The Entrepreneur - Cameroon's Premier Economic & Business Journal

"World economies may suffer for years," says Trevor Manuel

The impact of the global financial crisis will not disappear soon and may be felt by world economies for years to come, South African Finance Minister Trevor Manuel said on Monday.he problems highlighted the need for stronger financial regulation and supervision to protect consumers and depositors, he added. "We must be informed by the fact that these issues are not gong to disappear if the G20, over the next few months, finds the ways to keep the global economy afloat," Manuel told delegates at a conference on financial education.

African Businessmen gather in Chicago for Trade Mission

The United States Embassy in Yaounde is leading a delegation of business persons including Cameroonians at the Fourth Annual Business and Technology Forum, the Pack Expo International Convention and a Car Auction Sale. The Businessmen from November 10-13, 2008, have the chance to network with some U.S Companies for stronger partnerships.

Irene Zih Fon

The Trade Mission which is organized by U.S Embassies in partnership with Chicago Midwest and Makuna International aims at increasing U.S exports and supporting the development of the private sector. U.S companies that wish to explore new markets have the chance to do so, meanwhile government organs supporting International Trade present information about their services at the forum.

Talent war leaves 'African' employers with heavy staff cost burden

By Michael Omondi

Kenyan employers are being forced to pay hefty salaries and offer lucrative perks to hire and retain the talent they need to stay ahead of the competition in a growing market, human resources experts say. This pressure to attract and retain talent in a competitive labour market, though lucrative for workers with special skills, is forcing employers to widen the scope of performance-related compensation leaving in their hands a heavy labour cost burden.

Cameroon Battles with Price Control

New Retail Price for Sugar Still To be Effective

Following a Press Release ordering price cuts in Sugar by Cameroon’s Minister of Trade, Luc Magloire Atangana Mbarga, the prescribed price is yet to be respected by most traders. They say implementing the regulation should begin with wholesailers, to avoid loss in sales.

By Irene Zih Fon in Douala

Mr Atangana Mbarga about a week ago, set the price of a packet of cube sugar from 600 to 650 Francs CFA. This followed a meeting with stakeholders in the sector, during which both parties agreed to stabilize the cost of this basic commodity in every household.

SADC Marine Fisheries Ministers agree to fight illegal fishing

Illegal, unreported and unregulated (IUU) fishing is a global issue with many harmful environmental, economic and social impacts. The need for strengthened fisheries governance at national and regional levels has been increasingly recognised by the international community as well as the NEPAD action plan for the development of African fisheries and aquaculture, as one of the main requirements if IUU fishing is to stop.

Exxon getting out of retail gas business

Exxon Mobil is getting out of the retail gasoline business, a market where profits have gotten tougher because of high crude oil prices. The world’s largest publicly traded oil company said Thursday it will sell its 820-company owned stations and another 1,400 outlets operated by dealers to gasoline distributors across the US.

Soaring food prices stress urgency of increasing fertilizer use by African farmers

Nepad, FAO, and World Bank Respond to Global Food Crises

By Dr. Maria Wanzala, International Fertilizer Development Centre advisor to NEPAD

At the Africa Fertilizer Summit held in Abuja, Nigeria in June 2006, African Heads of State endorsed the Abuja Declaration on Fertilizers which calls for a substantial increase in average fertilizer use from 8kg/ha to 50kg/ha by 2015. The importance of implementing the Abuja Declaration on Fertilizers has been accentuated by the current global climate of soaring food prices which has translated into increased prices for basic foods for the African consumer. Global maize and wheat prices have risen by as much as 80% in the past year and the cost of rice has doubled causing countries such as India to ban rice export.

General Manager of the Cameroon Shipyard and Engineering Company to Rot in Jail After Embezzlement

OPINION

By Ben Nakomo

The darling of the English Press in Cameroon, the General Manager of the Cameroon Shipyard and Engineering Company Mr Zacchaeus Forjindam is now languishing in jail. After months of speculations in which he was listed among corrupt officials in French papers in the country, and English language newspapers publishing the same list with his names blotted or 'wiped out' as a gesture to his financial magnanimity and tribal inclination to the publishers, he has now been arraigned for financial impropriety. His sacking and arrest is no news to pundits in the country, as state-owned corporations have been sucked dry by political appointees and their treasury looted by tribal kingpins. Mr Zacchaeus Mungwe Forjindam promoted and sponsored a march in the Northwest for a review of the constitution of the Republic of Cameroon. While English language papers in the country posited editorials against the review of constitution, they failed to condemn the antics of their kith and kin, and rather spewed verbiage on Mr Biya's presidency. Surprisingly, agents like Forjindam who funded the CPDM party, wrecked chaos and misinformation were heralded and given numerous awards of excellence by English language papers in the country. Today, most of those editors and publishers have cowed in shame and despair, and may in the months ahead just come to his defense with spurious editorials and analysis. Forjindam’s call and promotion of the review of the constitution, especially Article 6.2 which gives the president his job for life, and his eventual arrest for misappropriation, indicates that either Mr Paul Biya has very few friends or he is not well-known by his own compatriots that he has ruled for over 25 years. © The Entrepreneur Newspaper 2008. All Rights Reserved

Cameroon's CDC to boost rubber cultivation

The Cameroon Development Corporation (CDC), the West African country's main employer after the state, has launched a project to boost its rubber output by more than a third. CDC General Manager Henry Njalla Quan said in a statement the company's main objective was to boost industrial agriculture, fight a rural exodus, reduce unemployment and alleviate poverty. The 12 billion CFA franc ($29 million) plantation, known as the Matouke Rubber Estate, is located in the country's southwest. Around 3,000 hectares will be planted this year, followed by 1,500 ha each in 2011 and 2013. The Cameroon Development Corporation is a state-run agro-industrial company created in 1947 and it currently has 17,131 ha of rubber under cultivation. It has annual average production of some 22,700 tonnes of rubber mainly used for semi-finished products that are exported. The high price of oil, the raw material for synthetic rubber, has led to an increase in demand for natural rubber. // Reuters

Stella Ajabji Calls on Villagers of Bova II to Prioritize for Sustainable Development

By Ernest L. Molua

Ms Stella Ajabji, a consultant for the Deutscher Entwicklungsdienst (DED), has called on the villagers of Bova II to prioritize well-meaning projects that will not only transform the lives of the people, but also impact on future generations. On March 30, 2008, she addressed a cross section of the village part of an exercise to design a Village Development Plan for the people of the Village. Ms Ajabji services which have been hired by the DED is part of an extended project on rural development in Southwestern Cameroon by the German government. The current DED initiative in Buea is a follow up to the GTZ (Gesellschaft für Technische Zusammenarbeit) Mount Cameroon Project on sustainable development. The DED scheme is jointly sponsored by the Government of Cameroon, the German Government via the German Development Bank (KfW). It is a partnership agreement for the sustainable management of natural resources in the country.