SBEC Forum 2024 Report

Written by: Meh Desmond Kum, Laurent Brice Nsengue, Pooran Pandey Chandra, Sylvia Namondo

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Introduction and Context for the SBEC Annual SME Forum

In an increasingly interconnected world, nurturing an entrepreneurial ecosystem is essential for sustainable economic development, particularly in the context of emerging economies. Small and Medium-sized Enterprises (SMEs) play a pivotal role in this landscape, acting as engines of growth, job creation, and wealth redistribution. Despite their significance, entrepreneurs in many developing nations, including those in Francophone Africa, face significant barriers that impede their potential. In Cameroon, for instance, SMEs account for over 95% of registered businesses, yet a staggering 70-80% of them fail within their first five years. This phenomenon is largely attributed to a myriad of challenges, including high taxation, limited access to financing, and a lack of managerial support.

Recognizing the urgent need for a robust platform that addresses these challenges, the Small Business and Entrepreneurship Center (SBEC) organized the annual SME Forum, held at the Djeuga Palace Hotel in Yaoundé from September 11-12, 2024. The theme for this year’s Forum, “Strengthening Cameroon’s Entrepreneurial Ecosystem,” was specifically designed to facilitate dialogue among key stakeholders from the public and private sectors, development partners, and civil society. The gathering aimed to provide a comprehensive assessment of the current business environment in Cameroon, while also identifying actionable recommendations to enhance the entrepreneurial landscape for SMEs.

Taxation remains a critical barrier to competitiveness within the Cameroonian ecosystem. With an informal sector employing over 9.5 million citizens—accounting for 90% of the working population and contributing more than 57% to the nation’s Gross Domestic Product (GDP)—the need for effective reforms is imperative. Participants at the Forum included government officials, SME owners, business consultants, and representatives from local and international organizations, all converging to share insights, challenges, and potential solutions.

The Forum featured a series of keynotes, plenary panel discussions, and breakout sessions crafted to foster collaboration and generate forward-thinking recommendations aimed at strengthening the SMEs in Cameroon. Discussion topics spanned critical areas, including tax reforms, digital transformation, and innovative financing strategies, underscoring the multifaceted approaches necessary to rectify the obstacles faced by local entrepreneurial ventures.

Key outcomes from the Forum included vital recommendations emphasizing the need for tax breaks and financial support tailored specifically to SMEs, as well as the increasingly critical role of digitalization and innovation as catalysts for business growth. The involvement of development partners in offering training and mentorship programs was recognized as essential for equipping SMEs with the digital skills necessary to thrive in a competitive environment.

The SBEC Forum serves not only as a gathering of minds but also as a call to action aimed at fostering stronger public-private partnerships and advocating for policy reforms crucial for the sustainable development of the entrepreneurial ecosystem in Cameroon. This year’s Forum illustrated the commitment of all stakeholders to collaborate in creating an inclusive and nurturing environment that empowers SMEs to flourish, sustain employment, and drive economic growth for the future of Cameroon.