By Kini Nsom
Participants at the investment forum organised by the Commonwealth Business Council, CBC that ended in Yaounde on November 9 have called on the Cameroon government to eliminate all obstacles that scare away foreign investors from Cameroon.
The recommendations, forwarded to the government as a prerequisite for an attractive investment climate in the country, border on the virtue of good governance.
It was noted that government could turn things around if it undertakes reforms that would eliminate money laundering, administrative bottlenecks and fine-tune issues of good governance and the judicial system.
The three-day forum came at a time when there was overwhelming evidence that the country was hostile to both national and foreign investors. It came shortly after a World Bank survey, "Doing Business in 2007", identified Cameroon as a risky place for investment.
Besides a prohibitive taxation policy, it was stated that the cumbersome procedure and requirements for establishing a business in Cameroon could cause the most daring investor to lose his or her patience and go elsewhere in frustration.
In a tacit reference to the World Bank survey, the CBC Managing Director, Prof. Steve Godfrey, stated in one of his closing remarks that: "It is never going to be easy to get more investment here when it can take an average of 444 days to register a company and an average of 51 days in importing a container."
Decrying the high level of corruption in the country, the CBC Managing Director said it is a fact that there are very high costs of doing business in Cameroon. He noted that poor corporate governance; corrupt practices within businesses and corruption within government, were serious impediments to investment.
The forum that brought together national and international business people began a few days after Transparency International, TI, revealed that Cameroon was still mired in corruption.
Deliberations were equally focused on the enormous investment potentials in Cameroon that have remained a paradox because of corruption.
The forum also noted that small and medium size enterprises, described as the best engine for new jobs and economic growth, were being retarded by a set of problems, which inhibit access to capital.
Participants recommended the need to assist such enterprises through innovative financing, technical assistance and mentorship programmes to address problems of lack of collateral, collection of debts and inadequate planning.
Business Action Against Corruption
Discussions under the banner of "Business Action Against Corruption," BAAC, were hinged on doing business in situations that are free of rackets and shady deals.
In order to reverse the negative situation, it was agreed that the government and the private sector should have a joint structure to chart the recommendations forwarded.
The forum asked the General Manager of ALUCAM, Titi Manyaka, to make specific recommendations on the issue and report to the Prime Minister, Ephraim Inoni.
Addressing the forum, Inoni tacitly acknowledged Cameroon's unattractive business environment. He pledged that government would continue to improve on the country's business climate and strengthen dialogue with the private sector to remedy the ills that impede investment in Cameroon.
Also addressing the forum, the Minister of the Economy and Finance, Polycarpe Abah Abah, promised that government would create an outfit to facilitate investments in Cameroon.
Meanwhile, during a press launch on November 9, one of the main sponsors of the forum, AES SONEL, said they would like to see an enabling business environment triumph in Cameroon.
At a press conference at the end of the forum, the organisers, including the General Manager of AES SONEL, Jean David Bile, the General Manager of MTN, Campbell Utton, and the CBC official Richard Howe among others, expressed satisfaction.
They were elated that the over 10 ministers who addressed over 35 business executives during the forum, took commitment to create an enabling environment for foreign investments in Cameroon.
It annoys me each and every time i read from anyone referring to these corrupt group of bandits managing La Republique as a "government".
Posted by: rexon | Saturday, 18 November 2006 at 11:03 AM
if i were a prospective investor and after reading articles like that on Ondo Ndong, i would mind taking my investments to Darfur or congo demo or better still, waste it.
Posted by: ATS | Sunday, 19 November 2006 at 08:37 PM