions reduction, and improvement in tax and customs administrations”.

Fitch also forecast the fiscal deficit on a cash basis to widen from 0.4% of GDP in 2023 to 1.6% in 2024, as net repayment of arrears is expected at 1.7% of GDP at end-2024.

“We expect the cash deficit will decline to 0.7% of GDP in 2025 and 0.6% in 2026, although the pace of net repayment of arrears casts uncertainty on the fiscal trajectory”. The government is committed to reduce fuel subsidies, increasing retail petroleum prices in 2024 by 15%, after a 21% rise in 2023.

However, given the importance of social stability and the presidential election, we assume the government will not increase petroleum prices in 2025, delaying the phasing out of fuel subsidies.

“We estimate fiscal financing needs, at 5.7% of GDP in 2024, will decline to 4.7% of GDP in 2025, owing to lower cash deficit and 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 after 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 payment at 0.1% of GDP per year”. Fitch project GDP growth and moderate cash budget deficits will maintain government debt on a declining path from 41.7% of GDP in 2023 to 36.3% in 2026, below the ‘B’ median forecast of 56.4%.

Also, analysts expect real GDP growth to increase to 3.7% in 2024 from 3.2% in 2023. “We forecast growth at 4.0% in 2025 and 4.1% in 2026, driven by agriculture, construction, and the coming on-stream of infrastructure and electricity projects, below the ‘B’ median forecast of 4.7%”.

Downside risks to growth stem from geopolitical uncertainties leading to renewed commodity price volatility, supply chain disruptions, and inflationary pressures. The 2025 presidential election threatens reform implementation and increases security and social risks.

Analysts forecast the current account deficit (CAD) to narrow from 4.1% of GDP in 2023 to 3.6% of GDP in 2024 owing to higher cocoa prices supporting exports. Fitch projects the CAD will fall to 3.2% of GDP in 2025-2026, as 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.

Source: dmarketforces

16, November 2024

Archbishop Andrew Nkea elevated to Commander of the National Order of Valour ⁰

Metropolitan Archbishop Andrew Nkea of the Bamenda Ecclesiastical Province has been elevated to Commander of the National Order of Valor.

President Paul Biya made the announcement via his Foreign Affairs Minister Lejeune Mbella Mbella in the presence of Archbishop Paul Richard Gallagher, the Secretary for Relations with States and International Organizations who is presently on a five-day visit to Cameroon to mark the tenth anniversary of the signing of the Framework Agreement between the Holy See and the African country in 2014.

“I am humbled and honoured to receive this recognition from President Biya,” said Archbishop Andew Nkea,

“I will continue to pray and rely on the support of everyone in the Bamenda Ecclesiastical Province that I will be a worthy servant of the Prince of Peace in fulfilling my responsibilities as a Commander of the National Order of Valour and to continue in my role as shepherd of the faithful of the Archdiocese of Bamenda” said Archbishop Nkea to Cameroon Concord News

By Soter Agbaw-Ebai with files from Rita Akana

16, November 2024

AFCON 2025: 19 countries secure tickets for Morocco ⁰

With only a few matches left in the qualifiers, 19 teams have secured their places at the highly anticipated TotalEnergies CAF Africa Cup of Nations (AFCON) 2025, set to be held in Morocco.

Friday’s results on Matchday 5 saw three more nations — securing their places in Africa’s flagship football competition with Zambia, Mali, Zimbabwe and Comoros sealing their slots.

Nigeria, Tunisia, South Africa, Uganda, Equatorial Guinea, and Gabon — clinched their spots, on Thursday joining a growing list of African football powerhouses ready for the tournament.

The confirmed teams represent a blend of regular AFCON contenders and rising forces in African football.

Host nation Morocco automatically qualified, alongside notable teams like Senegal and Algeria, who secured early qualification through consistent performances.

Egypt and title holders Cote d’Ivoire also bring strong legacies to the competition, with both countries boasting numerous AFCON titles.

Several teams have made a comeback to the continental stage.

DR Congo, Angola, and Equatorial Guinea will look to make an impact, while Uganda and Gabon are back with ambitions to advance deep into the tournament.

For South Africa, qualification marks a return to Africa’s biggest football stage after their impressive at the previous competition held in Cote d’Ivoire.

The qualification phase isn’t over yet. Matchday 5 matches continue into Saturday, with Matchday 6 next week set to confirm the remaining teams, rounding off the 24-nation lineup for Morocco 2025.

Anticipation is building as the final slots are contested, with top African teams and emerging challengers vying to be part of the action.

The 19 countries qualified for TotalEnergies CAF AFCON 2025

Morocco,Burkina Faso, Cameroon, Algeria, DR Congo, Senegal, Egypt, Angola

Equatorial Guinea, Cote d’Ivoire, Uganda, South Africa, Gabon, Tunisia, Nigeria, Zambia, Mali, Zimbabwe, Comoros

Source: CAF

16, November 2024

Vatican Secretary for Relations with States is in Yaoundé ⁰

Archbishop Paul Richard Gallagher, the Secretary for Relations with States and International Organizations, has begun a five-day visit to Cameroon to mark the tenth anniversary of the signing of the Framework Agreement between the Holy See and the African country in 2014.

According to the Secretariat of State’s Terza Loggia account on the social platform ‘X,’ Archbishop Gallagher is to take part in several meetings and events.

On Friday he met the Foreign Affairs Minister, Lejeune Mbella Mbella, and then paid a courtesy visit to Prime Minister Joseph Dion Ngute. He also met with a cream of Cameroonian bishops.

On Saturday, November 16, Archbishop Gallagher celebrated Mass at the Minor Basilica of Marie Reine des Apôtres de Mvolye, in the capital, Yaoundé.

On Monday, November 18, the Vatican Secretary for Relations with States will be received in audience by the President of the Republic, Mr. Paul Biya.

The final event will be a lecture at the Catholic University of Central Africa in Yaoundé, where Archbishop Gallagher will be awarded an Honorary Doctorate.

Reported by Vatican News with additional editing from Cameroon Concord News Group

16, November 2024

Youtuber Jake Paul beats Mike Tyson ⁰

The boos from a crowd wanting more action were growing again when Jake Paul dropped his gloves before the final bell, and bowed toward 58-year-old Mike Tyson.

Paying homage to one of the biggest names in boxing history didn’t do much for the fans that filled the home of the NFL’s Dallas Cowboys on Friday night.

Paul won a unanimous decision over Tyson as the hits didn’t match the hype in a fight between the 27-year-old YouTuber-turned-boxer and the former heavyweight champion in his first sanctioned pro fight in almost 20 years.

All the hate from the pre-fight buildup was gone, replaced by boos from bewildered fans hoping for more action in a fight that drew plenty of questions about its legitimacy long before it happened.

The fight wasn’t close on the judge’s cards, with one giving Paul an 80-72 edge and the other two calling it 79-73.

Tyson came after Paul immediately after the opening bell and landed a couple of quick punches but didn’t try much else the rest of the way.

Even fewer rounds and shorter rounds, along with heavier gloves designed to lessen the power of punches, couldn’t do much to generate action.

Paul was more aggressive after the quick burst from Tyson in the opening seconds, but the punching wasn’t very efficient. There were quite a few wild swings and misses.

Tyson mostly sat back and waited for Paul to come to him, with a few exceptions. It was quite the contrast to the co-main event, another slugfest between Katie Taylor and Amanda Serrano in which Taylor kept her undisputed super lightweight championship with another disputed decision.

It was the first sanctioned fight since 2005 for Tyson, who fought Roy Jones in a much more entertaining exhibition in 2020. Paul started fighting a little more than four years ago.

The fight was originally scheduled for July 20 but had to be postponed when Tyson was treated for a stomach ulcer after falling ill on a flight.

Source: AP

15, November 2024

Southern Cameroons Crisis: 11 students and staff kidnapped in Northwest ⁰

On November 9, the administration of the Saint-Laurent University Institute of Ndop announced that 11 of its students and their supervisors had been kidnapped by separatist fighters in the troubled Northwest region. According to the institute’s statement, the abduction took place on Saturday, November 2, around 10 a.m., during an academic activity.

“The students and staff were traveling by motorcycle to Babessi for an outreach program when they were stopped by armed Ambazonian fighters at Baba 1. The armed men, identifying themselves as members of the Baba 1 Ambazonia fighters, took the 11 students and teachers hostage and disappeared into the surrounding bush,” the statement detailed.

Despite efforts to secure their release, “appeals from various stakeholders for the release of the students and staff have gone unanswered,” the institute’s administration said, adding that “local sources suggest the Ambazonian fighters are demanding ransom or using this abduction for political leverage.”

Schools have frequently been targeted by separatist fighters, who seek to disrupt educational activities by attacking campuses or kidnapping students and staff. In a recent report, the UN noted that in September 2024 alone, at least four attacks were documented—three in the North-West region and one in the South-West. These assaults affected public schools, religious institutions, and secular private schools alike.

One of the deadliest attacks took place on October 24, 2020, at the Mother Francisca International Bilingual Academy in Kumba, in the Southwest region. Armed men stormed the school, killing seven students, a tragedy that provoked widespread outrage both nationally and internationally.

Numerous international organizations have repeatedly called for schools to be spared from the separatist conflict that has destabilized the Northwest and Southwest regions since 2017. In September, the U.S. Embassy in Yaoundé issued a renewed appeal for an end to these attacks, emphasizing, “Schools are learning sanctuaries, and children should not be prevented from attending classes.” The embassy further condemned “all forms of violence against civilians.”

Source: Sbbc

15, November 2024

Mike Tyson back in the ring to face Youtuber Jake Paul ⁰

Nearly 40 years after making his professional debut, and 19 years after being battered into retirement, a 58-year-old Mike Tyson will climb back into the ring on Friday for a Netflix-backed bout that has drawn widespread condemnation across the boxing world.

Tyson, who terrorised the heavyweight division during an imperious reign in the late 1980s, is lacing up the gloves once more to take on Youtuber Jake Paul, 27, in an officially sanctioned fight at AT&T Stadium, the home of the Dallas Cowboys, in Arlington, Texas.

The fight, which will be comprised of eight two-minute rounds, was initially due to take place in July but was postponed in May after Tyson required medical treatment on a flight from Miami to Los Angeles after vomiting blood due to a bleeding ulcer.

That gory mid-air emergency has provided another piece of ammunition for the numerous critics who have condemned Friday’s contest as a macabre circus act that poses an unacceptable level of risk for Tyson, who last graced a professional ring in 2005, when he was beaten via a technical knockout after quitting on his stool against Irish journeyman Kevin McBride.

‘It shouldn’t be happening’

Mike Tyson slumps to the canvas in his last professional fight, a defeat to Ireland's Kevin McBride, in 2005 — Mike Tyson slumps to the canvas in his last professional fight, a defeat to Ireland’s Kevin McBride, in 2005. © Paul J. Richards, AFP

“Twenty years ago, Mike Tyson retired from boxing, and was shot to pieces, right? I mean, completely shot,” the prominent British fight promoter Eddie Hearn said this week.

“If anyone thinks that Mike Tyson should be in a ring at this age, you either have absolutely no emotional feelings toward the man, or you’re an idiot. It shouldn’t be happening.”

Hearn’s rival promoter Frank Warren echoed those sentiments.

“Mike Tyson is 58 years of age and he shouldn’t be fighting,” Warren said after the bout was announced. “It’s as simple as that.

“Anyone with an ounce of brains knows that it is ridiculous. You can be on a motorway stuck in a traffic jam and you get to the end of it and all it is is people who have stopped to look at a crash – and that’s what this is.”

Tyson, who US reports say is being paid around $20 million for Friday’s contest, has brushed off the concerns for his wellbeing, insisting when critics from the boxing world are motivated by jealousy.

“I’m beautiful, that’s all I can say,” he said earlier this year. “The people who said that wish they were up here. No one else can do this.”

At an open workout in Texas this week, Tyson declared that a gruelling training camp had left him with the conviction “that I’m tougher than I believed I was.”

“When I agreed to this fight and started training, I thought ‘What was I thinking of?’ But I’ve finished the process. The fight is the party. All the hard work is done.”

At a final press conference in Texas on Wednesday, a stony-faced Tyson pointedly declined to engage in the pre-fight hype.

“I’m just ready to fight,” he said. “I’m looking forward to fighting.”

Injury fears

Mike Tyson appears at a public workout in Texas on Tuesday ahead of his return to the boxing ring on Friday — Mike Tyson appears at a public workout in Texas ahead of his return to the boxing ring. © Ayisha Collins, Getty Images via AFP

A global audience of several million watching on Netflix, and tens of thousands inside the AT&T Stadium, will be watching on Friday to see whether Tyson’s hard work pays off.

His opponent Paul – who was born six months before Tyson bit off a chunk of Evander Holyfield’s ear in their infamous 1997 rematch – rose to prominence as a Youtuber, before turning his attention to boxing.

Since his first fight against a fellow Youtuber in 2018, Paul’s opponents have included a basketball player, mixed martial arts fighters and other professional boxers. In 11 fights he has won 10 (seven by knockout) and lost one.

“I feel really good, sharp, powerful and explosive. It’s going to be a short night for Mike,” Paul said at Tuesday’s open workout, where he appeared wearing a bizarre head-dress in the form of a rooster.

It goes without saying that a prime, 1980s-era Tyson would almost certainly have dealt with Paul within a few minutes.

Does he retain enough residue of the talent and destructive power that made him the youngest heavyweight champion in history in 1986, at the age of 20 years and four months? Bob Arum, the legendary 92-year-old boxing promoter who has seen it all, is unequivocal.

“The answer is no,” Arum told Secondsout.com last month. “A 58-year-old guy, no matter how good they were, no matter how athletic they were, are not gonna be able to fight.

“You can’t throw punches like you’re supposed to, you can’t do a lot of things. I hope Mike doesn’t get hurt, but I really give him relatively no chance.”

(AFP)

14, November 2024

Biya regime moves to safeguard personal data ⁰

Parliament is reviewing a draft bill aiming at establishing a legal framework for the processing and protection of personal data in the country.

The proposed Personal Data Protection Bill was submitted to the National Assembly in Yaounde on 13 November by Bolvine Wakata, minister delegate in the presidency responsible for relations with the lawmakers.

According to the government, this Bill aims to protect individuals’ fundamental rights and freedoms regarding the processing of their personal data, regardless of the data type, processing method, or parties involved.

“Processing and use of personal data have major economic implications,” the government stated in an explanatory note to lawmakers.

It added: “Data protection is essential for the survival of any state concerned with its sovereignty on the global stage.”

Notable among provisions of the Bill is a section which compels data controllers or processors to ensure that personal data is handled in a lawful, fair and transparent manner.

Additionally, the Bill mandates that data processing must respect individual privacy, with processors required to maintain confidentiality across digital networks and any other platforms.

The processing of personal data must also be based on the data subject’s unambiguous consent.

Aside from establishing criminal and financial penalties for those who violate the law, the bill would create a Personal Data Protection Authority—an independent body tasked, among other things, with issuing authorisations, approving certification mechanisms, handling complaints, and coordinating with other governmental bodies to ensure the law is effectively implemented.

Source: iTweb

14, November 2024

Camtel eyes 2025 as launch year for mobile financial services ⁰

Cameroon Telecommunications (Camtel) plans to launch mobile financial services sometime next year once it has completed a feasibility study this year, an executive said on Thursday as the state-owned operator looks to challenge Orange and MTN.

Mobile operators have been expanding in financial services across Africa, where a large part of the population does not have good access to traditional banking.

In Cameroon, South Africa-based mobile operator MTN (MTNJ.J), opens new tab and French telecom operator Orange (ORAN.PA), opens new tab dominate the mobile money space. Other fintechs are also making a play in that space.

Camtel’s mobile financial services business called Blue Money will be housed under its commercial unit Blue.

“Blue Money will be launched very soon. We’re finalising studies around the regulatory environment and the market to be able to deploy,” Gilbert Ngono, Director of Cooperation at Camtel said in an interview at Africa Tech in Cape Town.

“This year we’re finalising that part and next year is really the year where we’re going to see an acceleration and deployment of Blue Money.”

Source: Reuters

14, November 2024

Federal Republic of Ambazonia: Leader calls for unity among restoration groups ⁰

The leader of the Ambazonia revolution, Sisuku Ayuk Tabe has called for unity among all Southern Cameroons restoration movements fighting for the creation of an Ambazonian state.

Sisuku Ayuk Tabe was reacting to the appointment of Marco Rubio as the new US Secretary of State described as one of the few US senators to lend an attentive ear to Southern Cameroons nationalism.

The Ambazonian leader called for unity in order to seize the opportunity under the current Trump administration for the real emancipation of the Federal Republic of Ambazonia.

‘This is another encouraging message that should push our people towards unity. Let us always do what is necessary to be in the vanguard of the push towards unity, because despite everything… there is strength in numbers! Let us lead by example and give priority to unity in our quest for Ambazonia. A bundle of brooms is unbreakable, but a single broomstick can be easily broken. Our struggle is bigger than one person. Let us remain united’, wrote Sisuku Ayuk Tabe.

‘Ambazonie’s strength lies in our diversity. Let us celebrate our differences and unite for a common goal’, he continued. This reaction follows on from the former US Assistant Secretary of State Tibor Nagy’s comments that the new head of US diplomacy, Marco Rubio, is someone who cares about the Southern Cameroons struggle.

By Rita Akana in Yaoundé