African Continental Free Trade Area: Experts assess impacts on Cameroon's digital, finance sectors.

It was attended by stakeholders, including think tank leaders, policymakers, customs officials and representatives of civil society organisations, and researchers.

Speaking during the event, the Director of Economic Affairs at the Nkafu Policy Institute, Dr Jean Cedric Kouam, said the gathering, which brought together key stakeholders from both digital and financial sectors, was geared towards raising awareness about the importance of the AfCFTA in strengthening the digital and finance sectors in Cameroon. 

He said it also aimed to explore digital and financial instruments AfCFTA offers to facilitate trade and investment as well as outline recommendations to upgrade Cameroon's digital and finance capacities. 

“We noted that we have deficit in the development of infrastructures like road, railways, airport and maritime transportations, but now the digital space provides an alternative. We now talk of online banking, so the issue is now how these sectors can help us to benefit maximumly,” Dr Kouam added.

“We also spoke about access to finances which remains a key difficulty for entrepreneurs and the banking rate is very weak at just over 35%. So, how can those without bank accounts take part in international trade?” he further stated. 

While highlighting that the services of mobile money provide an alternative to deficit in the banking rate, Dr Kouam stressed that efforts need to be made at the level of regulation for Cameroon to reap more from the AfCFTA. 

“We also need to reinforce our judicial system because banks present this as a challenge from bad clients who don’t repay their debts. Even when they are dragged to court the problem is not resolved,” he told The Guardian Post. 

Makoudem Tene Marienne, a researcher at the Ministry of Scientific Research and Innovation, MINRESI, said one of the main issues that need to be handled squarely is research. 

She added that for Cameroon to make the most out of the AfCFTA, a reflection group consisting of civil society, researchers, and policy makers could be set up to brainstorm solely on how Cameroon can benefit from the big market. 

“This committee could be charge with the scientific supervision of the things that have been done but also make proposals on what can be done. For me, this approach is the right approach,” the researcher proposed.

Meanwhile, Victor Tibue, staff of the Ministry of External Relations, argues that within the context of AfCFTA, the digital aspect touches on the economy, social, security and trade.

“They are interlinked and touche the livelihood, peace and cohesion that is needed in each of these countries. So, the AfCFTA only comes to reinforce that will and desire for each of these countries to ensure the perennity of good ways of running affairs given that the AfCFTA is equally projected to bring in progress for Africa” Tibue told the press. 

He continued that AfCFTA “is a blueprint for the world as it stands as the biggest grouping in terms of trade, bringing about over 1.3 billion people in over 55 countries”.