At confab on investing in Cameroon's future: Experts laud API’s contribution to national dev’t, citizens’ livelihoods.

The feats recorded, the experts stated, is through IPA’s efforts in marketing Cameroon across the globe as a lucrative investment destination in the continent. 

The remarks were made in Yaounde yesterday. This was on the sidelines of the 13th edition of the Government Action Fair, popularly known by its French acronym, SAGO.

The IPA confab was organised with aim to expound on the institution’s positive impact in improving the lives of Cameroonians. The confab was on the theme: “Investing in Cameroon's Future: API at the Heart of Improving People's Lives”.

Discussions at a panel comprising experts was moderated by CRTV journalist, Nkembe Ngochi. 

Panelists included renowned economist, Jean Jacques Ngouang; the Head of Structural Analysis Unit at the Ministry of the Economy, Planning and Regional Development, MINEPAT, Claude Mvoa; an official from the United Nations Industrial Development Organisation, UNIDO, Achille Ngassam.

The Director of Assistance and Cooperation Facilitation at IPA, Jean Stephane Menga and another IPA staff who took part the discussions briefed officials on the institution’s role over the years. 

Gov’t urged to give IPA full autonomy 

Speaking at the confab, economist, Jean Jacques Ngouang, was categorical that IPA does not operate in its optimal capacity as defined by the presidential decree reorganising it. 

This, Ngouang said, is due to the lack of dedicated resources, absence of certain texts of implementation and the fact that IPA’s prerogatives in brand image promotion of Cameroon continue to be exercised by several ministries and government structures.

The economist said IPA does not match up in autonomy when compared to other equivalent investment promotion agencies in countries such as Côte d'Ivoire, Democratic Republic of Congo and Ghana. 

“In Cameroon, the IPA does not deliberate. It doesn't make decisions, because it's more of an advisory body. Decisions are therefore taken elsewhere,” he detailed, adding that this is a “handicap for the IPA”.

Ngouang suggested the need for more collaboration between IPA and ministries exercising similar functions plus s unique text of application.

 He insisted that without a clear clarification of the missions of the various state structures, “IPA cannot claim to compete with the counterpart agencies,” in other countries.

Enter MINEPAT official 

In his intervention, the Head of Structural Analysis Unit at MINEPAT, Claude Mvoa, said IPA’s role is not being played by ministries and other state structures. 

He said the IPA is rather playing its front role as an advisory body to government after marketing the countries potentials to investors and listening to their concerns in relation to making the business climate more conducive. 

By so doing, Mvoa noted that IPA contributes to helping the state in realising its set objectives within the National Development Strategy, SND30, and the emergence vision of the Head of State. 

Realising the objectives of SND30, he said, the country has to sell much more processed products, and import the production tools and raw materials needed to produce them. 

He said as per the SND30, the processing sector must increase to 36.8% by 2030 alongside manufacturing value added while exports in Gross Domestic Products rise to 54.5%. 

Enter IPA Acting GM

Opening the confab, the Acting General Manager of the Investment Promotion Agency, Boma Donatus, briefed participants on the history of the institution’s creation and its missions. 

Boma said IPA promotes the brand image of Cameroon overseas, strengthens its attractiveness; accompanies investors interested in investing in Cameroon, grants investment licenses and facilitates procedures for top administrative meetings as well as obtains visas necessary for investors and foreign personnel.

IPA’s contributing to national dev’t 

Speaking to reporters at the end of the confab, the Acting General Manager said IPA plays a key role in ameliorating the lives of citizens by attracting Foreign Direct Investments into the country. 

This, he said, has been through granting of close to 380 conventions with companies since 2014 within the law of 2013.

“So, the impact of the IPA in terms of ameliorating the lives of Cameroonians is very significant because through this particular process of granting incentives to investors, they effectively create white collar jobs,” he explained. 

“So, our impact on the population is very significant in terms of jobs creation and in terms of helping the economy to grow,” the Acting IPA General Manager emphasised. 

The activities of the investors, he also noted, have “an effect on the economy”.

“So, I think IPA has this particular role of creating jobs, of creating investments for Cameroonians and that has been impacting the economy,” Boma added. 

He also explained that through the investments, companies also carry out Corporate Social Responsibility projects. He cited the creation of hospitals, roads, provision of potable water among others in the interest of the population.

Impact of IPA on improving livelihoods 

The Director of Assistance and Cooperation Facilitation at IPA, Jean Stephane Menga, responded to questions on the impact of IPA in improving livelihoods of citizens. 

He told his hearers that when an economic operator invests in the country, the investment generates a set of positive effects on a given population. 

Menga added that since 2014 till date, IPA has signed a total of 367 conventions with private sector operations granting them incentives.

“In terms of forecasts, these agreements should eventually generate investments of worth 6,100 billion FCFA, which should in turn create jobs of the order of 120,000 for young Cameroonians. This means that the scheme set up by the public authorities is really bearing fruits, and should boost the country's economic growth,” Menga stated. 

Menga said a survey carried out by IPA from 2014 to 2022 shows 125 companies were able to invest 1,800 billion FCFA with potential to create 14,000 direct jobs for young Cameroonians. 

“This is a statistic that demonstrates IPA's contribution to improving the living conditions of Cameroonian citizens,” he said, adding that these assessments also contribute to improving the quality of infrastructure. 

He cited the case of the country’s largest energy project, the Nachtigal dam, that has capacity of 420 megawatts to cover the energy needs of the entire Cameroonian population to the tune of 30%. 

He said IPA also supports industrial development by ensuring investors create industries that contribute to the development of national production, increase national wealth.

The confab, it should be noted, is aside the imposing stand mounted by the API at the Fair Village, to market Cameroon’s investment potentials and opportunities to visitors.

This story was first published in The Guardian Post issue N0:3178 of Wednesday July 24, 2024