The 11th session of the Cameroon Business Forum took place Thursday October 22, 2020 in Yaounde, chaired by Prime Minister and Head of Government, Chief Dr. Joseph Dion Ngute.
Focus of the meeting that brought together stake holders from the public and private sectors, was on COVID-19, Proofing the Business Environment.
The objective was to relaunch the economy of the country at the wake of the Coronavirus pandemic.
A thorough diagnosis revealed that the situation is a bit challenging.
“The COVID-19 pandemic has devastating consequences on the economic recovery efforts put in place by Cameroon” the PM declared, adding that;
“President Paul Biya from self pity has taken steps to ease the situation and provide the necessary support.”
Highlight of the conference was the adoption of the Doing Business Road Map, with fresh deadlines given to identified reforms in the following sectors;
– Payment of taxes,
– Execution of contracts,
– Cross border trade,
– Transfer of property,
– Access to electricity,
– Building permits,
– Business creation.
Concerning payment of taxes, the Road Map stipulates that the minimum profit tax collection which is presently 2.2% of turn over should be reduced.
Consideration for reduction should also be given to the corporate tax which stands at 33%.
The Ministry of Finance was charged to work towards the reduction of the cost of exporting Cocoa, and of importing vehicle parts.
In the electricity sector, the recommendation is for the timeframe between applying for a metre and seeing it installed to be reduced by December 2020.
The executing party here is the Ministry of Water and Energy including Energy of Cameroon, ENEO.
All these reforms are geared towards creating a conducive environment for business in the country, especially as COVID-19 is still an issue.
At the end of the Doing Business Forum, the Premier invited the committee which groups public and private administration to ensure that the reforms are carried out, implemented and publicized.