Finance Africa

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  • Cemac deploys mission to assess Cameroon's fiscal policy September 26, 2023
    From September 25 to October 6, Cameroon will be examined by a Cemac delegation tasked with assessing the country's tax policy. The aim is to determine whether or not this policy complies with sub-regional standards as part of the multilateral surveillance, which involves CEMAC member states establishing procedures to adhere to common rules for coordinating […]
  • Food prices keep inflation high in Cameroon (INS) September 26, 2023
    Household final consumption prices in Cameroon went up 0.5% MoM in August 2023, following a 0.4% rise the previous month, the National Institute of Statistics (INS) reports in a recent note. "The price hike is mainly due to a 1.3% MoM increase in food prices and a 1.1% MoM rise in education costs.” This overall […]
  • Douala Customs reopens public auctions after a year off September 26, 2023
    Customs-led public auctions relaunch Tuesday, September 26 in Douala, after a year of break. The sales will end on September 28, according to the official timetable. Goods to be sold are those that have been stored for more than nine months without being cleared from customs warehouses. They include various items such as electronics, household […]
  • Cameroon, EDF create joint-venture to pilot the Kikot dam project September 26, 2023
    Cameroon is holding today the constituent general meeting of Kikot Hydro Power Company (KHPC), the joint-venture created in collaboration with its project partner- EDF to pilot the kikot dam project (450 to 550 MW). The establishment of this company will be immediately followed by the very first Board of Directors meeting, according to sources close […]
  • Cameroon plans to boost solar capacity to 250MW by 2030 September 25, 2023
    With an installed capacity of 30.6 MW, Cameroon has joined South Africa, Egypt, Morocco, Algeria, Senegal, Namibia, Tunisia, and Uganda on the list of African solar energy producers for mass consumption. Comforted by this good impetus, the country now seeks to boost this capacity to 250 MW by 2030. Speaking during the inauguration of the […]
  • Agnès Ndoumbé Mandeng faces 10-year ban September 22, 2023
    Agnès Ndoumbé Mandeng, the current CEO of the Cameroonian Bank for SMEs (BC-PME) is condemned to stay out of the banking and microfinance sector for 10 years. Her license to practice has been suspended by a decision taken at the end of the disciplinary session of the Banking Commission of Central Africa (Cobac) on July […]
  • Quality agency Anor calls attention to the ban on potassium bromate in bread production September 22, 2023
    Charles Booto à Ngon, head of the Standards and Quality Agency (Anor), issued a memo on September 19 reminding bakers of the ban on using potassium bromate in production. The ban was formalized by decrees from March 11, 2009, and January 6, 2000, as well as the circular from January 17, 2000, all issued by […]
  • CFA46mln needed to ensure safe Mora-Kousseri road rehab amid Boko Haram threat September 22, 2023
    Securing the construction site amid Boko Haram threats stands as the primary challenge in the Mora-Kousseri road rehabilitation project, the Ministry of Public Work revealed in its annual road project review. The review points out that because the project area has a high-risk security situation, contractors can only work on the sections if there is […]
  • Cameroonian govt cracks down on sales of refined oil in bulk September 21, 2023
    The Cameroonian government is taking action against sales of "bulk" refined oil, a cheap oil widely sold on the local market. Many believe this type of oil poses health risks to consumers. In this wake, the Trade Minister, Luc Magloire Mbarga Atangana, sent a letter last September 19 to the palm oil refining industry saying […]
  • Cameroon: KPMG France to help govt renationalize power utility Eneo September 20, 2023
    The Cameroonian government has chosen auditing firm KPMG France to assist in the process of renationalizing the national electricity company Eneo. This decision follows a call for tenders that was initiated two months ago. According to sources close to the matter, the selected bidder will be tasked with evaluating the current value of Eneo's shares, […]
  • Cameroon: govt raises log export tax by 345% in 6 years to promote local processing September 20, 2023
    The tax imposed by the Cameroonian government on log exports increased from 17.5% in 2017 to 60% in 2023. This means that over 6 years, the rate has been raised by 343%. Authorities said the move is intended to discourage the export of unprocessed wood and stimulate the local sector. It also matches the Cemac […]
  • Douala: Road rehabilitation work well advanced, mayor reassures September 20, 2023
    The mayor of Douala claims that at least 70% of the rehabilitation work on the roads identified as deteriorated in the city has already been completed. In an interview with Canal 2 International last week, Roger Mbassa Ndine said that around 45,000 m² of the 55,000 m² identified have been renovated. "We couldn't go faster […]