Finance Actus
- Cameroon's commerce minister calls for dialog amid beverage price hike threats May 3, 2024Commerce Minister Luc Magloire Mbarga Atangana has scheduled a meeting on May 16, with beverage industry stakeholders, according to letters sent on April 30 to the National Union of Hygienic Beverage Distributors of Cameroon (Synasdibohycam) and the National Union of Cameroon Beverage Retailers (Synedeboc). These two unions plan to unilaterally raise beverage prices on May […]
- BGFIBank Cameroon's Credit Portfolio Grows 17% but Falls Short of Targets May 3, 2024BGFIBank Cameroon's credit portfolio reached CFA430.4 billion in 2023, according to data from the Central African Banking Commission (COBAC). This amount represents an increase of CFA63 billion compared to the CFA367.4 billion recorded the previous year, a 17% increase in relative value. According to the credit institution, led by Abakal Mahamat (pictured), this increase, obtained […]
- Cocoa-Coffee: Fodecc plans $19.6mln grant for 75,231 producers in 2024 May 3, 2024Cameroon Cocoa and Coffee Development Fund (Fodecc) plans to grant producers CFA10.5 billion ($19.6 million) this year. The initiative was announced during the 6th steering committee session for implementing agricultural subsidy policy convened on April 30 in Yaoundé. According to the Ministry of Agriculture and Rural Development, CFA6.3 billion will come from the government and […]
- Fishing: Douala Municipality set to regain control of Youpwe landing stage May 2, 2024Prime Minister Joseph Dion Ngute chaired an inter-ministerial meeting in his offices on April 30. The agenda focused on "preliminary issues to address ahead of the commissioning of the Youpwe Artisanal Fishing Valorization Center (Cevapa-Youpwe)," as conveyed in a message from the prefect of the Wouri department (Douala), Sylyac Marie Mvogo. This meeting, attended by […]
- Fintechs and AI seen as key to boosting financial markets in Cemac region May 2, 2024African fintechs and artificial intelligence (AI) are being touted as key to boosting the financial markets, particularly in the Central African Economic and Monetary Community (Cemac) region. The recommendation comes from the third edition of the Africa Capital Markets Forum (ACMF), held in Douala, Cameroon, on April 24-25. "We must embrace emerging technologies like blockchain, […]
- Cameroon secures nearly CFA500bn credit line from ITFC May 2, 2024Cameroon secured $800 million (over CFA489 billion at the current US dollar value) from the International Islamic Trade Finance Corporation (ITFC), a specialized organ of the Islamic Development Bank (IsDB) Group. The information was announced by the Ministry of Economy, Planning, and Regional Development in a statement released on April 29. This funding package resulted from […]
- AfDB halts funding for Ntui-Ndjole road construction over China Railway failures April 30, 2024The African Development Bank (AfDB) has put a halt on its funding for the construction of the Ntui-Ndjole road, a 60-kilometer stretch along National Road No. 15 (RN15). This project, estimated at CFA35.4 billion, aimed to shorten the distance between Yaoundé and Ngaoundéré by nearly 200 kilometers. It also involved upgrading 73 kilometers of local […]
- Beac sets two-week deadline to withdraw CFA150bn from banks in inflation battle April 30, 2024The Central Bank of Central African States (Beac) kicked off its 4th round of bond issuance on April 29, aiming to tighten bank liquidity. Through three bond issuances scheduled between April 29 and May 13, the central bank aims to withdraw a total of CFA150 billion from commercial banks' coffers. The first three rounds of […]
- Cameroun sees modest rise in electricity access, rural disparity remains April 30, 2024Access to electricity in Cameroon showed a modest increase from 58.4% in 2014 to 60.2% in 2021, according to findings from the 5th Cameroonian Household Survey (Ecam5) released by the National Institute of Statistics (INS) on April 26. However, the report highlights a glaring gap between urban and rural electrification rates. While urban areas boast […]
- Cameroon pays CFA34.7bn in interest to Eximbank China in Q1 2024 April 30, 2024Cameroon settled debts totaling CFA148.2 billion ($267 million) to the Chinese Eximbank in the first three months of 2024, as reported by the National Sinking Fund (CAA). Of this amount, CFA34.7 billion represents interest payments, with CFA113.5 billion allocated to principal repayment. These figures mark the largest debt and interest repayments made by Cameroon since […]
- BDEAC extends deadline, secures over CFA54bn despite tightening market conditions April 30, 2024The Central African Development Bank (BDEAC) successfully concluded its 2024 multi-tranche bond issue, raising a total of CFA54.7 billion, according to an official April 27 statement. Initially targeting CFA50 billion on the Central African Securities Exchange (Bvmac), the sub-regional financial institution received an additional CFA4.7 billion from investors, resulting in an oversubscription of 9.54%. BDEAC […]
- UBA opens $29mln credit line for SMEs in Cameroon April 29, 2024Nigerian banking group United Bank for Africa (UBA) has unveiled a CFA16 billion credit line to support small and medium-sized enterprises (SMEs) in Cameroon. This initiative, announced on April 26 in Douala by UBA Cameroon's executives, will focus on key sectors such as agri-food, automotive, pharmaceutical, transportation, and logistics. The credit line, tailored to enhance […]