Members of parliament have adopted the 4,373.8 billion FCFA as 2017 state budget. The budget is up from 4,274.7 billion FCFA in 2016. The Minister of the Economy and Finance, Alamine Ousmane Mey defended the budget before the Finance and Budget Committee of the National Assembly.

The bill according to the Finance Minister was designed to boost economic growth with the underlining intention to move Cameroon towards emergence by 2035. While hailing the economic resilience of Cameroonians since 2015, Minister Alamine Ousmane Mey said priority in 2017 will be on improving the business environment.

Minister Alamine Mey added that another important area shall be agriculture. More youths shall be integrated into the production and export chain to facilitate access to more jobs. According to the finance bill, 47 % of the budget shall be used up for direct service running expenditure and 36% for investment.

The Finance Minister also stated that revenue collected in 2017 shall be used mostly to fuel the country’s investment. Part of the increased budget, the Minister stated, shall be allocated to the military in its fight against different forms of insecurity faced by the country.  In all, 67.7 % of the public investment budget in 2017 will be dedicated to infrastructural development.

CRTV

A fake fiscal stamps network has been dismantled in Garoua, the chief city in the north region of the country. Cameroon Intelligence Report learned that the criminal schemes of the gang were uncovered following cooperation between the regional service of the taxation department and the North police.

Police sources say the fake stamps were manufactured in small quantities and sold to young candidates for official examinations and for jobs application formalities.

However, concerted actions undertaken by the North tax office in collaboration with policing establishments helped the government to put off the fake stamps circuit. The members of the group are currently in police drag net.

By Sama Ernest

The Tony Elumelu Foundation has announced a massive partnership with the African Development Bank, ECOWAS, Coca-Cola and the Nigerian Ministry of Information. The decision emerged at the largest annual gathering of African entrepreneurs that held on October the 30th, 2016 in Lagos, Nigeria. It was a forum where the Tony Elumelu Foundation (TEF) hosted approximately 1,000 men and women from 54 African countries, for the 2nd TEF Entrepreneurship session.

President Koroma of Sierra Leone, former Nigerian head of state, General Obasanjo, Governor Ikpeazu, Minister Lai Mohammed and Mrs Folorunsho Alakija were among the movers and the shakers who Joined the over 1,000 African Entrepreneurs at the 2016 Tony Elumelu Foundation Entrepreneurship Forum.  Africa’s leading business guru and philanthropist, Tony Elumelu who honored the forum with his presence said “We give to empower and break the cycle of dependency as entrepreneurship is the only path to independence and sustainability.”

The Forum celebrated the 2016 cohort of Elumelu Entrepreneurs, selected from over 45,000 applicants. It was the annual highlight of the Tony Elumelu Entrepreneurship Programme and also witnessed the presence of leading policy makers and business leaders from across Africa, who gave their support to the foundation and its promise to identify, train, mentor and seed a 1,000 entrepreneurs in a decade-long $100 million commitment. Each entrepreneur is eligible to receive up to $10,000 to implement their business plan.

Applauding Tony Elumelu’s promise to not only empower entrepreneurs, but also to tackle the fundamental economic challenges confronting the African continent, President Ernest Bai Koroma of Sierra Leone appealed to other prominent African businessmen to emulate Elumelu. The Sierra Leone leader stated that “Even when we had Ebola in Sierra Leone, Tony was there. His is an example which other successful Africans must follow.”

President Koroma hailed the Elumelu initiative as “a genuinely innovative approach to philanthropy in Africa – an African offering African solution”.  “What is unique about this programme is that it not only provides a platform for entrepreneurs to build connections, but they are also being taught how to build their businesses in a sustainable way. Other philanthropists will be inspired to support and promote this philosophy” the President concluded.

In his keynote address, Tony Elumelu observed that “Our ambition is that you become ambassadors for entrepreneurship in Africa – you are a generation of wealth creators, who share our commitment to the economic and social transformation of Africa. Let me tell you about Momarr Mass Taal, the CEO of Tropingo Foods, who has turned his first $5,000 seed capital received from the Foundation last year, into a $1.2 million revenue business. I want many more of these! However, as excited as I am about the 2,000 entrepreneurs that we have selected, this gathering is in some ways bittersweet, as I reflect on the 63,000 ideas we were unable to select – our commitment is to all entrepreneurs in Africa.”

Mr Elumelu challenged all stakeholders from the public and private sectors, civil society, multilateral organizations and all individuals with interest in Africa’s economic development to join hands with the Foundation to support the wider African entrepreneurial community. Said Tony Elumelu “We need to support our entrepreneurs because extreme poverty and economic opportunity rarely coexist in the same place.” He also announced partnerships with regional institutions such as the African Development Bank, ECOWAS, Coca Cola, the International Trade Centre, and the Nigerian Ministry of Information, Culture and Tourism and Côte d’Ivoire Ministry of Entrepreneurship.

The two-day forum buzzed with energy as entrepreneurs shared and gained knowledge, built cross-border partnerships and connected with investors and policymakers, fulfilling the goal of fostering innovation and collaboration between entrepreneurs from across Africa.

On Day One, attendees benefited from master classes on traditional and alternative means of financing, sales and marketing, as well as sector specific workshops and an in-depth session on Africapitalism – Elumelu’s economic philosophy that identifies the leading role of Africa’s private sector, including its entrepreneurs, in Africa’s transformation.

 Awele Elumelu, CEO Avon Medical, Trustee of the Foundation and wife of Founder, welcomed the entrepreneurs to Lagos and commended their drive and effort in finding solutions to some of the continent’s most pervasive challenges. For his part, the CEO of the Foundation, Parminder Vir, invited entrepreneurs in the audience to continue to build the future and to challenge the flawed perceptions of Africa.

Day Two featured a high-level panel dedicated to identifying policies to strengthen the enabling environment for entrepreneurs, moderated by BBC anchor, Lerato Mbele, with panelists including His Excellency Ernest Bai Koroma, President of Sierra Leone, General Olusegun Obasanjo, Former President of Nigeria, former Prime Minister of Benin Republic, Lionel Zinsou, Alhaji Lai Mohammed, Honourable Minister of Information, Tourism and Culture of Nigeria and Mrs. Folorunsho Alakija, Vice Chair of Famfa Oil.

Opening the high-level Panel, Mrs. Alakija congratulated the entrepreneurs, praised TEF’s focus on entrepreneurship and shared her own personal story of perseverance to demonstrate the entrepreneurs need for resilience and doggedness. Former President Olusegun Obasanjo hailed Elumelu’s perseverance and focus on giving back. “By every means, God has made His face shine upon you. You are not the only one, but unlike you, some others do not have the idea of empowering the next generation of Africans in the manner and scale that you are doing.” He further emphasized patience to the young entrepreneurs. In his words, “For strength in life you need a bit of adversity.” He also called on the Nigerian government to implement policies that encourage investors and entrepreneurs to do business in Nigeria.

Former Prime Minister of Benin, Lionel Zinsou, commended the Tony Elumelu Foundation. The former politician noted that “What Tony Elumelu is doing is the exception, not the norm.” Other speakers at the event included Clare Akamanzi, Representative of President Kagame of Rwanda, Kennedy Uzoka, Group CEO of the United Bank for Africa Plc (UBA), Minster of Solid Minerals, Hon. Kayode Fayemi, Segun Awolowo, CEO of the Nigerian Export Promotion Council, Clem Ugorji, Public Affairs & Communications Director, Coca-Cola West Africa, Emeke Iweriebor, Regional CEO of UBA Africa (Francophone), Matthew Pearson, Head of Africa Equity Sales at ICBC Standard Bank, Sam Nwanze, Chief Investment Officer at Heirs Holdings.

By Cham Victor Bama on special assignment in Lagos, Nigeria 

Following the complete interruption of traffic on the all-important Douala-Yaounde highway, economic activities have considerably been affected. Cameroon is strategically located within the Central African sub-region and is a reception point for land locked countries including Chad, CAR, Congo and Gabon where most of the imported goods come through and are channelled to these countries.

The closure of traffic is not only a major blow to Cameroon’s economy but has also affected the entire Sub Saharan region that almost entirely depends on Cameroon. The presence of hundreds of heavy duty vehicles parked on both sides of the motorway after the bridge collapsed, paints a true picture of the huge traffic on the Yaounde-Douala highway.

The Ministry of Public Works and other CPDM corrupt private agencies in charge of road maintenance are all struggling to find a quick solution to the situation created by poor leadership and mediocrity in the Biya Francophone Beti-Ewondo regime.

CRTV

Experts in the mining sector from the ten regions of the country are currently meeting in Yaounde. The encounter has been organised to explore ways by which the population can reap full benefits of mineral resources.

The Minister of Mines, Industries and Technological Development, Ernest Ngwaboubou opened the session on 18th October 2016, in the presence of the Resident Representative of the United Nations Development Programme, Najat Rochdi.

At the end of the three days set aside for discussions, the participants are expected to meet the following objectives: draw up a roadmap on the use of extractive industries and identify new mineral exploitation sites.

Culled from CRTV

Some former temporal workers of the Douala Shipyard and Industrial Engineering Complex, Chantier Naval, where joined by another set of former workers from a Timber Processing Company, PLACAM for a strike in Douala. Both groups have been protested on the streets of Douala and even blocked the main access road leading to the Douala Port on Monday, 17th October 2016 over none payment of their social dues and better working conditions.

PLACAM workers who coincidentally were striking on the same spot as the ex-temporal workers of Chantier Naval said they wanted some of their colleagues who were unlawfully dismissed reintegrated. The former workers of Chantier Naval claimed that government recently made available 4 billion CFA francs as dues owed them, but they have so far received only one billion.

The striking action that started on the Wouri Bridge reportedly slowed down the flow of traffic. Security forces where however on hand to ensure that there were no excesses. The Regional Delegate of Labour and Social Security for the Littoral, Balbin Nkono explained that her services were contacted in 2010 by the former temporal workers of Douala Shipyard and Industrial engineering complex. A conciliation agreement was reached and signed by both parties. The former temporal workers signed freely the separation agreement and since then no complain have been received in her office. She said the agreement prohibited any further claims.

Regarding the strike by PLACAM workers, the delegate noted that the dismissal of 160 workers by the company sparked the unrest. She said negotiations have been launched with the former employers to ensure that all the ex-workers dues were paid.

CRTV

The head of the communications department of the Cameroon Water Utilities Corporation, CAMWATER, Julien Pierre Amougou Fouda, has revealed that the board chairman of the company, Hon. Jerome Obi Eta who moonlighted some years ago as minister of public works has reinstated the Director of Heritage, Marc Essomba and the Director of Financial Affairs, Ma’ah Dieudonné recently suspended by the general manager of the corporation, Akoa Alphonse Roger.

Both senior officials of Camwater were sanctioned for embezzling public funds. But the board chairman annulled the decision and did observe that the GM did not seek the consent and approval of the board of directors. We gathered that the general manager demonstrated a frightful and disrespectful attitude towards the board chair despite the fact that he was incessantly flashing out signals for the general manager to meet with him and discuss the matter. Akoa Alphonse Roger opted for a showdown with Jerome Obi Eta.

The political tussle known popularly in Cameroon as “bras de fer” lasted nearly a month. We understand that President Biya has cited with his former cabinet minister and arbitrated in favour of Jerome Obi Eta. Akoa Alphonse Roger now has the onerous task of reconciling with the board and his two colleagues.

By Ndu Simon in Yaounde