THE AMBAZONIAN CONFLICT COMPLETELY THREATENING THE NATIONAL ECONOMY OF CAMEROON!!!
The ongoing armed conflict in these regions has paralyzed the business with certain threats of contagion on the national economic fabric.
Difficult, but then difficult to talk about the drama that is being formed every day in the North West and South West regions from an economic point of view. It’s disaster, panic. The indicators are red. Here, we are in the reign of agro-industry with 20% of the population of Cameroon and for main speculations: cocoa, coffee and tea.
The South West represents 45% of the country’s cocoa production, while the North West is the main Arabica coffee production basin with more than 70% of the national production. Due to the prevailing instability in both regions, the cocoa-coffee sector experienced a loss of CFAF 56 billion (20%) in export earnings in 2017/2018.
In both regions, it is no longer sufficient to manage the dictate of simple operations of the “ghost town” Monday, or even to assess the material losses related to repeated fires markets Bamenda or elsewhere. There is more worrying. The pillars of agribusiness in the Southwest are dying. Yesterday again, it was the staff of the Cameroon Development Corporation (CDC) who beat the pavement.
These workers have already spent six months without pay and they want the descent into hell to stop. Also according to the updated data of Gicam and published last July, a summary valuation of losses recorded is: lost production of banana, palm oil and rubber: 9.2 billion FCFA; a shortfall in turnover: 11.4 billion FCFA; other losses (equipment stolen / destroyed, ransoms, thefts, …): 1,031 billion FCFA. Still according to the assessment of the GICAM to date and assuming a quick return to calm and security, the CDC will need an injection of funds in the order of 15 billion FCFA to finance a possible recovery plan.
What is true for the CDC, is also true for Pamol, PHP to Tiko, Telcar Cocoa, SABC, the mobile phone companies (300 million FCFA of destroyed equipment and more than one billion FCFA of loss of profit per month .), the banking sector, start-ups, the port of Douala, where exporters of bananas, coffee, tea and palm oil are experiencing a decline in their activity, with the consequent decline or scarcity of currencies.