At presentation of report on dev’t of approved companies: API boss lauds progress, outlines measures to enhance investment climate.

He made the positive remark Thursday February 29. This was during a ceremony to present a report on the Development of Approved Companies which took place in Yaounde.

The Interim IPA General Manager also used the event to outlined measures to enhance the investment climate of the country.

Context of event 

The objective of the report, officials said, was to present the status of implementation of agreements signed between the government and companies. 

This was under Law number 2013/004 of April 18 2013, to lay down private investment incentives. The 112-page report contains progress made in the implementation of the agreement. It also identified difficulties encountered, and proposed solutions.

Information used to produce the report, it was revealed, comes from a survey carried out among 125 companies out of the 274 approved as at March 2022. The survey, it was said, was conducted from October to November 2022.

According to the report, results obtained show that the efforts made by government and companies to respect the agreement of 2013 have been dynamic.

The report, however, stressed that some difficulties still need to be overcome to achieve optimal implementation of the Law.

Interim IPA boss says outlook positive

The Interim General Manager of IPA acknowledged that the report was "largely positive". He also said the report was an opportunity to assess successes recorded and attract more companies to foster development.

Boma added that progress registered shows Cameroon remains an attractive business destination.

“Each year we must come up with a report on how companies that we have approved under the Law are faring and what their difficulties are and how we can effectively address their performance,” Boma told reporters. 

He disclosed that recommendations have been sent to hierarchy. He also hinted that the IPA is envisaging “building an investment tower in Cameroon which will regroup all businesses, all services that have to deal with investments on one spot”.

To note that the report released yesterday was the second of its kind. The first was published in 2022. The report was prepared by an inter-ministerial team. 

This composed of representatives from; IPA; the Ministry of Finance, the Ministry of Economy Planning and Regional Development, Ministry of Forestry and Wildlife, the Ministry of Mines, Industry and Technological Development, and the National Institute of Statistics.

Zoom into IPA report

The report indicates that the State granted a cumulative amount of 241 billion FCFA to the companies. 49.6 billion FCFA of this amount was said to be through tax facilities and 191.4 billion in customs facilities.

Also, achievement of companies surveyed stand at 1,764.8 billion FCFA in investment out of 2,856.5 planned and 14,354 jobs created out of 42,697 anticipated.

It was also revealed that at microeconomic level, the Law made it possible to inject 4,352.6 billion FCFA-worth in investments into the economy. 

This, the report also states, contributed to the establishment of new industries, the improvement of the industrial fabric and the ownership of new technologies.

At national level, the investment, it was said, contributed to the creation of wealth valued at 25 billion FCFA.

With regards to the challenges, the report cited the failure to comply with the deadlines prescribed by Law to process applications for approval, non-fulfilment of commitments made. 

These are those made through agreements by some companies, and withdrawal of their financial partners.

According to the report, the proposed action plan is structured on four main thrusts. These include improving information on companies seeking agreement with the state as part of implementation of the law, and improving the applicability of the law. 

The others include improving the functioning of the approved companies’ monitoring and evaluation system and intensifying efforts to remove barriers to business activities.

Participants also used the event to pay tribute to the late General Manager of IPA, Angeline Marthe Minja, who died on December 28, 2023, in Rabat, Morocco.