Gicam calls for caution as CAR legalizes cryptocurrency

The employers group in Cameroon (Gicam) gave its impressions on the recent legalization of cryptocurrencies in the Central Africa Republic. Gicam believes that although this decision may shed some media light on the country in terms of tourism and boost its sympathy capital with the crypto-friendly community, it also carries many consequences.

First, many challenges must be met for cryptocurrency to become a reality in CAR. The Central African Republic is a member of the Cemac region and is de facto subject to all monetary regulations in the region. “The country is subject to the Convention governing the Central African Monetary Union (CAMU), which provides, among other things, that: the legal tender of the member states of the Union is the Franc of the Financial Cooperation in Central Africa (FCFA),” Gicam said stressing that the above-mentioned Convention does not provide for any other legal tender other than the CFA Franc in member countries, and consequently in CAR. Besides the exclusivity of the monetary unit, this convention also grants the exclusive privilege of issuing currency in the CEMAC zone to the Bank of Central African States (Beac).

Reservations and caution

Gicam notes that even if the problem of compliance with community standards were resolved, and the operationalization institutions were put in place (National Agency for the Regulation of Electronic Transactions-ANTE and Trust), the new Central African law will have little effect in the short and even medium-term. The main reason for this is that the country's Internet penetration rate was only 11.3% as of January 2022, the literacy rate was 48%, and accessing electricity remains a headache for the population.

In conclusion, the employers’ group states that "the legalization of cryptocurrencies by countries such as CAR [or El Salvador, the first country to do so, ed] will have heavy consequences for both countries as they will have to take other regulatory and incentive measures to make cryptocurrency a tool for economic and social development.

The Gicam suggests regulatory measures to address the choice of the CAR “at a time where most countries are still cautious about cryptocurrencies.” As proof, the group said, some countries have opted for a hard or soft ban on the technology, even though it is technically difficult to enforce such a ban, especially for the acquisition of dematerialized goods and services.

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CAB project: Cameroon misses out on CFA7bln investment

Cameroon’s Minister of Telecommunications, Minette Libom Li Likeng, presided last May 18 over the 9th ordinary session of the Steering Committee of the Central Africa Backbone (CAB) to review the progress made so far.

According to the official, some activities on the project have been canceled at the instigation of the African Development Bank (AfDB), the main fund provider for the initiative. The institution has made this cancelation the condition for saving the funding dedicated to the project. However, Minette Libom Li Likeng revealed, meeting this AfDB requirement has caused Cameroon to lose CFA7 billion in funding. "The cancelation of these activities is equivalent to about 24% of the amount of the loan agreement. This is more than CFA7 billion of the CFA30 billion granted," she reported.

The minister indicated that the configuration of the fiber optic infrastructure has been modified. The construction of the technical premises to house the active equipment of the fiber optic has been suspended and the initial contract terminated due to the slowness in its execution. Also, Huawei, a partner on the project, suggests an outdoor approach rather than an indoor one; 13 other activities that have not yet been launched, most of which are in the process of being contracted (awaiting AfDB’s approval) or are to be carried out in the Northwest and Southwest regions, have also been canceled.

Minister Minette explains that over the past two years, the CAB project has experienced significant disruptions, partly due to the cumbersome nature and misunderstandings in its implementation. These include the management of no-objection requests, difficulties in managing project staff throughout 2020, and the delay in recruiting the procurement specialist, which resulted in non-compliance with the procurement plan and subsequently the project's annual work plan.

Other major disruptions include the Covid 19 pandemic, which led to multiple suspensions of several contracts, systematic postponements of the work of the contracting committees, and delays in the execution of certain contracts; and the insecurity in the Northwest and Southwest regions, which led to the reconfiguration of the entire project with the cancelation of all the projects registered in these regions.

Built on a regional component and national components, the CAB project started in Cameroon in 2016 but has only seen real development since 2018, particularly in 2019. This includes the start of work on laying fiber optics in the southern region of the country, for interconnection with Congo, and in the eastern region, for interconnection with the Central African Republic.

Courtesy Cameroon business magazine

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Cameroon Inflation rate risks exceed 3% threshold in the coming months

Cameroon's rising inflation has started posing a serious worry economic overseers.

The National Institute of Statistics In a recent note, the public entity has earned that if the trend continues, the rate could exceed the 3% threshold set in the Cemac sub-region.

At the end of March this year, inflation averaged 2.9% in the country, very close to the Cemac cap. Worse, some regions have already either reached or exceeded it. These include Ebolowa (+4.5%), Bamenda (+4.4%), Maroua (+4.3%), Bertoua (+3.9%), Bafoussam (+3.6%) and Garoua (+3.0%). INS said the price hike is mainly due to an increase in the prices of food products, especially meat, bread, cereals, flour, fish, oil, and vegetables.

"The rise in the prices of food and energy worldwide constitute a double threat of inflation,” warns the institute. As a result, the agency says, local businesses are likely to face more difficulties in sourcing inputs. This, in turn, could raise producer prices and thus accelerate inflation in local products, including manufactured goods and agricultural products.

To stabilize the general price level, if not to reverse the trend, the states agency suggests that the government implement additional support measures (both comprehensive and targeted) for businesses and households. It also recommends that the policies for the structural transformation of the economy be accelerated to strengthen the capacity of the national economy to face shocks related to the supply of goods and services.

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Massive turn out on May 20 celebration in Misaje is no longer news

Telling someone that there was a mamouth crowd on May 20 2022 celebration in Misaje Sub Division in Donga Mantung Division, will not mean much to him or her.

Misaje Sub Division from 2007 has never known any political party other than CPDM.

Before 2007, Misaje Sub Division was predominantly SDF. The social Democracy Front party ( SDF) which brought vertically nothing to the sub Division. Social misery and economic stagnation was all they harvested from Fru Ndi's led opposition party.

The subdivision was politically eclipsed . The roads leading to the subdivision from North to west, south to East were in appalled state for years.

Infrastructure wise, the subdivision had northing as she was in limbo.

The SDF political lilliputians who enjoyed the political monopoly at the time, had no forthoughts, no vision and were only contented with the local heroism. Their politics was limited to "shaa" houses -local liquor bars.

Their prowess and pride of political leadership was epitomized by their party police'popularly known as Vanguards, dressed in white and green uniform with a baton swinging their waste like colonial massengers.

They were the bodyguards of the National chairman, provincial and District chair persons.

There was a lot of euphoria during occasions,seeing the Vanguards marching pass, as the military of the party.

Misaje political elite at the time  were very counted with that  and  failed to understand the crocks of politics. 

  It was not until 2007,that Prof. Fuh Calistus Gentry came like Christ from an obscured political background  and effected an earthquake that smatched the opposition party, giving SDF the bashing of the century. 

 Fuh Calistus had no parental political background as  is phenomenal in Cameroon,

 but his  intellectual and political magnanimity brought victory to the  CPDM.  

   He then  entered Parliament  as Parlianterian for Ako Misaje joined constituency from where he was catapulted  to the Post of Secretary of  State in the Ministry  of Mines and Technological Development. A position he occupies from genesis of that  Ministry till  date.

 Before becoming Minister,he had a PDH in Mining and was a business tycoon.

Prof Fuh Calistus Gentry, architect of Misaje political,             social and economic    metamorphosis.

Ever since Prof. Fuh Calistus flushed out the SDF opposition party from Misaje and Aku subdivisions, the turn out of the population during  National days has always been groundbreaking, reasons why those who know Misaje are never surprise with the excellent participation results of the population and the CPDM militants in National events. 

The population of Misaje  have understood the worth of belonging to the CPDM, the ruling party. They have reaped the harvest of their political adherence to the CPDM and may not make the mistake of embracing any other party that could jeopardize their future,as is often said, "Better deal with a known Devil than with an unknown Angel".

 It is worth noting that Misaje was not known in Donga Mantung Division and  Northwest Region. Some greedy politicians of Donga Mantung Division did not do enough to bring Misaje to equilibrium,reasons why the place was very enclaved and backward before the coming of Prof.Fuh Calistus Gentry.

 

 It was only  when Fuh Calistus  took the subdivision by storm, that social and economic changes came like twilight of hope and the down of a new era for  the area. Actually,it was, and it has been, and will continue to be,if the population of the subdivision continue to remain loyal to their  elite  and the ruling  CPDM party.

 The social and economic benefits are ernomous. 

  With only   one or two primary schools, no secondary school before the coming of Fuh Calistus, the subdivision is today blessed   many primary schools,a  vocational school,a technical school and  Grammar secondary High  schools created in most  villages of the subdivision. ,

The state of road network which was hitherto in appalled state has been tremendously improved upon. 

In the sphere of communication, a  Tele- Center has been constructed in area  to ease communication. 

That not withstanding, many Sons and Daughters of the sub division have  been appointed  to strategic positions in the government.

Still in  the domian of Education, the scholarship scheme conceived and promoted by the Minister to boast the Human resource base , not only for Misaje but the entire Donga Mantung Division has brought fame to the CPDM, especially in Misaje subdivision.

  The ongoing policy of economic empowerment of  sons  ands daughters of the subdivision via contracts  has given more impetus to their astute elite and the  party he incarnets . 

 Misaje subdivision had since  2007 become a development hob with numerous life transforming  projects. 

  With all these, Misaje by all demensions have the moral obligation to continually rally behind their illustrious and astute elite Prof. Fuh Calistus, as a way of saying thank you to the President of the Republic  of Cameroon Paul Biya,Chairman of the CPDM.  

By Chifu Edward

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Cameroon and its Diaspora: inevitable partners in development*

It is not a secret that many countries around the world have fast-tracked their development from multi talents or better still expertise. Prominent among such countries is the United States of America which is tapping young brains around the world every year through various lottery schemes. It is thus very obvious that our country Cameroon has to make use of its citizens in the Diaspora who have acquired refined skills in so many domains of life. Many of such individuals will likely fast track the development of our Country which is still in dying need of certain competences.  

For this to happen, government has to review its current position on double nationality. It is easy to argue and rightly so, that most Cameroonians who have taken other nationalities did so for survival reasons but still feel one hundred percent Cameroonian because their blood is still tied to this country. The Government also has to make the coming back of Cameroonians home very attractive.

This can be done through easy accessibility to land, reduction of custom levies on importations, improvement of the business climate and provision of security to investors if possible. On this score, we wish to commend the work done so far by Members of the  Parliamentary Network for the Diaspora Discentralized and Cross -  Boarder Cooperation, Rep-cod. 

Members of Rep-cod have received so many Cameroonians from abroad and have used their meetings to solidify the bridge between Cameroon and it's sons and daughters living abroad. No country can ever develop without its Disapora and so we hope that our Government will craft out many more open-arms policies that can continue to bring its children back home to invest.

By Ndage Etienne

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ENS and ENSET Graduates Will No Longer Benefits from Direct Integration

Jacques Fame Ndongo, Minister of Higher Education

According to a letter signed by the ministry of higher Education and the Ministry of Public Serviceand Administrative Reforms, these trained Secondary and Technical school teachers will have to wait and postulate for their Integration into the public service.

This news is sounding like a bomb to a good number of people who have solely engaged in bribing their way into these institutions.

Coming at a time when teachers are complaining that it is at a backdrop of the Economic slow down.

Joseph Lee, Minister of Public Service and Administrative Reforms

However this new law will be executed from 2023 and we wander if it will cub the level of bribery and corruption involved in the process of admissions in those institutions.

The letter also indicates that, these graduates will be taken into the public service only through another exam organised by the ministry of Public works and administrative reforms.

According to the decision signed yesterday in Yaounde, recruitment  exams will only come up after the ministry of Secondary Education will seek for teachers in a particular department of education.

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SW Sub Div. Delegate evicted from office by Gendarms

Minister of Womens Empowerment Marie Therese Abena Ondoa

Elements of the Gendarmerie Legion in Buea yesterday manhandled the Subdivisional Delegate of Womens'Empowerment and the Family in Buea as they threw out her things from an office duely allocated to her by the Governor of the Southwest Region. According to the Delegate, Madam Array Bertha, the office in question has two compartments. She and her staff have been occupying one of the compartments since 2020. Five months ago, she was authorized to occupy the other compartment which they have been using as a safe space for the provision of psychosocial support to survivors of Gender based Violence. The office space labeled Lodge 115, is located the directly behind the "new" Grand Stand at Bongo Square in Buea. According to the Delegate, an individual who presented himself as an official from the Governor's office came to the office and ordered her and her staff to vacate the office.

Caught up in confusion, and still trying to understand what was happening, she was visited by gendarmes who ordered her to leave the office immediately.

In the process of the misunderstanding, the gendarmes dragged her out of the office in the presence of her staff, and packed all the things out of the office. The delegate invited a Bailiff to the scene to take stack of the things thrown outside. A source who witnessed the incident and perplex by unruliness of the uniform officers,wondering aloud that if this could be done to a delegate, "then na who well".

The minister must hear this.

Courtesy,Joseph Weno in

Buea.

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