Kini Nsom
29 September 2008
Prime Minister Ephraim Inoni has expressed regret that despite government's efforts corruption has continued to flourish in Cameroon.
Inoni made the remark while presiding over a meeting of the Cameroon Investment Forum in his office, Friday, September 26.The meeting that brought together top business people in Cameroon aimed at mapping out strategies to ameliorate the business climate in the country.
The Prime Minister said making the business climate attractive to investors could turn things around. According to him, government was taking measures to make sure that the process of establishing a business in Cameroon is less complicated and void of any acts of corruption.
The meeting held at time when a World Bank report captioned 'Doing Business 2009' indicates that Cameroon is sinking down the abyss of countries whose business climates are unfriendly to local and foreign investors. Corruption, the lack of an independent judiciary and the cumbersome process of establishing businesses scare away investors from Cameroon.
The procedure for opening a business in Cameroon was particularly scorned because an investor needs13 steps and at least 37 days to succeed. It also entails that the investor needs Gross National Income 129.2 percent per capita to succeed. The report says obtaining a business license in Cameroon is more complicated.
One needs to go through 15 steps to acquire a business license in at least 426 days. It was equally reported that enforcing contracts is even worse because it requires going through 43 procedural segments in 800 days.
The World Bank carried out the survey using its 10 crucial indicators of business regulation that track the time and the cost to meet government's requirements in starting and operating a business, trading across borders, paying taxes and closing a business. Singapore came first in the rankings for the third conservative time as a country where one can easily establish a business. New Zealand and the United States of America came in the second and third positions respectively.
In Africa, Senegal, Burkina Faso and Botswana are among the top reformers of business regulations in the world. The Democratic Republic of Congo came first from the bottom in the 181st position.Cameroon walks tall above many other African countries as far as the rakings are concerned.
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