The Entrepreneur - Cameroon's Premier Economic & Business Journal

Text of President Biya's End of Year Address

"How come our country, which is well endowed by nature and the climate, which has acknowledged human resources and which enjoys peace and stability, is yet to achieve its economic take-off?"

Fellow Cameroonians,

My dear compatriots,

The year 2006, I believe, has been a good year for Cameroon.

We achieved two of our major objectives.

Indeed, we reached an equitable agreement with Nigeria on the implementation of the ruling of the International Court of Justice concerning our territorial dispute.

Fellow Cameroonians,

My dear compatriots,

The year 2006, I believe, has been a good year for Cameroon.

We achieved two of our major objectives.

Indeed, we reached an equitable agreement with Nigeria on the implementation of the ruling of the International Court of Justice concerning our territorial dispute.

Cameroonians eagerly await President Biya’s End-of-Year Address

By Ernest L. Molua

On December 31, 2006, President Paul Biya of Cameroon will address his subjects and citizens of the Republic in a traditional end-of-year message. In his 25th end-of-year address, he is expected to recount the memorable moments in the life of the nation for the last 12 months, and attempts a projection into the immediate future. Last year, Presidential address 2005 resonated with the realities in Yagoua, Poli, Ambam, Zoetele, Guider, Yabassi, Bonaberi, Bonjongo, Bwassa, Saxenhof, Wum, Fundong, Eyumojock, Nsaranagati and Ekondo-titi, as the President in his own words echoed the sacrifices of Cameroonians and the poverty that has gripped large sections of society.

Saddam Hussein Executed: A Lesson for Africa's Dictators

By Ben Nakomo

The controversial life of Saddam Hussein was brought to an end at dawn on Saturday, December 30, 2006, between 0530 and 0545 Iraq local time. Saddam Hussein was executed, just as the call to prayer was sounding across Baghdad. A representative of the Iraqi prime minister and a Sunni Muslim cleric, were brought to witness the execution. Reports from the Iraqi PM's Office hold that Barzan al-Tikriti, Saddam's half brother, and the former chief judge Alwad al-Bandar, who were sentenced to death alongside Saddam, were not with him. They will be executed at a later date.

Muslims Celebrate Tabaski, Demand for Mutton and Sheep Soars

By Ibrahim Issa in Buea

Muslims in Cameroon joined brethren world wide to celebrate the feast of the Ram or Tabaski, on Saturday, December 30, 2006. On the Feast of Tabaski, Muslim faithful celebrate the sacrifice Abraham made to Allah using a sheep in place of his son Isaac.

In Buea the celebrations commenced with gathering at the esplanade of the newly constructed mosque, for prayer sessions in the early hours of saturday. In Yaounde and Douala, the prayer grounds at Tsinga and Bonanjo witnessed an upwelling of Muslims from parts of the cities to pray in unison and celebrate a milestone in their religious calendar.

Corruption Cases and Embezzlement Charges Gain Momentum in Cameroon

By Yvonne Soppo Disso

Cameroon’s courts are currently having an onerous opportunity to review the supply and demand of corruption. Cameroon’s former Minister of Water, Mines and Energy, Mr Alphonse Siyam Siwe and the Former Delegate to the Douala City Council, Retired Colonel Edouard Etonde Ekoto, charged for corruption and embezzlement of public funds, appeared in the courts on Tuesday, December 26, 2006. Both were defending the corruption charges against them, and accusations for the embezzlement of over 50 billion FCFA (US$ 100 million). The duo appeared elegantly in black suits, flanked by their wives and their defence attorneys.

La publicité se meut et l’économie…

Par Léopold Ngodji à Yaoundé

La communication commerciale et singulièrement la publicité connaît, fortement, un dynamisme sans précédent dans notre pays depuis quelques années. Il est difficile de ne pas faire ce constat ! Les régies publicitaires et surtout les agences conseil en publicité ont vu leur travail prendre du volume. Leur cahier de charge et leur client, du moins pour les sérieuses, sont passés du simple au double parce que les entreprises essayent de comprendre le rôle de la publicité dans leurs objectifs.

Electronic Money Transfer Hurricane Hits Cameroon

By Affuembey Enow

A brief walk along the Paul Biya Boulevard in Buea or perhaps some of our major cities, and no one would fail to observe the sign posts of money transfer agencies. Express money transfer agencies are now wrestling beer parlours for attention. Money transfer has evolved to the level where it is a substantial source of revenue for the government and a good source of employment for the Cameroonian youth. The proliferation of these financial institutions is testament to an underperforming banking sector in the country, for the kind of services they offer builds on the rising hump on the backs of ailing banks who could have offered swift money transfer for their clients. Cameroonians are forced to use money transfer for money intended for investment because it is too costly and too slow to do so through the banks. Payments are not done by cheques, not because the confidence in cheques is low, but it takes a lot of time to have a cheque cleared in most commercial banks in Cameroon.

Cameroon in the Eyes of American Officials

By Christine A. Terada and Sirri Alette Ngwa

Before Dr Jendayi Frazer's visit to Cameroon in February 2006, another American senior official was in the country late 2005. The Entrepreneur editorial desk has been reading through the lines to unearth the World's superpower's perception of Cameroon. State Department Deputy Assistant Secretary for African Affairs Donald Yamamoto summed up his October trip to Cameroon as the first senior U.S. official to visit in several years by concluding that "Cameroon is going in the right direction." In an interview with the Washington File, Yamamoto reported that Cameroon is relatively stable, has a well-functioning government, had fairly good elections and is trying to do a lot of things positively. Consequently, he said, if he were to send a message to all of Africa, it would be that the United States commends Cameroon for its "dramatic improvement" and urges other countries to follow suit.

Five Million Cameroonians Rely on Tontines and Njangi to Fight Poverty

By Jean-Marc Sika, Balz Strasse and Ben Nakomo

Cameroon with a population of over 15 million, of which 7.5 million are economically active, has only about 700,000 bank accounts, divided into 250,000 business and 450,000 private accounts. A total of 800 savings and loan cooperatives with 250,000 members operates in the semi-formal finance sector. Only about 10 per cent of the economically active population is reached via the channels of these two groups of finance institutions. The majority of the people obtain their loans in the informal finance sector. This sector consists of private moneylenders, informal traders and the tontines. About five million Cameroonians rely on tontines to secure economically profitable lives.

Shopping Spree and Consumer Confidence Holds Firm in Christmas 2006

By Sirri Alette Ngwa

Walking down the shopping districts in Akwa-South of Douala, the Central Market in Yaoundé or the commercial avenue of Bamenda and the teeming flea markets of Muea and Great Soppo in Buea, the frenzy shout of traders and the hustling pick-up of buyers provide insight to the state of Cameroon’s economy. Christmas and New Year shopping in Cameroon as in most of the African continent, and developing economies in the world, have gained momentum mostly in the wee hours of the feast day. Buyers reserve the big shopping moments for the last market day, running down to the closing hours of shops.