Latest news with #African Development Bank
FF News
8 hours ago
- Business
- FF News
2025 Country Report on Cameroon: the African Development Bank Urges the Country to Strengthen Capital Mobilization for Sustainable Growth
The African Development Bank Group ( ) officially launched its 2025 Country Report on Cameroon in Yaoundé on 22 July 2025. The launch ceremony featured frank and wide-ranging discussions on the country's economic challenges. Country reports form part of the African Development Bank's African Economic Outlook 2025 which provides an annual assessment of the economic performance and outlook of the continent's 54 countries by examining growth trends, socio-economic challenges, and development progress. The 2025 AEO report was released last May during the Bank Group's Annual Meetings held in Abidjan, Côte d'Ivoire, under the theme 'Maximizing Africa's Capital for Sustainable Development. 'Making Cameroon's Capital Work Better for its Development,' highlights the levers that will enable the country to strengthen domestic resource mobilization and boost inclusive and resilient growth. It calls on the government, the private sector, civil society, and development and financial partners to collectively re the drivers of the country's structural transformation. The ceremony was attended by members of the Cameroonian government, notably representatives from the Ministry of the Economy, Planning and Regional Development, the Ministry of Finance, the Ministry of Trade as well as the business sector. The report paints a picture of an economy in recovery, with estimated growth of 3.6 percent in 2024, mainly by continued investment in infrastructure and strong momentum in manufacturing industries, which have benefited from efforts to transform local agricultural and textile products. The country paper relies on a detailed analysis to identify sectors where Cameroon can make progress, particularly in mobilizing domestic resources, strengthening governance, improving the business climate, digitalization and optimizing its natural capital potential. The report also identifies several priority reforms to enable Cameroon to transform its potential into concrete growth drivers, including reducing tax exemptions and accelerating digitalization, restructuring strategic public corporations, particularly in the energy and refining sectors. Report findings also stress the importance of strengthening governance, transparency and the rule of law through greater accountability and the publication of the financial statements of public corporations. This includes the need to adopt the National Integrated Financing Strategy (SNFI) to diversify funding sources and leverage carbon market opportunities. Consolidating the financial sector, processing commodities locally and developing regional infrastructure round out the list of priorities. Finally, the report calls for preserving macroeconomic balances by gradually reducing fuel price subsidies at the pump while supporting investment spending, prioritizing concessional financing, accelerating development in insecure areas and strengthening budgetary capacity to better absorb shocks. Ameth Saloum Ndiaye, African Development Bank Senior Country Economist for Cameroon and Godwill Kan Tange, Country Economist for Cameroon, presented the report's main findings. They emphasized the report's concrete proposals to optimize the use of budgetary resources, as well as the country's natural, human and financial capital, with a view to stimulating more inclusive and sustainable growth. The presentation also explored key issues such as public corporation reform, governance, debt management, industrial development, vocational training and the challenges of mobilizing innovative financing, as well as sovereign debt ratings for African economies. 'The African Development Bank Group commends the Cameroonian authorities for their commitment to implementing a National Integrated Financing Strategy, which is currently being adopted and should enable the country to diversify financing sources for its development agenda. This means that the report is fully aligned with the government's priorities,' said Mamadou Tangara , Head of Operations, speaking on behalf of the Bank's Director General for Central Africa. The Secretary General of Cameroon's Ministry of the Economy, Planning and Regional Development, Jean Tchoffo, representing the Bank's Governor for Cameroon, welcomed the Bank's recommendations, which are aligned with the National Development Strategy 2030 (SND30). 'This report comes at a key moment, as we are conducting a mid-term review of the implementation of our National Development Strategy 2020-2030,' Tchoffo said . 'We are convinced that its recommendations will enrich our thinking and strengthen our efforts to return to solid, sustainable and inclusive growth and accelerate the structural transformation of our economy.' By presenting the Cameroon Country Report 2025, the African Development Bank supports Cameroon's push for structural transformation, stronger capital mobilization, and resilient growth.
Bloomberg
16 hours ago
- Business
- Bloomberg
Ivory Coast in Talks With StanChart, SocGen on €800 Million Loan
Ivory Coast plans to raise €800 million ($916 million) in syndicated loans arranged by Standard Chartered Plc and Société Générale SA to help fund its budget, according to people familiar with the matter. The amount is being equally split between the two lenders, said the people, who asked not to be identified because the information isn't public. The Multilateral Investment Guarantee Agency, a unit of the World Bank, will guarantee part of the loan, as will the African Development Bank, the people said.
Zawya
4 days ago
- Business
- Zawya
2025 Country Report on Cameroon: the African Development Bank urges the country to strengthen capital mobilization for sustainable growth
The African Development Bank Group ( officially launched its 2025 Country Report on Cameroon in Yaoundé on 22 July 2025. The launch ceremony featured frank and wide-ranging discussions on the country's economic challenges. Country reports form part of the African Development Bank's African Economic Outlook 2025 which provides an annual assessment of the economic performance and outlook of the continent's 54 countries by examining growth trends, socio-economic challenges, and development progress. The 2025 AEO report was released last May during the Bank Group's Annual Meetings held in Abidjan, Côte d'Ivoire, under the theme 'Maximizing Africa's Capital for Sustainable Development. "Making Cameroon's Capital Work Better for its Development," highlights the levers that will enable the country to strengthen domestic resource mobilization and boost inclusive and resilient growth. It calls on the government, the private sector, civil society, and development and financial partners to collectively re the drivers of the country's structural transformation. The ceremony was attended by members of the Cameroonian government, notably representatives from the Ministry of the Economy, Planning and Regional Development, the Ministry of Finance, the Ministry of Trade as well as the business sector. The report paints a picture of an economy in recovery, with estimated growth of 3.6 percent in 2024, mainly by continued investment in infrastructure and strong momentum in manufacturing industries, which have benefited from efforts to transform local agricultural and textile products. The country paper relies on a detailed analysis to identify sectors where Cameroon can make progress, particularly in mobilizing domestic resources, strengthening governance, improving the business climate, digitalization and optimizing its natural capital potential. The report also identifies several priority reforms to enable Cameroon to transform its potential into concrete growth drivers, including reducing tax exemptions and accelerating digitalization, restructuring strategic public corporations, particularly in the energy and refining sectors. Report findings also stress the importance of strengthening governance, transparency and the rule of law through greater accountability and the publication of the financial statements of public corporations. This includes the need to adopt the National Integrated Financing Strategy (SNFI) to diversify funding sources and leverage carbon market opportunities. Consolidating the financial sector, processing commodities locally and developing regional infrastructure round out the list of priorities. Finally, the report calls for preserving macroeconomic balances by gradually reducing fuel price subsidies at the pump while supporting investment spending, prioritizing concessional financing, accelerating development in insecure areas and strengthening budgetary capacity to better absorb shocks. Ameth Saloum Ndiaye, African Development Bank Senior Country Economist for Cameroon and Godwill Kan Tange, Country Economist for Cameroon, presented the report's main findings. They emphasized the report's concrete proposals to optimize the use of budgetary resources, as well as the country's natural, human and financial capital, with a view to stimulating more inclusive and sustainable growth. The presentation also explored key issues such as public corporation reform, governance, debt management, industrial development, vocational training and the challenges of mobilizing innovative financing, as well as sovereign debt ratings for African economies. "The African Development Bank Group commends the Cameroonian authorities for their commitment to implementing a National Integrated Financing Strategy, which is currently being adopted and should enable the country to diversify financing sources for its development agenda. This means that the report is fully aligned with the government's priorities," said Mamadou Tangara, Head of Operations, speaking on behalf of the Bank's Director General for Central Africa. The Secretary General of Cameroon's Ministry of the Economy, Planning and Regional Development, Jean Tchoffo, representing the Bank's Governor for Cameroon, welcomed the Bank's recommendations, which are aligned with the National Development Strategy 2030 (SND30). "This report comes at a key moment, as we are conducting a mid-term review of the implementation of our National Development Strategy 2020-2030,' Tchoffo said. 'We are convinced that its recommendations will enrich our thinking and strengthen our efforts to return to solid, sustainable and inclusive growth and accelerate the structural transformation of our economy." Distributed by APO Group on behalf of African Development Bank Group (AfDB).
Mail & Guardian
23-07-2025
- Business
- Mail & Guardian
South Africa must unlock financial sector for growth, says African Development Bank
The African Development Bank (AfDB) says South Africa's well-developed financial sector has the potential to be the continent's powerhouse. The African Development Bank (AfDB) says South Africa's well-developed financial sector has the potential to be the continent's powerhouse if structural constraints are addressed. 'South Africa has a well-developed and large financial sector with an asset-to-GDP ratio of 88%, well above that of most emerging markets. The financial system consists of banking institutions, pension funds and a dynamic stock exchange,' the bank said Accounting for 20% of GDP, the country's financial sector provides broad access to financial services. More than 90% of the adult population uses formal financial services, with 81% holding bank accounts and 78% using non-bank financial institutions. 'The country needs a concerted focus on enhancing domestic capital mobilisation, more efficient public expenditure, and a stronger overall business environment to unlock greater investment and foster sustainable growth,' the AfDB said. It urged the government to follow through with plans to enhance business growth by reducing red tape, fostering a supportive environment for small and medium enterprises, improving infrastructure, strengthening multilateral cooperation, clamping down on crime and promoting skills development. 'While the financial system is stable, non-performing loans rose from 4.7% of total loans in 2023 to 5.7% in 2024 due to weak business growth. Household financial distress from rising interest rates since late 2021 has led to mortgage defaults, but easing borrowing costs are expected to support the sector,' it said. The development bank forecasts that South Africa's real GDP growth will remain subdued at 0.8% in 2025, with a likely uptick to 1.2% in 2026, depending on 'improved energy supply, freight rail and port management'. It identifies some of the continued domestic risks as 'ongoing infrastructure deficits, unresolved problems in electricity provision, 'South Africa is one of Africa's most dynamic economies, underpinned by a diversified economic base, strategic geographic location and ongoing commitment to structural transformation,' the report said, noting however that economic growth has underperformed in the past three years to 2024, averaging 1.1%. Factors such as China's economic slowdown, geopolitical tensions, climate vulnerabilities and trade disruptions are projected to further add uncertainty to the country's growth outlook. The AfDB highlights strengthening institutions as essential to improving tax administration, corporate governance and capacity-building to make full use of natural, human, financial and private sector capital. Although the country has many advantages because of its location, targeted training, regional staff exchanges and international collaboration are vital to improving performance and resilience. 'GDP growth The bank said South Africa's income inequality remains among the highest globally, with a Gini coefficient of 0.67 recorded in 2018. 'Government spending remains highly redistributive, with up to 61% of the budget allocated to the social wage — spending on health, education, social protection, community development and employment programmes,' the report said. South Africa funds about 'To meet its Vision 2030 targets and the sustainable development goals, South Africa requires about $254 billion to $329 billion in financing for transport, water and sanitation and education between 2022 and 2030,' the report said. Inefficiencies in public spending and underuse of business and natural resources limit the country's financial capacity. 'Unlocking South Africa's natural capital requires good governance, stronger institutional coordination, adherence to the rule of law, infrastructure development, and capacity development,' the AfDB said.
Zawya
21-07-2025
- Business
- Zawya
AfDB offers Morocco $116mln loan to support sustainable agriculture
The African Development Bank said on Monday it approved a loan worth 100 million euros ($116.4 mln) to support sustainable farming led by women and young people in Morocco. The financing is intended to boost food security, and strengthen the resilience of small-scale farming against climate change, the AFDB said in a statement. "Women who have the ambition to undertake and succeed in agriculture are our priority," said Achraf Tarsim, the head of the AfDB office in Morocco. Over five decades, the AfDB has invested 15 billion euros ($17.46 billion) in projects, including transport, water, energy, farming, social protection, governance and finance. ($1 = 0.8590 euros) (Reporting by Ahmed Eljechtimi, Editing by Louise Heavens)
