By Walter Wilson Nana
The World Bank office in Cameroon is excited about the rich potentials in the country but as an institution that is interested in rapid economic growth, they are frustrated with the speed brakes noticed in the trade sector.
This is the focus of a discourse dubbed; “Cameroon Economic Update: Special Focus On Trade Facilitation,” that Raju Singh, Chief Economist in the World Bank Office in Yaoundé, Cameroon, presented in the Amphi 250 of the University of Buea, UB, recently.
Raju Singh, Chief Economist, World Bank Office in Yaoundé, Cameroon
While highlighting the riches that Cameroon is endowed with, which include; diversity in her economy, her strategic position, especially being a neighbour to a giant like Nigeria, the CEMAC member countries, the Democratic Republic of Congo, DRC, Angola, her rubber resources, Singh also mentioned that the country has an environment that does not facilitate trade. “The procedures that are imposed to exporters and importers are still very cumbersome. Cameroon has to improve on that. Infrastructure is still very limited,” he added.
Though the World Bank Official blamed Cameroon for lagging behind in trade facilitation and logistics, he noted that the responsibility for Cameroon’s development and the much needed change of mentality rest on Cameroonians and not any other country or international bodies.
The World Bank official listens to a question from the UB community
He advised that there is need for improved port efficiency; “nineteen days to take out a good from the port of Douala is too long, somebody is paying for that time – the consumer, reduction in the costs of transportation across the country, the relevance of reforms in the transportation sector, looking at the potentials to make CEMAC an integrated market and beyond, breaking new grounds in Nigeria, Angola, the DRC and why not the ECOWAS corridors.”
On why he brought his discussions to the academia and not to the business world, Singh said they are talking to everybody. “We’re talking to the authorities in Cameroon, the business world, development partners in the country as well as mobilising the academia and the students, especially in Buea, where Nigeria is not far. We’ve to look at the cross border trade with Nigeria. It is an interesting issue, listening from the students and varsity professors too.”
Q and A session during the "Cameroon Economic Update Special Focus On Trade Facilitation" discourse
In the questions and answer session that cued in after his succinct discourse, the Economist said the World Bank is also out to share knowledge on the economic development of Cameroon. He said Cameroonian officials are making progress but they should borrow wisely from international financial institutions and pursue the path of investments.
