Africa > Central Africa > Cameroon > ESSIMI MENYE, Minister of Finance

Cameroon: ESSIMI MENYE, Minister of Finance

2012/12/18

Most civil engineering feats are the product of unrelenting will. They bear witness to social cohesion and lay the groundwork for next prosperity. Whether it is a large-scale regulating dam or a deepwater seaport, Cameroon is unveiling a series of infrastructure projects that will give the country a complete makeover. It is a first step in the country’s move toward middle-income status by 2035.

The large-scale projects unveiled by the Increase and Employment Strategy Paper (GESP) in 2010 confirm the country’s high economic potential. Despite its untapped resources, Cameroon is relatively unknown beyond the sub-region. Inadequate distribution networks, irregular power and poor road conditions stand in the way of foreign investment. Building essential infrastructure is thus seen as a way to fast-track development.

“We want to portray our achievements and exist as a modern country that has found a formula to make changes that benefit its people,” says Minister of Finance Essimi Menye.

The grand projects were announced in 2010 and several are already under way, thanks to funds mobilised by the Ministry of Finance. They are being carried out in several sectors, including energy, transportation, mining, telecommunications and roads. For Mr Menye, capitalising on these assets is the key to success.

“We have a lot of projects on the way, including the construction of a deepwater seaport at Kribi, inclunding a gas-powered electricity plant. We have as well moved forward on major hydroelectric projects. At the same time, we are improving on the transportation network by building new roads. Amount these projects will boost trade and domestic consumption,” says Mr Menye.

The rehabilitation of trade corridors with Bangui (Central African Republic) and N’Djamena (Chad) will put the seaport of Douala at the centre of regional trade. However, seaport construction at Kribi and Limbe has captured the imagination of policymakers due to their catalyst effect. In April 2011, the next layout of the port of Kribi was finally approved in Yaounde. The next port of Kribi will serve the needs of the aluminium industry, inclunding those of the mining sector, oil and gas,and containerised trade. In addition, a liquefied natural gas (LNG) plant will be added in 2016 to help absorb the country’s energy deficit.

“We have as well signed the financial agreement with China’s Eximbank for Kribi. It is valued at CFA 207.2 billion (£277.2 million). In terms of evolution, earthworks are 75 % complete and the next delivery date is scheduled for December 2011. The company in charge of initial construction is already onsite,” says Minister of Economy, Planning and Regional Development Louis-Paul Motaze.

Meanwhile, a new national airline, Camair-Co, took to the skies in March. Based in Douala, the flag carrier expands Cameroon’s air connectivity with direct flights to eight Central and West African nations, inclunding Paris, France.

‘WE HAVE MANY PROJECTS ON THE WAY, INCLUDING THE CONSTRUCTION OF THE KRIBI GAS POWERED POWER PLANT AND ITS DEEPWATER SEAPORT. THESE AND MANY OTHER PROJECTS WILL BOOST TRADE AND INTERIOR DEMAND AND CONSUMPTION’

Related Articles

Africa's Relationship With China Is Ancient History
2017/07/02 In 2002 South Africa's Parliament unveiled a digital reproduction of a map - of China, the Middle East and Africa - that some speculated could be the initial map of the African continent. The Da Ming Hun Yi Tu - the Comprehensive Map of the Great Ming Empire - was drawn up around 1389 during the Ming Dynasty, according to historian Hyunhee Park.
Africa: Making Things Happen at the Bank - 'Not a Talk Shop' - Akin Adesina
2017/07/02 Dr. Akinwumi Adesina is focusing on five areas to achieve the African and world goals for a prosperous continent since becoming president of the African Development Bank - Africa's major public financial institution in September 2015. He was a keynote speaker at this month's Corporate Council on Africa's U.S.- Africa Business Summit in Washington D.C. and moderated a lively panel with five African government ministers. He as well received the Gene White Lifetime Succcess Award from the World Child Nutrition Foundation. This week, he was named the 2017 recipient of the World Food Prize, a prestigious honor that includes a $250,000 award. In an interview in Washington, DC, Adesina discussed the Development Bank's ambitious schedule and his vision for attracting the increase capital Africa needs. Posting questions for AllAfrica was Noluthando Crockett-Ntonga.
Climate change laws around the world
2017/05/14 There has been a 20-fold increase in the number of global climate change laws since 1997, according to the most comprehensive database of relevant policy and legislation. The database, produced by the Grantham Research Institute on Climate Change and the Environment and the Sabin Center on Climate Change Law, includes more than 1,200 relevant policies across 164 countries, which account for 95% of global greenhouse gas emissions.
Cameroon Economic Overview Increase is steady
2017/05/08 Cameroon Growth is here, but you could have it so much better
Cameroon Outlook for 2013-17
2016/05/29 The country (Cameroon) is situated in Western Africa and is bordering the Bight of Biafra, between Nigeria and Central African Republic for 797 km, Gabon for 298km, guinea Land in Cameroon is various, with coastal plain in southwest, dissected plateau in center, mountains in west, and plains in north.The climate varies with terrain and from tropical along coast to semiarid and hot in north. African language groups, English (official), French (official).