Browsing: Cameroon

• In August, Abuja and Malabo agreed to develop the Gulf of Guinea Gas Pipeline, an investment that’s poised to serve as a vital link between Nigeria’s gas reserves and Equatorial Guinea’s modern processing plants.
• Nigeria’s deal adds to another bilateral pact signed in March 2024 when Equatorial Guinea agreed with Cameroon to develop oil and gas projects along their shared maritime border.
• In both cases, however, political stability, regulatory clarity, and strong institutional frameworks will be vital in attracting investors.

In August, Nigeria and Equatorial Guinea signed a historic agreement to construct the Gulf of Guinea Gas Pipeline Project. This ambitious pact will see gas transported from the gas fields of Nigeria to Equatorial Guinea, where it will be processed at the latter’s state-of-the-art LNG facilities located at Punta Europa on Bioko Island.

The deal, which was signed by presidents Teodoro Obiang Nguema Mbasogo of Equatorial Guinea and Bola Ahmed …

• Cameroon is highly vulnerable to climate change, with risks from recurrent droughts, floods, landslides, and coastal erosion.
• The funding will play an important role to support the country’s efforts to adapt to and mitigate the impact of climate change and replace more expensive financing.
• The reform measures under the RSF are also expected to reinforce the growing engagement of development partners and other stakeholders

The International Monetary Fund (IMF) has approved an 18-month arrangement worth $183.4 million for Cameroon under the fund’s Resilience and Sustainability Facility.

The allocation is equivalent to 50 per cent of quota, with disbursements to start when the first review of the arrangement is completed.

IMF highlights Cameroon as highly vulnerable to climate change, with risks from recurrent droughts, floods, landslides, and coastal erosion.

It however says the funding will play an important role to support the country’s efforts to adapt to and mitigate the impact …

• In West Africa, half of the 11.6 million individuals, who were set to receive food aid between June to August, will not get any support.
• Only about 6.2 million people will get support. They are mainly refugees, displaced individuals, malnourished children under the age of 5, pregnant and breastfeeding women, and girls.
• Populations at risk as spread across Burkina Faso, Chad, Central African Republic, Cameroon, Mali, Mauritania, Niger, and north-eastern Nigeria.

Millions of people grappling with West Africa’s hunger crisis will not receive emergency assistance between June and September due to limited funding. According to the World Food Programme (WFP), almost half of the 11.6 million individuals, who were set to receive food aid between June to August, will not get any assistance.

The shock revelation comes as WFP and authorities in the Sahel region struggle with the worst hunger crisis in 10 years.

Populations in Mali and Chad will …

The Nigerian Minister also praised Equatorial Guinea, saying that the Western African country has a massive record of world-class gas processing and liquefaction infrastructure already in Punta Europa and allocating investment funds for development.

Minister Obiang Lima said that Equatorial Guinea was in line to be an essential player in the African energy market.

“New, fast, and competitive sources will be a major determinant of success,” he said. “This strategic collaboration breaks down geographical boundaries and allows gas delivery from Nigeria to Equatorial Guinea’s Punta Europa facilities, extending their life and providing access to the regional and global energy markets.”

Through the agreement, the Nigerian National Petroleum Corporation (NNPC) and its joint venture partners will put into monetary use gas that would have otherwise been stranded offshore due to the absence of infrastructure.…

The programme will facilitate access to the Royal Academy’s global network of experienced, high-profile and business experts, in addition to access to the alumni network upon completion of the programme.

Moreover, 2022 is the programme’s second consecutive year to render a digital experience, with rigorous support provided through person-to-person and group discussions.

Four finalists will pitch their revised and improved innovations and business plans to the judges in the presence of a live audience.…

Football fans await the thrill, but what does the competition offer to businesses, football clubs and players, organizers, and the Cameroonian government?

Cameroon has already invested almost US$4 billion in infrastructure. Two new stadia, roads, and modern infrastructure have been built to connect the six stadia that the event will be held. The other four stadia have also been renovated.

The investment has offered short-term employment opportunities to local engineers and labourers, especially the youth, in a country where 40 per cent of the population lives below the poverty line.…

Deposits formed the bedrock of the source of funding for assets, notwithstanding impacts associated with the pandemic, DT-Saccos were still able to mobilize deposits at a near similar rate as the growth in their assets’ portfolios.
Gross loans increased by 13.16 per cent in 2020 to Kshs 474.77 B compared to Kshs 419.55 B of 2019.
Net loans and advances increased markedly by 12.60 per cent to reach Kshs 450.58 B in 2020, compared to Kshs 400.16 B in the previous year.…

As the number of people demanding food supply has kept increasing since 2015 from 1.1 million to 2.7 million, Cameroon is striving to keep its farming systems updated and strong. According to the Aid and International Development Forum, 57 per cent of the rural people live in poverty.

Cameroon has more than 28 million people and like the rest of other African nations, it is endowed with rich natural resources, including oil and gas, but more importantly, Cameroon has a wide variety of agricultural products, such as coffee, cotton, cocoa, maize and cassava.…

Kenya

Tax, costs ‘bigger threat to businesses than COVID-19’

According to a survey by the Central Bank of Kenya (CBK), the majority of Kenyan company chief executives said that the high cost of doing business and taxation posed the biggest threat to their business operations over the next 12 months belittling the financial fallout caused by the pandemic.

The CEOs survey pointed out that progression has been hindered by a challenging business environment despite business leaders projecting a substantial economic rebound in the second quarter of the current fiscal year counting on the improving sales and orders.

CBK said that the effects of the pandemic were lesser compared to taxation issues like the introduction of new taxes and withholding tax/VAT refunds and excise duty on fast-moving consumer goods.

“Businesses were also concerned about the effects of the third wave of the COVID-19 pandemic, particularly the success or otherwise of the …

The Board of Directors of the African Development Bank board of directors approved €88 million in loans to Cameroon to finance COVID-19 crisis response. 

The loan to Cameroon’s COVID-19 Crisis Response Budget Support Programme (PABRC) is under the bank’s COVID-19 Rapid Response Facility (CRF) of up to $10 billion which is meant to cushion the impact of the pandemic on health and economy of African Countries. 

For instance, the pandemic has shown the structural weakness of Cameroon’s health system and economy and mostly the limited human and financial resources allocated to the health sector. 

Also Read: AfDB president woos UK investors to take advantage of AfCFTA

The COVID-19 Crisis Response Budget Support Programme (PABRC) aims at checking the spread of the virus, save lives and control the impact on the socio-economy of the country. 

The programme will ensure the reduction of case fatality and improving the …