The African Continental Free Trade Area: Are we putting the Cart before the Horse?
By Melaine Nsaikila Many in Africa have celebrated the recent signing of the Africa Continental Free Trade Agreement (AfCFTA) in Kigali on March 21, 2018 creating the African Continental Free Trade Zone. A pan-African initiative bringing into play the largest interstate market in the world. It is the biggest trade agreement since the World Trade Organization started operations after its signing on April 15, 1994 replacing the General Agreement on Tariffs and Trade (GATT). AfCFTA is a great idea in its own right. However, a perennial question actually seeks answers to the extent to which the continent is prepared for [...]
Inequality Aversion Understanding the Intricate Links between Marginalization and Violent Conflicts
Adam Smith, the Scottish economist, philosopher and author, in his book titled An Inquiry into the Nature and Causes of the Wealth of Nations(1776) highlighted the fundamental and crucial role human self-interest plays in the economy. “It is not from the benevolence (kindness) of the butcher, the brewer or the baker that we expect our dinner, but from their regard to their own interest.” This implies the butcher only cuts meat to sell; in an effort to care for himself and his family. The same is true for the butcher and the baker. It is therefore – Smith suggested – that [...]
Calling for a Rebasing of Cameroon’s GDP
By Lontum Edwin Nchadze Initiated by Ghana in 2011, large-scale upward revisions of GDP estimates have been announced by several African countries in recent years. These announcements preceded an exercise carried out in each country; the revision of methods and base data used to calculate the Gross Domestic Product(GDP), known as rebasing GDP. In 2014 alone, Kenya, Nigeria, Tanzania, Uganda, and Zambia all completed rebasing exercises, which led to significant revaluations of their GDPs: Nigeria’s GDP nearly doubled, Tanzania’s grew by 33%, Kenya’s and Zambia’s increased by 25%, and Uganda’s rose by 13%. What is GDP Rebasing? Typically, GDP figures [...]
Political Echoes from Uganda; Of President Museveni, Cincinnatus and insatiable appetite for power
By Cosmas Mwikirize A legend is told of Lucius Quinctius Cincinnatus (c. 519–430 BC), an aged Roman farmer who stood up to be counted during his country’s dire time of need. On prompting by his embattled compatriots, Cincinnatus abandoned his plow to assume despotic authority over the state. After sixteen days of absolute power, he had vanquished the enemy and saved Rome. He then laid down his sword, relinquished his power and returned to his plow. Cincinnatus is often quoted as the epitome of civic virtue, modesty and service for the greater good; a transformer who thought not of himself, [...]
Education systems in developing countries cannot afford any more laxity
By Cosmas Mwikirize Education is always touted as a magic bullet for economic emancipation. However, the preponderance of evidence has increasingly shown that an educated population does not necessarily lead to improved economic gains or employment opportunities. Nowhere else is this realer than in Africa. Although unemployment figures specific to graduates are scanty, conservative estimates suggest more than 60% of graduates in Uganda are unemployed. In Kenya, it takes an average of five years for a graduate to get a job. Although several factors have been advanced to explain this malaise, let us give the education systems a hard look. [...]
Give Peace A Chance in Cameroon
By Mbonde Barnabas Ebule I have followed with interest the most recent call, dated October 18, 2017, by Dr Simon Munzu; the former United Nations Secretary-General’s Deputy Special Representative for Côte d'Ivoire. The call included some pertinent question to Mr. Phelomon Yang, Prime Minister and Head of Government of the Republic of Cameroon. Prime Minister Yang, on instruction from Head of State President Paul Biya, had travelled with most CPDM elites and sympathizers, to the Northwest and Southwest regions to ‘dialogue’ with Anglophones on the present crisis. For clarity and to be brief, I hope we have all read the [...]
Education and Dialogue – The Best Tools for Genuine Nation Building
By Professor Jean-Emmanuel PONDI* Never in the modern history of popular emancipation has “not going to school” been used as a winning strategy to attain the full emancipation of a people. Let us be clear from the onset. As I acknowledged in a reflection published as early as December 22nd, 2016 – for a crisis which started on November 21st 2016, many of the claims voiced by our Anglophone compatriots were and remain both understandable and valid. Indeed, more respect is due for the constitutionally-derived linguistic provisions, by turning into daily practice the notion of equality of status between English and [...]
Bank Intermediation still insufficient in CEMAC Zone according to Experts: Impact on Cameroon’s Economy
By Melie Nchinda Created in 1994 and operational in 1999, the Central African Economic and Monetary Community, popularly known by its French acronym, CEMAC, is an economic community made up of six central African states. Cameroon, Gabon, Central African Republic (CAR), Chad, the Republic of Congo and Equatorial Guinea. With the increasing need of fostering regional economic cooperation on the African continent in the 1990s, these countries decided to come together, hence the birth of CEMAC as a replacement to the largely neglected customs union, Union Douanière des Etats de l’Afrique Centrale (UDEAC) which was established after independence. In essence, [...]
Why Cameroon Should as a Matter of Urgency, pull out of the CFA Franc Zone
By Melaine Nsaikila, Senior Economic Policy Analyst In his book titled “The Road to Serfdom” published in 1994, Frederick Hayek posits that ‘…money is one of the greatest instruments of freedom ever invented by man’. For it is ‘money which in modern society opens up an outstanding range of choice to the poor man, a range which not many generations ago was open only to the wealthy’. By implication, Hayek informs us that money can be used by whoever controls it to suppress the freedoms of individuals, countries or an entire continent. This therefore perfectly gives perspective to the words [...]
Economic Intelligence: A springboard for the development and promotion of tourism in Cameroon
By Bakori Marbian Nkawa, Contributor It’s proven that tourism is an emergent market. Nonetheless, for some countries, conquering and maintaining important market shares is problematic. Innovation is a determining factor in ensuring competitiveness and productivity and, to the end, client satisfaction or loyalty. This brief, aims to contribute to understanding the necessity of elaborating and implementing stricto sensu, a tourism intelligence public policy as springboard for the development of tourism. INTRODUCTION The restructuring and reconfiguration of the world’s functioning has given economic information a strategic importance to nation-states. Economists who study the dynamics of territories have that. Nowadays, it is pertinent [...]
