While economic growth may be decelerating in China, and a transition process moving it from a “global factory site” into an e-commerce economy, nothing on the horizon suggests to me that China is about to witness a major decline. There are three major reasons for this. Firstly, China’s growth momentum is very high and it is still one of the fastest growing economies in the world in spite of its slowdown. From 1989 to 2015, China had a GDP growth rate averaging 9.04%, and it is expected to have its lowest growth rate in recent times this year, at about 7%. In the second quarter of 2015, the economy grew at 7%, which is far far higher than the growth trend in many Western countries including Europe and the United States of America. More
Despite falling oil prices, Cameroon is scaling up production and expanding its refinery capacity. After years of decline, the Cameroon oil industry now has a more positive story to tell. It was never an oil producer of the same order as neighbouring Gabon, Congo-Brazzaville or more latterly Equatorial Guinea, with production peaking at 180,000 b/d in 1988. Moreover, it lacks deepwater acreage on the scale of Equatorial Guinea, Nigeria and Angola that has yielded so many discover-ies in recent years. Yet from a low point of 75,000 b/d in 2008, oil production has rebounded to 100,000 b/d for the first time in 13 years, as government reforms have enabled the country to make the most of the natural resources that it does possess. More
“The construction of the Kribi deep-sea port marks the start of a new era for the development of economies of Cameroon and Central Africa,” says Louis-Paul Motazé, president of a steering committee overseeing the project. “It will fast track the country’s and sub-region’s industrialisation.” The ambitious project is segmented into three phases scheduled to end in 2040, but the first of these stages is nearly complete, with the China Harbour Engineering Company finishing its works in June 2014. The costs for this phase were set at $568m, with 85% coming from a loan from China’s EXIM bank and the rest funded by the Cameroonian government. Fitted with basic infrastructure, the 16-22 metre-deep port has the capacity to anchor ships weighing up to 100,000 tons. It welcomed its first large vessel in July 2014 amid much celebration. More
A three-year emergency plan has been launched by Cameroon, as a means to reengage the country’s youth. Earlier in the year the World Economic Forum launched their annual Global Risk report. At the top of the list lay insecurity and regional conflict and making the top – five they had high structural unemployment and underemployment. Similarly in another study this time by global consultancy firm PwC, the biggest concern amongst African CEOs with regards their company’s growth prospects at the top of the list lay social instability...The plan aims to provide an immediate boost to the economy as well as deal with some structural problems and social issues. These are to be quick fixes which will sit alongside the longer term projects and works which have become part of the national strategy adopted and designed to meet the goal of becoming a middle-income economy by 2035. More
With significant natural resources, the most-diversified economy in the region and a modernised infrastructure, Cameroon is the largest economy in the CEMAC region, and arguably the most-attractive country as a destination for investment. The government is keen to promote it as the hub for central Africa. In the 2016 rankings published by the American Frontier Strategy Group, Cameroon was considered to be the leading country in the Economic Community of Central African States (CEMAC) in terms of the resilience of its economy to external shocks. It stands out from its regional neighbours, still badly affected by economies that depend too heavily on oil revenues. While as an oil-producing country it has been hit by the tumbling price of oil on world markets, its economy has proven to be sufficiently resilient to weather the storm. More
“The nature of Africa’s growth has been largely dependent on the export of primary commodities. While that has been fantastic for Africa in terms of economic growth, the challenge is that it has also given the giant a weakness,” he says. Adesina argues that this long-standing dependence on raw materials has left Africa exposed to the peaks and troughs of Chinese demand. The evident side effects – a decline in foreign exchange reserves, inflation, the devaluation of currencies and an inability to service debts – mean that an alternative growth model must be found without delay, he says. “What I don’t accept is that African countries should continue to export raw materials. We’ve been doing that for ever. And we have these cyclical patterns all the time,” he says. More
At the semi-annual Climate Investment Funds (CIF) governing body meetings in Washington, DC this week, countries unanimously signaled their commitment to the CIF mandate going forward, and opened the door for African low-income countries to move forward with new plans for green energy services, resilience to climate impacts, and better managing crucial forests. Under the Program for Scaling-Up Renewable Energy in Low Income Countries (SREP), countries signaled their strong support for countries in Africa and elsewhere to develop SREP investment plans and associated projects. This would build on the June 2014 SREP agreement to fund nine new African nations to become SREP pilot countries. Under the Pilot Program for Climate Resilience (PPCR), countries agreed to invite a set of new pilot nations, with a number likely to be selected from Africa, to come forward as pilot countries to develop Strategic Programs for Climate Resilience, national policy-based instruments through which the PPCR would support projects to build climate resilience. The countries also agreed to expand the PPCR facility to engage private sector investments aimed at innovative solutions in climate resilience and adaptation...More
On the margins of the Climate Summit in New York, the Japanese government convened the second roundtable with African Regional Economic Communities (RECs), chaired by Japanese Prime Minister Shinzo Abe, to underline the importance of regional infrastructure as an essential requisite to Africa's growth. Participants included Hailemariam Desalegn, Prime Minister of Ethiopia and Chairman of Intergovernmental Authority on Development (IGAD), John Dramani Mahama, President of Ghana and Chairman of the Economic Community of West African States, Erastus Mwencha, Deputy Chairperson of the African Union Commission, as well as the Chief Executive Officers of the East African Community (EAC) and the Southern African Development Community.
Oyne billion three hundred million Francs CFA (US$ 2,600,000), has been adopted as the budget for the 2013 financial year by the Buea Council. This was during the Second Ordinary Session of that council which took place Thursday, December 27, 2012 at the Conference Hall of the council. Welcoming participants at the session, the Mayor of Buea, Mr. Charles Mbella Moki Charles used the occasion to reiterate that the mission and vision of the Buea Council is to develop the municipality in its entirety, so as to make the town of Buea a developed and better place for all. "Our goal is to ensure that Buea municipality strives to develop in a way that meets the standards of a modern world,” he quipped.