7CAMEROON BUSINESS IN MAJOR PROJECTS
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BUSINESS IN
MAJOR PROJECTS
AGRICULTURE
ENERGY
CAMEROON
MINING
INDUSTRY
June 2014 • N° 17
SERVICES
FINANCE
Real estate: an industry
built to last
“In the medium Mota-Engil
term, oil to build
production could Mbalam-
more than double” Kribi railway
BUSINESS IN CAMEROON
Yasmine Bahri-Domon
On peace and the World Cup
A
s I write this editorial, I can’t help and tolerance which are the foundations of all
thinking about this month’s ma- religions. These fundamentals of Islam are ap-
jor sporting event: the World Cup parent in the nation of Cameroon. At the May
2014 being held in Brazil! I have to 17, 2014 meeting to which he was invited by his
start with a cheer: Go Lions! You represent the French counterpart, François Hollande, and in
love a nation and its people can have for their the presence of his African colleagues and the
team – Cameroon’s team. You are undeniably international community, the Head of State,
one of the strongest teams in the tournament His Excellency, Mr Paul Biya, expressed his de-
because of your homogeneity. Samuel Eto’o termination to preserve peace in Cameroon –
Jr, Eric Maxim Choupo Moting, Alexandre peace that is essential to economic and social
Song, Aboukar Vincent, Nicolas Nkoulou… development.
You’re all stars! Believe me! Be proud to rep- Bolstered by this assurance, Cameroon has
resent Cameroon and wave high and wide the been pushing forward its extensive programme
star emblazoned flag that symbolises the unity focused on affordable housing, real estate has
of Cameroon; a country that is simultaneously been booming and growth has been tangible.
complex, endearing and enigmatic. Increased cement consumption is the sign of
But, at this very moment, I also can’t help an economic resurgence and its repercussions.
thinking about these fanatics seemingly from The State of Cameroon and its financial and
another planet and these girls who have been local partners are finding sound value in real
kidnapped in the name of what cause and estate. Over 75,000 homes are undergoing
what religion? They certainly were not taken in construction, the sector is profitable and the
the name of the Islamic faith which promotes investors are many. On all fronts, Cameroon is
peace and tolerance. When I was a preteen, I striving to improve the quality of life of its peo-
lived in a predominantly Muslim country. My ple and the business environment. The local
grandmother, with whom I spent two years of banking sector’s dynamism and the financial
my life, read the Koran, prayed and respected partners’ keen interest are proofs of this eco-
the five pillars of Islam… and passed this on nomic recovery.
to us. But above all, she taught us love, sharing
BUSINESS IN CAMEROON
Publisher • Mediamania Sàrl • 6, rue du Léman • 1201 Genève • Suisse
Publication Director • Yasmine BAHRI-DOMON
Contributors • Beaugas-Orain DJOYUM, Idriss LINGE, Brice R. MBODIAM
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June 2014 / N° 17 -3-
BUSINESS IN CAMEROON
CONTENTS 15419 Cameroonian companies and
145 products have been accepted into
064Casting
CEMAC’s preferential regime
84The Cameroonian Head of State “declares
154For the World Bank, education can be
war” on the Islamist sect Boko Haram
a new source of economic growth for
104Real estate: an industry built to last Cameroon
114In 37 years, Crédit foncier du Cameroun 164Elara Capital Ltd may make Cameroonian
has financed the construction of debut with four hotels
69,500 low-income housing units
164Germany disburses 56.7 billion FCfa in
124State pulls out all stops to complete 2014-2016 to support decentralisation
10,000-home project
174Japan donates 4 billion FCfa to Cameroon
124Société nationale d’investissement (SNI) for micro-project financing
to create subsidiary in real estate
174Korea lends 28.7 billion FCfa to
134180 billion in financing from Turkey Cameroon for the construction of a first
now available for real estate projects rate hospital in Garoua
in Cameroon
184Cameroon: Greenpeace accuses Herakles
134Moroccan company, Addoha, to build Farms of illegal felling through a front
1,300 low-income housing units and company
26 villas in Yaoundé
19410,000 ovens to improve drying and
144Deutsche Bank and Vital Capital Fund quality of Cameroonian cocoa
join forces to build 40,000 low-income
194From July/August 2014, Nestlé Cameroon
housing units
will produce Nescafé using locally
144Local banks come to the rescue of low- produced coffee
income housing
204Cameroonian cotton no longer to
144Haba Business Group also seeking to be subjected to American market
build 10,000 homes dictatorship
-4- June 2014 / N° 17
BUSINESS IN CAMEROON
204Cameroon explores Israeli drip irrigation 264Cameroonian government and Actis make
technology AES deal official
214A dream year ahead for timber 274Cameroon State grants to oil products to
reach 450 billion FCfa in 2014
214Semry to develop 18,532 acres of land to
increase production 274Chad-Cameroon pipeline operating at
only 50%
214Cameroon starts inventory of agro-
pastoral production for FAO 284Cameroon starts prospecting for
renewable energy sources in five regions
224Treasury bills for 10 billion FCfa issued
since June 4 by Cameroon on the BEAC 284SNH forecasts production doubling to 57
market million barrels in 2016
22425% of loans given by Cameroonian 284Tower Resources wants to go faster on the
banks are risky, according to the oil block Dissoni
Managing Director of UBA
294Sundance Gets Strategic Infrastructure
234Amity Bank up for liquidation despite Development Partner
CEMAC Court of Justice decision
314Portuguese company Mota-Engil to build
234South Africa’s Standard Bank eyes Mbalam-Kribi railway
Cameroonian banking sector
324Standard Bank to raise financing for the
244Telephone company, Viettel Cameroon, Mbalam iron mining project in Cameroon
accused of importing labour heavily from
Vietnam 334Nestlé Cameroun plans to reduce its
importation of raw materials by 70%
254Cameroonian and Gabonese mobile
operators flood the Equatorial Guinean 334Société des eaux minérales du Cameroun
network deficit widened significantly in 2013
254Camrail wants to interconnect its 344Alfred Forgwei Mbeng appointed
passenger stations with fibre optics from Managing Director of Chantier naval et
North to South industriel du Cameroun (CNIC)
June 2014 / N° 17 -5-
BUSINESS IN CAMEROON
CASTING
JAKOB SIDENIUS
On May 30, 2014 in Douala, the eco-
nomic capital of Cameroon, Dane na-
tive Jakob Sidenius officially assumed
his post as Director General of Doua-
la International Terminal (DIT), the
concession holder of the Douala Port’s
container terminal, replacing Neville
Bisset. Jakob Sidenius is originally from Cotonou, Benin,
where he managed the container terminal of the Beninese
port which is reputed to be one of the most competitive in
sub-Saharan Africa.
But before Cotonou, the new director general of DIT, a
company that specialises in container terminal management,
earned his stripes as head of the container terminal at ports
of Havre, one of the most prestigious in France, Dunker-
que (France), Copenhagen (Denmark), Brigantine (Hong-
Kong) and Nouakchott (Mauritania). According to the new
chairman of the board at DIT, Hamadou Sali, with 25 years
of experience in the maritime industry, Jakob Sidenius’ ar-
rival at the helm of the Douala container terminal “demon-
strates DIT’s commitment to profound change.”
MARIO DE ZAMAROCZY
Following its mission in Cameroon on
May 8, 2014, the International Mone-
tary Fund (IMF) mission led by Mario
de Zamaroczy, strongly criticised the
gap identified between the State’s
“rare” revenue and “daring” expenditure
which is putting the “the budget under
pressure. The budget needs to be rethought in order to in-
crease revenue and, in light of the scarce resources, there
needs to be some prioritisation of expenditure,” stated the
IMF chef de mission.
For the IMF, the main budgetary elements involved are
State grants for oil products and grants to public sector
companies. For at least two years, the IMF has consistently
recommended to the government that it do away with the
oil product consumption grant which rose from 120 billion
FCfa in 2010 to 420 billion FCfa in 2013.
-6- June 2014 / N° 17
BUSINESS IN CAMEROON
JEAN-PIERRE BIYITI
BI ESSAM MARC SAMATANA
For the celebration commemorating The Cameroonian government has
the 149th International Communica- just made two international calls for
tions and Information Society Day, the tenders for the provision of 1,000
Cameroonian Minister of Postal Ser- tonnes of phosphatised steel to pack-
vices and Telecommunications, Jean age bales of cotton and 12 semi-trail-
Pierre Biyiti bi Essam, announced the er trucks for the transportation of
upcoming construction of the first in- Société de développement du coton
ternet hubs in Yaoundé and Douala, the two largest cities (Sodecoton) cotton.
in Cameroon. Market subscribers will have to make deposit payments of
Without providing a project timeline and the cost of the 20 and 24 million FCfa respectively for the provision of
investment, the Cameroonian government member stated phosphated steel for packaging and trailers. Bids are to be
that “the implementation of internet hubs at the local, na- submitted to the Ministry of Public Contracts no later than
tional, sub-regional and regional levels is a priority if we July 4 2014 (phosphate steel) and July 17, 2014 (trailers).
intend to solve the connection problems and improve the
quality of service as well as lower interconnection costs.”
OMER GATIEN MALÉDY JEAN DAVID BILÉ
Within the framework of the pro- The concession holder of the pub-
gramme to clean-up the cocoa and cof- lic electricity company in Cameroon,
fee sales in Cameroon, the CICC has AES Sonel, recently sold to the Brit-
announced that, as of the next season, it ish investment fund, Actis, launched
will be providing exporters with mag- May 27, 2014, a competition to name
netised cards. “We have invested heav- the new electricity production, trans-
ily in this equipment,” confessed Omer portation and distribution company in
Gatien Malédy, the Executive Secretary of the CICC. Cameroon, states the press release.
According to the cocoa and coffee sector, this innovation Christened “Who wants to write history?”, the competi-
aims to limit the sale of beans and berries which skews the tion launched by the company directed by Jean David Bilé
statistics and pauperises producers. Generally, people who Baptisé is for clients, company employees, students and
are sometimes quite unknown excel at this activity, but of- professionals in marketing and communication. They must
ten falsify the organisation’s professional IDs issued to dis- submit their proposals to the jury by June 10, 2014. Ac-
tinguish real exporters from imposters. cording to the competition’s organisers, the winning pro-
posal must “evoke a positive national symbol or expression
that belongs to our cultural heritage. It must be short, dy-
namic, easy to pronounce and to understand, be long-term
and demonstrate a commitment to the well-being of the
Cameroonian people.”
June 2014 / N° 17 -7-
BUSINESS IN CAMEROON FOCUS
The Cameroonian Head of State
“declares war” on the Islamist
sect Boko Haram
The presidents of Nigeria, Came- According moved by the story of the young having a serious impact on securi-
roon, Benin, Chad and Niger were to François captives which sparked an interna- ty in the northern region of Cam-
Hollande,
received at Elysée Palace on May the mee- tional movement to end the crisis eroon, a country that shares 1,500
17, 2014, by their French coun- ting led to that has been destabilising the the km of its border with the African
terpart, François Hollande, for the drafting African continent’s leading eco- economic power. According to se-
of a
a meeting in which the United programme nomic and demographic power. curity sources, due to its location
States, Great Britain and the Eu- of actions According to François Hollande, relative to Nigeria, Cameroon has
including
ropean Union also participated. border sur-
the meeting led to the drafting of often served as a base for members
“We are here to declare war on veillance, a programme of actions including of this hunted Islamist sect which
Boko Haram,” briefly stated the a military border surveillance, a military pres- has readily committed exactions in
presence
Cameroonian Head of State, Paul at Lake ence at Lake Chad and intervention Cameroon.
Biya. Chad and in case of danger. “Boko Haram is no
interven- longer a local organisation alone. As ON THE SECURITY
tion in case
By kidnapping over 200 young girls of danger. of 2009, its activity has become that FRONTLINE
and threatening to sell them, the of Al-Qaeda in West and Central There have been three kidnappings
Nigerian terrorist group wanted to Africa,” warned the Nigerian Pres- of expatriates (seven members of
generate publicity. One can say that ident, Goodluck Jonathan. the Moulin Fournier family in Feb-
it surpassed its objective beyond its The presence of the Islamist sect, ruary 2013 and the French priest
ambitions. The whole world was Boko Haram in North Nigeria is Georges Vandenbeusch in Novem-
-8- June 2014 / N° 17
FOCUS BUSINESS IN CAMEROON
By kidnap-
ber 2013, two Italian priests and ping over
a Canadian nun from the Tchéré 200 young
parish released in May, and the 10 girls and
threatening
Chinese abducted in Waza) which to sell
occurred in 2013 in northern Cam- them, the
Nigerian
eroon and were attributed to the terrorist
Nigerian Islamist sect. group
According to the Civil Cabinet wanted to
generate
publicity.
The presence
of the Islamist
sect, Boko
of the President of the Republic, participated, from December 6-7,
Haram in the Cameroonian Head of State’s 2013, at the Elysée Summit for Peace
North Nigeria participation at the Paris summit and Security in Africa.”
“demonstrates, once again, Came- In addition, the same institution re-
is having a roon’s unwavering commitment to calls that, “even more recently, at the
the search for solutions to the varied 4th Africa/European Union Summit
serious impact crises that are affecting Africa.” It is held in Brussels on April 2-3, 2014,
on security in for this reason, the Civil Cabinet the Cameroonian president made
maintains, that “Yaoundé hosted the two important interventions focused
the northern June 24-25, 2013 Summit of CEEAC, on the issue of security in Africa at
CEDEAO and CGG Heads of State the meeting on the situation in the
region of and Government on maritime safety Central African Republic and during
Cameroon. and security in the Gulf of Guinea. the working meeting on ‘Peace and
Then, President Payl Biya actively Security’.”
PARIS SUMMIT FOR SECURITY IN NIGERIA – CONCLUSIONS
The Heads of State of Benin, Cameroon, Chad, France, duction of more than 270 school girls, Nigeria and its neigh-
Niger and Nigeria, as well as representatives of the European bours have decided to immediately:
Union, the United Kingdom and the United States, parti-
cipated on 17 May 2014 in a Summit in Paris dedicated to 1. On a bilateral basis
security in Nigeria. This Summit has helped intensify regio- - Implement coordinated patrols with the aim of combating
nal and international mobilization to combat the terrorism of Boko Haram and locating the missing school girls
the Boko Haram group. - Establish a system to pool intelligence in order to support
The Summit concluded with several decisions that will this operation
strengthen cooperation between regional States, both to - Establish mechanisms for information exchange on traf-
enable the liberation of the abducted school girls and more ficking of weapons and bolster measures to secure weapons
generally to combat Boko Haram. The partners present (the stockpiles
European Union, France, the United States and the United - Establish mechanisms for border surveillance;
Kingdom) are committed to supporting this regional coope-
ration and strengthening the international means to combat 2. On a multilateral basis
Boko Haram and protect victims. All these States reaffirm - Establish an intelligence pooling unit
their commitment to human rights and particularly the pro- - Create a dedicated team to identify means of implementa-
tection of girls who are victims of violence and forced mar- tion and draw up, during a second phase, a regional coun-
riage or threatened with slavery. ter-terrorism strategy in the framework of the Lake Chad
Basin Commission.
Regional Cooperation
Nigeria and its neighbours will build analysis and response This approach is consistent with the 2012 Summit of the
capabilities that will contribute to enhancing the security of Lake Chad Basin Commission. The United States, the
all populations and the rule of law in the areas affected by United Kingdom, France and the European Union will coor-
Boko Haram’s terrorist acts. dinate their support for this regional cooperation through
To combat the Boko Haram threat, which has recently mani- technical expertise, training programmes and support for
fested itself through several murderous attacks and the ab- border-area management programmes.
June 2014 / N° 17 -9-
BUSINESS IN CAMEROON FOCUS ON REAL ESTATE
Real estate: an
industry built to last
In Tunisia, before the winds of lion low-income housing units. To The the low-income housing pressure
country
the Arab spring blew, the govern- reverse this trend, the Strategy Doc- officially continues to grow.
ment’s promotion of low-income ument for Growth and Employ- has an Even commercial banks are show-
housing led to the construction ment (DSCE), the country’s long- estimated ing their inclination to play their
deficit of
of 10,000 housing units yearly. In term development compass, aims 1.2 million part in promoting this sector – not
Cameroon, this same effort, led to build 10,000 emergency housing low-in- out of generosity, but certainly
by a construction company (SIC), units by 2015 along with incentive come because investing in real estate in
housing
a housing bank (Crédit foncier) mechanisms enabling the replica- units Cameroon is profitable. But this is
and a land development company tion of this type of project. a reality that the Cameroonian di-
(Maetur), was unable to yield the A year from the target date, news aspora has been slow to integrate to
same results, falling below the on the project have been hardly take advantage of it as other coun-
government’s expectations.
The foreign investors seem to have weighed
Since independence, Société immo-
bilière du Cameroun (SIC) has built the opportunities that abound in the real
almost 12,000 low-income housing
units, of which close to 50% have estate sector in Cameroon
been sold to individual clients. Bet-
ter still, the State-run low-income glowing, but these concerns are tries like Morocco have done where
housing entity strayed from its pri- appeased by the many upcoming their countrymen have become ma-
mary mission by investing in high- real estate projects that will be car- jor players in the national real estate
en, more profitable, but beyond the ried by foreign investors. The latter market. The door through which
reach of the average Cameroonian. seem to have weighed the oppor- this model could be imported re-
The results? The country officially tunities that abound in the real mains open, however.
has an estimated deficit of 1.2 mil- estate sector in Cameroon where Brice R. Mbodiam
-10- June 2014 / N° 17FOCUS ON REAL ESTATE BUSINESS IN CAMEROON
In 37 years, Crédit foncier du Cameroun
has financed the construction of
69,500 low-income housing units
Since its creation in 1977, Cré-
dit foncier du Cameroun (CFC),
the country’s housing bank, has
granted loans totalling 261 billion
FCfa which enabled the construc-
tion of 69,500 housing units and
the development of 15,700 plots
of land for building.
This achievement has not given rise
to celebration as the CFC’s Director
General, Jean Paul Missi confesses
that in Cameroon today, “the avail-
ability of low-income housing is far
below what is really needed.” It is
in an effort to address this grow-
ing concern that the CFC recently
Crédit foncier
du Cameroun
recently “The availa- an agreement for the opening of a interest shown by more and more
bility of line of credit of 10 billion FCfa to decentralised local collectives in the
launched low-in-
come hou- facilitate the financing of low-in- promotion of low-income hous-
a major sing is far
below what
come home construction projects
for Cameroonian districts.
ing, “only 50% of demand has been
met.” This is due to the high cost of
is really
campaign to needed.” Yet, the country’s housing short- construction materials and difficul-
age continues to grow. According ty accessing land ownership which
promote its to experts, despite the arrival of have become insurmountable ob-
loan products private real estate promoters and stacles to a population with rela-
developers in the sector and the tively little purchasing power.
for affordable
housing. STANDARDISATION OF LOW-INCOME HOUSING
LAUNCHED IN CAMEROON
launched a major campaign to pro- On October 10, 2013 in Yaoundé, the The establishment of these standards,
mote its loan products for afforda- Standards and Quality Agency (ANOR) states ANOR, rests with the Chinese
ble housing. held a workshop on the standardisation Programme Specialised Technical Com-
Meanwhile, Cameroon’s housing of construction norms for low-income mittee (CTS-PC), for which construc-
bank has partnered with bank- housing in Cameroon. The meeting was tion work was officially launched in the
ing institutions such as Ecobank intended to discuss the expectations of margins of the October 10, 2013 works-
to make these products available various entities (government, entrepre- hop. Once established, these standards
both to Cameroonians at home neurs, real estate companies…) with will not only be implemented within the
and those living abroad. On March regards to the formulation of 30 priority framework of the above-mentioned pro-
3, 2014, CFC and Fonds spécial standards to be met during the immense gramme, but also in other future low-in-
d’équipement et d’intervention low-income construction project to be come housing construction projects.
intercommunal (Feicom), signed carried out by Chinese companies.
June 2014 / N° 17 -11-BUSINESS IN CAMEROON FOCUS ON REAL ESTATE
State pulls out all stops to complete
10,000-home project
A commission chaired by Marie have been working on the Olembe company, Shenyeng, which also is
Rose Dibong, State Secretary within site. They will have to finish 640 working in Olembe, must build
the Ministry of Housing in Came- homes in a year while the Chinese 1,800 homes.
roon has already enabled the sale of
the first available 1,675 low-income
Société nationale
homes in Olembé in the suburbs of
the Cameroonian capital and built
within the framework of the govern-
d’investissement (SNI)
ment project to build 10,000 homes
by 2015. Put in place in May 2013,
the said commission’s mandate was
to create subsidiary
to provide the government with el-
igibility modalities for these homes.
But, in this project, which also in-
cludes the development of 5,000
plots of land for building, this ma-
jor achievement has not soothed
concerns surrounding the project.
in real estate
Indeed, the Cameroonian author- On April 21, 2014, the Managing estate activity, to increase its land
ities were supposed to have deliv- Director of Société nationale d’in- ownership and better manage the
ered the first 1,500 homes back in vestissement (SNI) in Cameroon, park that is already in existence.”
2010, based on the initial timeline, Yaou Aïssatou, published a call for Interested consultants are invited
but numerous delays have stalled expressions of interest for “spe- to submit their application no lat-
the project, particularly the lack of cialised consultants” for pre-se- er than June 12, 2014 to the SNI’s
financing expressed by the entities lection to sit on the advisory Directorate of Real Estate Opera-
that received the contracts. commission for the “organisation tions in Yaoundé.
In order to fulfil its commitment to of SNI’s real estate subsidiary”, a The SNI real estate subsidiary
build 10,000 low-income homes in company that is the right hand of currently being created will find
Yaoundé (Olembe) and in Doua- the Cameroonian State in the area in the real estate sector another
la (Mbanga-Bakoko) by 2015, the of public entrepreneurship. public company, Société immo-
Cameroonian government, which Holder of the State’s shares in sev- bilière du Cameroun (SIC), which
turned to foreign partners (the eral private and public companies has built around 11,000 housing
Chinese and Spaniards), has been in the country, Ms Yaou explains units since independence, thus
scrambling for several months. in the above mentioned document helping to reduce the country’s
During a recent site visit by Min- that the SNI “is planning to in- housing shortage which stands to-
istry of Housing officials, employ- vest in real estate in Yaoundé and day at one million.
ees of the Spanish company Coffor Douala in order to develop its real
-12- June 2014 / N° 17FOCUS ON REAL ESTATE BUSINESS IN CAMEROON
180 billion in financing from Turkey now
available for real estate projects
in Cameroon
and the Cameroonian government,
maintains that “out of the world’s
200 best housing construction com-
panies, Turkish multinational com-
panies make-up the top 30”.
From March 25-28, 2013, the Cam-
eroonian Head of State, Paul Biya,
had led an economic mission to
Turkey. Following this visit, the
Ministry of Urban Development
and Housing had announced the
According to Omer Faruk Dogan revealed the news following a meet- signing of an agreement to build
(photo), Turkish Ambassador to ing with the Cameroonian Minister 8,000 low-income homes in Cam-
Cameroon, Turkish real estate and of Urban Development and Hous- eroon with help from the world’s
low-income housing investors will ing, Jean Claude Mbwentchou. 14th economic power’s investors.
be disbursing a total of 360 million The Turkish diplomat, who hopes One should note that Turkish Air-
dollars, which is approximately 180 that “this year will be the year for lines has just launched a route from
billion FCfa for projects in Came- completing” the real estate pro- Cameroon.
roon. The Turkish Ambassador just jects of the Turkish business men
Moroccan company, Addoha, to build
1,300 low-income housing units
and 26 villas in Yaoundé
According to the Moroccan Ambas- tonnes of cement per year, with the
sador to Cameroon, Lahcen Saile, able to reach one million tonnes.
the Moroccan company, Addoha, The new cement factory is expected
which specialises in construction to end the monopoly of the French
materials, will soon be launching company Lafarge’s Camerooni-
1,300 affordable housing units and an subsidiary, Cimencam, on the
26 villas. Moroccan diplomats have country’s cement market; a monop-
not specified the cost of the project oly that will have lasted 50 years.
which will consolidate its presence But along with CIMAF, Cameroon
in Cameroon. will soon have a new cement facto-
The Moroccan construction giant ry – that of the Nigerian billionaire
has already set-up a cement factory Aliko Dangoté. Local communities
in the Bonabéri industrial zone in and authorities are counting on the
Douala, Cameroons’ economic cap- arrival of these new operators so
ital. CIMAF (Ciments de l’Afrique) that they can reduce the construc-
has been operational since Febru- tion costs of building these hous-
ary 2014, with a production capac- ing units, particularly to reduce the
ity initially estimated at 500,000 price per bag of cement.
June 2014 / N° 17 -13-BUSINESS IN CAMEROON FOCUS ON REAL ESTATE
Deutsche Bank and Haba Business
Vital Capital Fund Group also
join forces to build seeking to
40,000 low-income build 10,000
housing units homes
Received by the Cameroonian in some towns and cities in Came-
Housing and Urban Development roon where the low-income housing
Minister, Jean Claude Mbwentchou, deficit is estimated to be one million
on March 5, 2014, heads of Vital units.
Capital Fund, a Swiss investment The starting point for this part-
fund, have announced an agreement nership between the Cameroonian
with Deutsche Bank, to finance the government and Vital Capital Fund
construction of 40,000 low-income was the investment fund’s founder’s
housing units in Cameroon. meeting at the President’s office on
The Cameroonian State and the in- March 19, 2013. Following this ex-
vestment fund had already signed change, the latter indicated that the
an agreement of this nature in Oc- fund had a five hundred million dol-
tober 2013 in Yaoundé. This earlier lar line of credit (250 billion FCfa)
agreement included the building of to carry-out investment projects in On April 25, 2013, in the Services
40,000 homes in tranches of 5,000 Sub-Saharan Africa. of the Prime Minister, Philémon
Yang, the Qatari group Haba Busi-
Local banks come to
ness, represented by Thomas David
Coyne, and the Cameroonian Min-
ister of Urban Development and
the rescue of low-
Housing, signed a memorandum of
understanding for the construction
of 10,000 homes by Haba Business
income housing
Group in Cameroon’s ten regions.
Construction is expected to be
completed in three years.
Accused of not financing the na- dicated loan will be disbursed in This is the first solid step emanat-
tional economy, despite excess li- two phases: 2.5 billion FCfa to start ing from the investment prospect-
quidity, Cameroonian banks see in construction and 3.5 billion FCfa ing visit made by the Qatari group
real estate, particularly in low-in- subsequently. This public-private to Cameroon from April 22-27,
come housing, interesting pros- partnership is necessary to resolve 2013, led by its president, Hassan
pects for their placements. This is Cameroon’s low-income housing Ali Bin Ali.
how, for example, a 6 billion FCfa problem, according to the Minister During the meeting held between
agreement was signed between the of Finance, Alamine Ousmane Mey. the Qatari group’s president and
Ministry of Finance and three local In addition to loosening their purse members of the Cameroonian gov-
banks to finance the construction strings, Cameroonian banks have ernment, apart from real estate pro-
of 560 low-income homes by the been making great strides in the jects, several projects were revealed
Spain-based company, Coffor. promotion of their products for real that Haba Business Group wishes to
To the pot, Ecobank added 2.5 estate financing. Bicec Immo is one develop in Cameroon. For exam-
billion FCfa while Afriland First such example. It is a product that ple, the company will be building
Bank and BGFI Bank respectively enables bank customers to access an international airport in Douala
contributed 2 billion FCfa and 1.5 financing for real estate projects. and gold mining in the East region
billion FCfa. This three-year syn- of Cameroon.
-14- June 2014 / N° 17BUSINESS IN CAMEROON
PUBLIC MANAGEMENT
LIST OF COMPANIES ADMITTED
19 Cameroonian companies TO THE CEMAC PREFERENTIAL
SYSTEM
and 145 products have -C olgate Palmolive Cameroon (soap,
toothpaste)
been accepted into -A
-S
lubassa (aluminium kitchen utensils)
CR Maya (refined oil)
CEMAC’s preferential
-S ocatral (aluminium sheets)
- Sitron
-C hococam (chocolates and sweets)
regime -A zur (soap and detergent)
- Socafer
-U nalor (match sticks)
The Cameroonian Minister of tial arrangement, these companies
Trade, Luc Magloire Mbarga Atan- will have obstacle-free access to the -S ofavinc (wines)
gana, announced on April 30, 2014, markets of all CEMAC member - Sicalia
that the Central African Mone- states, thus significantly improving -S emme Mineral Water (mineral
tary and Economic Community their competitiveness in a context of water)
(CEMAC) cabinet approved 19 heightened competition.” -N ouvelles Parfumeries Gandour (cos-
Cameroonian companies, rep- For the Cameroonian government, metic products)
resenting 145 products, for the the news is considered to be a major -N estle Cameroun (milk and flavourings)
CEMAC preferential system. Mr step in the promotion of Cameroo- -N ew Foods (biscuits, chocolates,
Magloire revealed that the said nian products on external markets, sugar)
companies will officially receive particularly in the CEMAC space, -N dawara Tea Estate (tea)
their approval on May 2, 2014 at a which has six countries: Came- -C ameroon Tea Estate (tea)
ceremony held in Yaoundé. roon, the Congo, Gabon, Equatorial -A ir Liquide
According to the Trade Minister, Guinea, Chad and the Central Afri- - The major chemical complexes of
“through the CEMAC preferen- can Republic. Africa
For the World Bank, education can be a new
source of economic growth for Cameroon
According to the World Bank, it will be to the World Bank’s current projections of
difficult for Cameroon to become an 4.8-5.4%. This situation calls for renewed
emerging nation by 2035, as the author- attention to growth sources in Cameroon.
ities have planned, in light of the lags it In light of the major impact of education
has already encountered relative to its on long term growth, a revision of growth
growth projections. The international sources should begin to examine the qual- as health, can contribute significantly to
financial institution noted in its last re- ity of human capital available,” analysed Cameroon’s goal of becoming an emerg-
port that “the average growth rate from the World Bank. ing economy by 2035.”
2010 to 2013 was 4.1%, which is one per- Supporting this recommendation, the World Bank analysts are also advising
centage point below the Vision 2035 tar- Bretton Woods institution revealed that the Cameroonian government to invest
get (and 0.8 percentage points below the “endogenous growth theories have been heavily in education because, “although
DSCE reference point)”. tested over the last three decades in a lot expenditure in public education has in-
To reverse the trend, “make-up for the of countries and have confirmed that hu- creased in Cameroon, moving from 1.9%
lag and meet the official goals for 2020, an man capital plays an essential role in eco- of GDP to 3.3% in 2003, it has since been
annual growth rate of 9.5% for the period nomic growth.” In this regard, conclud- at a standstill, remaining below the re-
2014-2020 would be necessary, compared ed the World Bank, “education, as well gional average of 4.3%.”
June 2014 / N° 17 -15-BUSINESS IN CAMEROON Elara Capital Ltd may make Cameroonian debut with four hotels Vinod Tailor, Chairman d’Elara Capital Ltd, a London-based Indian capitalised investment bank, was recently received in Yaoundé by the Secretary General to the Cameroonian President’s Office, Fer- dinand Ngoh Ngoh. Leaving Palais de l’Unité, the Indian investor revealed that Elara Capital Ltd is interested in investing in Cameroon, a country which, accord- ing to him, holds “a lot of opportunities”. The Chairman went on to explain that Elara Capital is especially interested in sectors such as health (to build a lead- ing hospital), agriculture (to build an agro-industrial complex), education (to manufacture school books, of which 80% are still covered by French com- pany Edicef), large-scale distribution, transportation and mining. But before entering these sectors, Elara Capital plans to make its debut in Cam- eroon with the construction of four high-end hotels: two in Yaoundé, one in Douala and another in Kribi. This is what Rodolphe Simo Kam, Elara Capital Ltd’s Cameroonian partner and ADG of the Sofitoul Group, a company active in tourism, revealed. Germany disburses 56.7 billion FCfa in 2014- 2016 to support decentralisation On May 13, 2014 in its capital city, Cam- a loan of 31.5 billion FCfa (around 48 eroon’s Minister of Economy, Emma- million euros). nuel Nganou Djoumessi, and German Germany is one of Cameroon’s largest Ambassador to Cameroon, Klaus-Lud- financiers in the decentralisation pro- wig Keferstein, signed two financing gramme. Ambassador Klaus-Ludwig Ke- agreements worth 56.7 billion FCfa ferstein asserts that improving the living (around 86.5 million euros). conditions of people living in decentral- The money that will be provided by ised districts helps to fight poverty. the Federal Republic of Germany for For the 2011-2013 period, the Federal the 2014-2016 period will facilitate the Republic of Germany disbursed 99.5 financing of the on-going decentrali- billion FCfa in public development sation process in Cameroon as well as aid and this sum will increase by 11% foster local development. According to in 2014-2016 according to a revelation the Ministry of Economy, the financ- made on December 3, 2013 in Yaoundé ing agreements signed between the two during the opening of intergovernmen- countries will involve a donation of 25.2 tal negotiations between Cameroon and billion FCfa (38.5 million euros) and Germany. -16- June 2014 / N° 17
BUSINESS IN CAMEROON
Japan donates 4 billion Korea lends 28.7 billion
FCfa to Cameroon for FCfa to Cameroon for
micro-project financing the construction of a
first rate hospital in
Garoua
On May 5, 2014, the Cameroonian Minister of Economy, Em- On May 14, 2014, Cameroonian Head of State, Paul Biya is-
manuel Nganou Djoumessi (photo), and the Japanese Min- sued a decree authorising the Minister of Economy, Emma-
ister of Foreign Affairs, Fumio Kishida, signed an agreement nuel Nganou Djoumessi, to sign a loan agreement with South
for the donation of a total of 800 million yen (approximately Korea for a total of 57.457 million USD which is approximate-
4 billion FCfa). According to Minister Nganou Djoumessi, ly 28.7 billion FCfa.
this gesture on the part of the Japanese government is a con- This financing will be used to build and equip the new top
tribution to the Cameroonian government’s crusade against hospital in Garoua, the regional capital of the North – one of
poverty. Cameroon’s seven regions. Prior to this hospital, Korea had
According to the Cameroon government’s daily publication, already financed the construction of the Emergency Medical
this is the fourth donation made by Japan to Cameroon which Centre being completed not far from the central hospital of
brings the total given to 11 billion FCfa. the Cameroonian capital.
The funds have been used to implement a 150-egg ranch in the Outside of the health sector, South Korea’s financial contribu-
northern region of Cameroon, the construction of a chicken tions in Cameroon are also apparent in the area of training,
slaughterhouse in Bafang in the West, the building of Société particularly the on-going construction of four training centres
de transformation de manioc de Sangmélima (Sotramas – the of excellence, a project led by the Ministry of Employment.
Sangelima Cassava-Processing Company), in the South and With regards to direct investment, Korea is very present in the
the establishment of telemedicine. Cameroonian mining sector.
June 2014 / N° 17 -17-BUSINESS IN CAMEROON AGRIBUSINESS Cameroon: Greenpeace accuses Herakles Farms of illegal felling through a front company On May 27, 2014, the international deed, the law states that ventes de coupe ed in the vente de coupe.” NGO, Greenpeace, presented its inves- may only be granted within the frame- In November 2013, Herakles Farms fi- tigative report in which it was revealed work of a call for tenders, which was not nally obtained a provisional land con- that “the American company, Herakles extended to Uniprovince.” Furthermore, cession on close to 50,000 acres to cul- Farms, by way of a front company, con- “vente de coupe no. 11-02-10 is all the tivate palm oil in the South-West region spired with the Cameroonian Ministry of more suspect as it does not appear in of Cameroon. But, it was in 2009 that Forestry and Wildlife (which, so far, has the more recent list of forestry licences the agro-industrial company signed an issued no response to the accusation) to published by the Ministry of Forestry on establishment agreement for the sale of In light of yet another infraction by Herakles Farms revealed by national and international civil society organisations, Greenpeace has called on the State of Cameroon to intervene. obtain unlawfully a logging licence as a March 10.” Yet, it is dated January 28, over 185,000 acres of land. However, in- part of the land deal it was granted in No- 2014 and the corresponding certificate ternational NGOs such as Greenpeace vember 2013. Herakles Farms is prepar- was delivered on February 6 which is and the Oakland Institute, linked locally ing to export timber felled, in violation of over a month before the Ministry pub- by the CED, have always accused Her- Cameroonian law, to China.” lished its list of valid licences for 2014. akles Farms’ Cameroonian subsidiary of Greenpeace revealed in January 2014 flouting the rights of residents located that “a little known company” named REPEATED COMPLAINTS in the area of various project sites and Uniprovince, which was bought not Head of Greenpeace Africa, Irène Wabi- even of violating regulations related to long ago by Herakles Farms’ Cameroo- wa, concluded that this oversight is, “by environmental protection in Cameroon. nian subsidiary, obtained a licence from all appearances, a deliberate attempt to The multiple complaints by NGOs as the Cameroonian government (ventes conceal an illegal decision made in fa- well as those of local inhabitants, led the de coupe number 11-02-10) for over vour of a company behind which Her- Ministry of Forestry and Wildlife, Philip 6,000 acres. The ventes de coupes was akles Farms was hiding.” In light of yet Ngole Ngwese, to temporarily suspend done on the property of Herakles Farms another infraction by Herakles Farms activity at Herakles Farms for violating in an area where the company conduct- revealed by national and international existing forestry legislation. But this ed most of its illegal timber activity be- civil society organisations, Greenpeace measure was lifted several weeks later in fore even the signing of the presidential has called on the State of Cameroon to May 2013, some six months before the decree granting it a provisional land intervene “so that the total stock of tim- presidential decree officially granting concession in November 2013. ber may be seized and the illegal vente de the 50,000 acre deal to the American However, Greenpeace notes that, “the coupe be called off. An investigation must company. vente de coupe was done in blatant vio- be opened to determine who is responsible lation of Cameroonian forestry laws. In- and take steps against all parties implicat- BRM -18- June 2014 / N° 17
BUSINESS IN CAMEROON 10,000 ovens to improve drying and quality of Cameroonian cocoa The National Cocoa and Coffee Board (ONCC) has just launched the first phase of rehabilitative opera- tions on the ovens for drying cocoa in the production areas where the rainy season coincides with harvest. According to the ONCC, a total of 2,500 ovens will be rehabilitated in 400 villages of the South-West region, for an investment of 1.7 billion FCfa. The operation will last 12 months. The ONCC indicates that a total of 10,000 ovens have been identified in the South-West and Coastal regions. All this drying equipment was built in the late 1990s and is practically in a dilapidated state today as the standard lifespan of a drying oven is usually 12 years. This was explained by Joël Martin Atangana, National Project Coordinator. The oven rehabilitation operation, stated Michael Ndoping, Director General of the ONCC, should help to improve the quality of Cameroonian cocoa and in- crease producers’ earnings. Cocoa dried in defective ov- ens or dried through small scale means in the rainy sea- son gives-off a smoked odour which affects the quality and, consequently, the price on the international mar- ket. According to Mr Ndoping, the price vacillates be- tween 40 and 80 pounds Sterling per kilogramme. This represents a major loss of revenue for the sector which ONCC estimates to be 48 billion FCfa per season. From July/August 2014, Nestlé Cameroon will produce Nescafé using locally produced coffee As of July, or in August at the very lat- the CEMAC zone is imported from Côte market, particularly in the north where est, Nestlé Cameroon, a subsidiary of d’Ivoire. coffee is regularly consumed. The same the Swiss agro-foods giant, will pro- According to current practices within product imported from Nigeria is much duce Nescafé using Cameroon-grown the group, the Ivorian subsidiary which cheaper and has been invading the mar- coffee. This was revealed by Richard produces all Nescafé product sold in ket through unsecured borders. It is in Dongué, Nestlé’s Public Relations and Africa (9,000 tonnes) and exported to an effort to overcome this practice that Institutional Communications Direc- Poland and Greece (3,000 tonnes), sells Nestlé Cameroon describes as “unfair tor to Central Africa on May 23, 2014 in the product to all other subsidiaries for competition” that it has decided to pro- Douala at a press conference. According the same price. However, while Came- duce Nescafé locally. to the Nestlé head, the coffee shipments roon pays Customs duties amounting Basically, indicates Mr Dongué, Nestlé needed to achieve this goal have already to 30% of imported Nescafé, a country Cameroon will buy coffee locally and been purchased. like Nigeria, which shares its highly per- will send it to Côte d’Ivoire for its first Nestlé Cameroon plans to take advan- meable border with Cameroon, imports round of processing. This coffee will tage of its addition to the Cameroonian its Nescafé duty-free thanks to the free then be sent back to Cameroon in its government’s “indirect refinement initi- trade zone created by the UEMOA Trea- semi-refined form, which will enable it ative” provided for in the Cameroonian ty – a zone to which Nigeria and Cote to be exempted from some fees as a part Customs code which mandates a reduc- d’Ivoire belong. of the “indirect refinement initiative”. tion in the Customs royalties. Indeed, Mr Dongué explains that Nescafé im- Nestlé Cameroon will complete process- Mr Dongué explains that the Nescafé ported from Côte d’Ivoire by Nestlé ing and will package it so that it can be sold in Cameroon and in throughout Cameroon is hardly competitive on the sold at competitive prices. June 2014 / N° 17 -19-
BUSINESS IN CAMEROON Cameroonian cotton no longer to be subjected to American market dictatorship As of the 4th quarter of 2014, the Inter- d’Ivoire, Mali, Burkina Faso and Benin) ly, with the new contract, cotton prices continental Exchange (ICE) will launch Brazil and India will now influence cot- should better reflect the cotton market its new cotton contract. This was the ton pricing on the international market. context of most countries. news stated on May 1, 2014 by ICE The new futures contract will provide Although the global cotton sector is cel- Futures US president, Ben Jackson. Ac- an alternative to contract No. 2 which is ebrating this new development, many cording to experts, this is not only “a the current sector reference worldwide, experts are concerned about the capac- major page being turned in cotton trad- but only takes into account the particu- ities of African producers, including ing” globally, but also “a huge step for- larities of the American market when those of Cameroon, to respect the com- ward for African cotton producers,” in- determining pricing. mitments outlined in the new contract cluding those in Cameroon. Yet, experts explain that, for several with regards to delivery deadlines, logis- With the new contract to take effect in years now, contract No. 2 has proven tics and quality. the fourth quarter of 2014, the respec- vulnerable “due increased artificial price tive realities in Africa (Cameroun, Côte manipulation on the markets”. Basical- Cameroon explores Israeli drip irrigation technology The Cameroonian Minister of Agricul- Israeli technology was introduced for the sador, Gedeon Behard, explained that ture and Rural Development, Essimi first time in Africa in the Eastern Cape drip irrigation technology is “the only Menye, has just visited a drip irriga- region of South Africa in 2003, accord- technology in the world that facilitates tion technology experimentation site ing to our sources. The project’s web- watering plants at the root.” It also allows located in the Massakal district in the site (www.sendeveloppementlocal.com) “reducing water and fertiliser usage to a Extreme-North region of the country. states that drip irrigation has enabled minimum,” according to experts, and On the ground, Minister Essimi Menyé “most fruit and vegetable farmers who pre- remains “the most significant innovation urged the Cameroonian people to grasp viously produced seasonally” to “vary their in agriculture since the invention of sprin- this technology which enables farmers culture four times per year which invreased klers in the early 1930s, which replaced ir- in arid areas to significantly improve production by over 400%.” rigation methods that previously required their harvests. Created in Israel, former Israeli Ambas- too much water.” -20- June 2014 / N° 17
BUSINESS IN CAMEROON
A dream year ahead for timber
Cameroonian operators in the timber
are already licking their lips halfway
into this fiscal period. This was revealed
by the International Tropical Timber
Organisation (OIBT), quoted by Com-
modafrica, when it stated that “recent
price hikes for the most in-demand tim-
ber have now consolidated with a consist-
ent demand and producers are convinced
that this will continue into the third quar-
ter.” For Commodafrica, “Cameroonian Vietnam and India.” Among sectors hit hard by the 2008 in-
exporters are especially well positioned, One source of concern that has arisen in ternational financial crisis, with up to
their orders going all the way to the last this global timber market analysis is “the 30% in cancelled orders by Europe and
quarter of 2014.” producers’ capacity to provide enough the USA, according to the forestry un-
At the root of this blossoming in the logs to keep up with the shipment sched- ion, Cameroonian timber has since then
global timber market is “an increase ule.” But, from this point of view as well, made a rebound affirming its position
in demand covering several markets, Cameroon’s timber sector has been for- as the number two export product from
including Europe and the United States tunate. “Exports from Cameroon, though that country (13.3% in profits) behind
while demand in Asia and the Middle lower, have been going strong and this lev- oil (50% of export profits). With 45,000
East has been steady over the last few el of demand supports the entire market,” jobs, it contributes to the training of 6%
months. Outlook is positive for China, stressed OIBT analysts. of the nation’s GDP.
Semry to develop Cameroon starts
18,532 acres of land to inventory of agro-
increase production pastoral production
for FAO
The Cameroonian government and the United Nations Food
and Agriculture Organisation (FAO) officially started on
May 14, 2014 in Yaoundé, the preparatory inventory work on
According to the Managing Director of Société de modern- agro-pastoral production in Cameroon. The programme will
isation de la riziculture de Yagoua (Semry), Marc Samatana, enter its practical phase in December 2015.
the public agro-industrial company is to start, as of 2015, the Senior officials of the Ministries of Agriculture and Animal
rehabilitation of 18,532 acres of land devastated by flooding Husbandry have explained that, meanwhile, technical docu-
that occurred in rice zones in northern Cameroon in 2012. ments are being prepared to draft the methodology and ad-
This restoration of cultivatable land will make it possible to go ministrative procedures required to run the project. The in-
beyond the 27,181 acres farmed in 2013, which only yielded ventory will be taken over a four-year period starting in 2015
80,000 tonnes of unshelled rice last year, most of which was to finish in May 2019, based on initial forecasts.
sold to Nigeria. The inventory, which will enable the updating of Cameroon’s
Annual rice demand in Cameroon is around 300,000 tonnes. agro-pastoral production, presented by the Minister of Agri-
Facing such miniscule production levels and the local un- culture, Essimi Menyé, as one of the key aspects of the transi-
der-consumption of the said produce due to uncompetitive tion to second generation agriculture, will cost the Cameroo-
prices, Cameroon imports approximately 120 billion FCfa per nian Treasury 8 billion FCfa. The FAO’s technical support to
annum, mostly from Thailand. the project is estimated to cost 221 million FCfa.
June 2014 / N° 17 -21-BUSINESS IN CAMEROON
FINANCE
Treasury bills for 10 billion FCfa issued since
June 4 by Cameroon on the BEAC market
FCfa, as announced by the central bank ary 2014.
in a press release. These Treasury bills, According to the provisional calendar
of which the interest is based on their published by the Cameroonian gov-
nominal value, have a maturity of 26 ernment, the operation planned for the
weeks. BEAC market on June 4 should con-
This first operation of the State of cern Treasury bills with a maturity of
Cameroon on the BEAC market for the two years. But Cameroon’s Treasury has
month of June has come after an auc- visibly changed its mind, certainly due
tion held on May 28, 2014, largely below to the non-maturation of projects that
the performance achieved since the start have to be financed by this loan in the
of the year by these securities. On May medium term. This absence of mature
28, the subscription rate of Treasury projects, as revealed at the Ministry of
bills at 52 weeks issues by the State of Finance, has pushed to defer the bond
On June 4, the Cameroonian Treasury Cameroon reached 203% only, against loan of 180 billion FCfa initially planned
Department has again issued Treasury an average of 400% for the totality of for the month of June 2014.
bills for a total amount of 10 billion fundraising activities made since Janu-
25% of loans given by Cameroonian banks
are risky, according to the Managing Director
of UBA
Speaking on June 1, 2014 in Douala at tios given to banks by the Central Afri-
the 3rd “GICAM University” event, the can Banking Commissions (COBAC).
Managing Director of UBA Cameroon, Indeed, noted Félix Zogning, according
Georges Wega, revealed that 25% of to the requiremens of the banking sec-
loans issued by Cameroonian banks tor watchdog of the CEMAC zone, the
have uncertain outcomes. “This means banks of that region cannot have a loan
that if the bank granted 100 loans in a portfolio of an amount greater than 8
given year, twenty-five of them would times the total funds of the bank. Fur-
run the risk of not being reimbursed,” he thermore, it is forbidden for banks to
clarified, countering the claim made by grant a loan of which the amount is
the business community that commer- equivalent to 15% of the banks own
cial banks have been blocking access to funds.
credit. All these regulatory restrictions con-
Expanding on the remarks made by the tribute to limiting loan access in Cam-
UBA Managing Director, Felix Zogn- eroon in keeping with the limited
ing recalled that reprimands made to structure of the companies that request
banks with regards to loans can also be financial support from Cameroonian Georges Wega, Managing Director of UBA
the result of the strict adherence to ra- banks, stated Georges Wega. Cameroon
-22- June 2014 / N° 17You can also read
