Day: June 23, 2023

Public service minister tells candidates, fraudsters cannot help them pass exams

More than two thousand young Cameroonians according to Minister Joseph Le will be recruited into public service this year.

While launching the public service examinations on Wednesday, June 21, 2023, in Yaounde, the Minister of Public Service and Administrative Reforms, Joseph Le, urged candidates seating in for the competitive entrance exams to stay away from fraudsters brandishing themselves as middlemen capable of helping them pass the exams.

During the press briefing, the minister announced that 2,235 youths will be recruited into the public service in the 2023 financial year and an additional 450 professionals hoping to have career upgrades.

Minister Le, stated that “I urge you to be more vigilant, so as not to give in, to merchants of illusion who vainly promise you success in exchange for money. It’s a pure scam, so don’t give in, to them,”

” You can even denounce them, by contacting MINFOPRA’s anti-corruption unit,” the minister continued

According to him, the examinations and other processes involved in the recruitment process will be extremely strict and transparent with no room for any manipulations.

Source: Cameroon News Agency

Tinubu’s monetary policy focus and the fate of naira

One of the major decisions taken by President Bola Tinubu on assumption of office on May 29, after removal of petrol subsidy, was the suspension of the governor Central Bank of Nigeria (CBN), Mr Godwin Emefiele.

The Secretary to the Government of the Federation (SGF), Sen. George Akume, who announced Tinubu’s decision to suspend Emefiele on June 9, directed the deputy governor, Operations Directorate, Mr Folashodun Shonubi to act as governor.

On June 14, the apex bank abolished the multiple Foreign Exchange (FX) market.

In a statement by Angela Sere-Ejembi, Director, Financial Markets, the CBN announced that all segments of the FX market were collapse into the Investors and Exporters (I&E) window.

This indicated that the apex bank and its monetary policy functions were integral to economic policy direction of the new president.

Experts are optimistic that the policy decision to unify the exchange rates, experts will sanitise the forex market.

The I&E exchange rate window hit N755 to the dollar shortly after, implying a 21 per cent depreciation of the Naira compared to the previous official rate of N463 to the dollar.

By this development, buyers and sellers of foreign currency in the official FX market were now allowed to quote rates they find comfortable.

This is against previous practice where rates were dictated by the CBN

Some stakeholders, however, interpreted it to imply that the Naira, which has suffered serial depreciation and devaluation over the decades, was being effectively floated.

If floated the value of the currency would be subjected to market forces of demand and supply.

According to the experts, unified and flexible exchange rate regime will help boost investor confidence, increase foreign inflows, reduce import costs, and ease pressure on the Naira.

A financial expert, Uche Uwaleke, Professor of Capital Market at the Nasarawa State University, Keffi, said that it was commendable for the CBN to unify the country’s exchange rate.

Uwaleke, however, cautioned against a sudden free float of the Naira.

According to him, the economic fundamentals required to support a naira float are still very weak, especially in relation to sources of forex.

“Let me say upfront that I support the unification of exchange rates, which makes for a more transparent forex market.

“But I think that the CBN should implement it in a way that does not cause massive distortions in the general price level.

“It is rather early to bank on sustainable capital inflows from foreign direct investments due, in part, to insecurity and the overall unconducive environment of doing business in Nigeria,” he told News Agency of Nigeria (NAN).

He said that sudden naira devaluation may draw foreign portfolio investments, which was part of the reason the stock market was surging.

“But we also know that portfolio investments are not money and do not represent a sustainable source of forex inflows,” he said.

He said that the unification of exchange rates should not be a one step process but should be implemented over a period of time, however short it may be.

According to him, empirical evidence suggests that reforms are more successful when they are sequenced and implemented in phases.

“This is against the backdrop of the oil subsidy removal, which, taken together, can result in galloping inflation and rising poverty level.

“So, while fiscal and monetary policy reforms are welcome, absolute care should be taken to strike the right balance and minimise their unintended consequences,” he told NAN.

Some other stakeholders argue that the disparity in exchange rates provided an avenue for people with access to dollars to buy at the official rate and resell at the black market.

They said that many millionaires were created through that distorted system.

According to Dr Chijioke Ekechukwu, Managing Director, Dignity Finance and Investment Ltd., the unification of the exchange rate and floating of the foreign currency market has come as a welcome development.

“With this, Deposit Money Banks can now go source their own funds and sell to users at their own rate and margin. This is going to bring a rate war amongst them, which will force the rates lower.

“Merging the rates will reduce arbitraging, speculation, and curb multiple malpractices in the market ” he told NAN.

Ekechukwu, however, said that rates would remain reasonably high in the short run before they drop; and for a higher supply of foreign currencies is achieved.

“This may affect the cost and prices of imported products, including petroleum products. It may increase hardships and retain a high inflation rate,” he said

Dr Muda Yusuf, Director, Centre for the Promotion of Private Enterprise (CPPE), explained that FX unification was not a devaluation policy.

Rather, he said, it is a normalisation of the foreign exchange policy regime and an adjustment of rate to reflect the fundamentals of demand and supply.

According to him, in the short term, a depreciation of the currency should be expected in the official window.

“This is because of the huge backlog of demand but as the market conditions normalise and move towards equilibrium, the rate would moderate, ” he said.

He said the new policy regime would boost inflows and strengthen the supply side amidst elevated investors’ confidence.

“The component of forex demand driven by arbitrage, rent seekers, speculators and other economic parasites would also fizzle out, thus restoring stability to the forex market.

“It would be dynamic, and the Naira will appreciate or depreciate depending on the fundamentals,” he said.

The CBN Deputy Governor, Economic Policy Directorate, Kingsley Obiora , however, said the apex bank had no plans to set the naira on a totally free float, as no country runs a completely free float.

Clarifying recent monetary policy decisions of the bank Obiora said countries do not usually subject their currencies to free float.

“There is no country in the world, even the U.S. that has a completely free float. We are allowing the market itself to set a price.

“It may be too early to determine if the Naira’s exchange rate to the dollar has bottomed out,” he said.

He added that the CBN had not intervened in Nigeria’s FX markets since the new policies were introduced.

As Tinubu hits the ground running with major monetary policy decisions, Nigerians are hopeful that the changes will enhance their wellbeing by strengthening the economy.

Source: News Agency of Nigeria

Indigenous women trained to defend rights against agro-industrial hazards in communities

The installation of some agro-industrial companies is said to be causing significant environmental and health hazards in communities around plantations in Cameroon.

These deathtraps have often posed a great danger to their existence and sustenance, experts have said.

It is against this backdrop that close to 30 women drawn from communities near agro-industrial settlements and project zones in Cameroon, have been equipped to defend their rights.

The women’s capacities were built during a two-day workshop organized by a civil society organization known in French as Reseau des Acteurs de Développement Durable, RADD, from June 21 to 22, 2023.

The workshop organized in Yaounde, was also supported by other non-governmental organizations like WoMin African Alliance, and Green Development Advocates, GDA.

According to the organizers, the training was aimed at equipping the participants with information about their rights and laws protecting them, methods, techniques, and strategies to make their struggles more dynamic to achieve positive results.

“The training is to make these women know that they have the right to say no in respect to all the violence they go through from these companies,” RADD’s Executive Secretary, Ngobo Marie Crescense, stated.

She continued: “We have been working for some years now with these women to tell them that the responsibility to defend their interest in the agro-industrial sector is left to them. So they have to mobilize themselves to be able to defend their interest”.

The training was also hoped to promote solidarity amongst the women and create opportunities for them to exchange ideas and become stronger in the face of these economic giants.

Going by one of the workshop facilitators and a member of the GDA, Mba Mbia Danielle, the training was equally geared towards bringing the women together to be able to defend themselves.

“This is because we realized that when an agro-industrial project is put in place, these women are the most affected and they are not able to fight for their rights. This will help them to be able to fight for their rights and even propose what they think will be right for them,” the workshop trainer explained.

At the end of the two-day capacity-building workshop, the community women say they feel fortified and determined to say NO to projects not in their interest and to fight for their rights when they return to their respective villages.

Source: Cameroon News Agency

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Source: Cameroon News Agency

13th Widows Day: Cameroonian widows feeling heat in hands of husband’s family

Statistics from the United Nations, indicate that more than 258 million widows around the world are left unseen, unsupported, and unmeasured in our societies.

These women whose life partners lost their lives in one way or the other are celebrated every June 23. International Widows Day this year is the 13th edition and is being observed in Cameroon under the theme “Psychological and Economic Empowerment of Widows”.

Widows, particularly in Cameroon often experience discrimination, social isolation, and economic hardship following the death of their husbands. They may face obstacles in inheriting property, accessing education and healthcare, and participating in the workforce and many widows and their children are trapped in a cycle of poverty, vulnerability, and marginalization.

“My husband passed away 2 years ago and since then it’s been a nightmare for me. He left me with 4 children. I really suffer sending them to school. He was a carpenter and his goods were all taken by his brothers because the family says we had not completed the traditional wedding procedures” a widow, Cecilia told CNA during a discussion in Mbouda town.

This is just one of the thousands of cases many widows undergo in our societies. The Ministry of Women’s Empowerment and the Family has undertaken some measures to improve the living standards of widows.

” First of all, widows fall under the category of vulnerable persons in Cameroon and when they lose their husbands, they are doubly affected. The Ministry of Women Empowerment and the Family has resources to help them in psycho-social assistance, and capacity building so that they set up their own businesses” declared Mrs. Motso Francisca, Director in charge of the promotion and protection of families and children’s rights at the Ministry of Women Empowerment and the Family.

Most of these women in many cultures especially in the grass field, when they lose their husbands, undergo some traditional rites which expose them to health risks. Some are left to sit on the floor, shave their hair and mourn for weeks. They spend at least a year, dressed in black. Some widows are even inherited as properties by their in-laws and even children.

Practices that are not done when men lose their wives, defenders decry.

International Widows Day is marked to raise awareness about the plight of widows worldwide and to advocate for their rights and well-being. The day serves as a reminder of the challenges faced by widows and the need to address their unique social, economic, and legal issues.

Source: Cameroon News Agency

After weeks of closure, D.O unseals shops in Mbengwi

There is joy and excitement in Mbengwi, Momo Division after the Dividioanl Officer unsealed all shops and business premises he placed seals on about a month ago.

D.O Ngidah Lawrence came out Friday, June 23, 2023, together with Pastors and the Mayor of Mbengwi, and removed all the seals.

The Administrative Officer warned the population that any business person who continues to respect Monday ghost towns will have their shops sealed forever. He has vowed to eradicate ghost towns in the area.

Since January 9, 2017, separatists in Cameroon instituted a civil disobedience ghost town, observed every Monday in the two Anglophone regions. On many occasions, they had to reinforce the ghost town by invading markets and banks, to compel them to respect the order. in Some cases, the structures are set on fire. This is the main reason why shopowners prefer to respect ghost towns than get their shops burned.

Source: Cameroon News Agency

Green Legacy Crucial in Protecting Environment, Maintaing Peace: Scholars

Ethiopia's Green Legacy Initiative plays a great role in protecting the environment, preventing climate change, and bringing peace and stability to the country and the Eastern Africa region at large, scholars at a panel on Tackling Climate Change Impacts with the Green Legacy Initiative said today.

The Ethiopian News Agency (ENA) and the Ethiopian Agriculture Institute (EAI) organized the panel discussion which was opened by Peace Minister Binalf Andualem.

Opening the panel discussion, the minister stressed the cruciality of the continuing Green Legacy Initiative in tackling the impacts of climate change.

The Green Legacy Initiative also contributes to the protection of the environment and maintenance of peace and security in the country and in the region, Binalf noted.

During his presentation, Addis Ababa University Water Governance Associate Professor Yakob Arsano said Ethiopia has a long tradition of planting trees starting from the imperial times.

Unlike in the past, however, the campaign under the current government is massive and nationwide, he stated.

The scholar added that tackling the severe impacts of climate change can enormously contribute to peace and stability in the country as well as in eastern Africa region, Addis Ababa University Science and Technology Assistant Professor, Adanech Yared said on her part that Ethiopia has been implementing nature-based solutions to tackle the impacts of climate change.

The Green Legacy Initiative and Integrated Watershed Management are among the crucial initiatives under implementation to tackle the effects of climate change in the country and beyond, she stated.

According to her, the implementation of nature-based solutions such as the Green Legacy Initiative and integrated watershed management, especially in affected and vulnerable areas of Ethiopia, have a positive effect on the environment as water levels increase, ecosystems get protected and agricultural productivity improves.

Source: Ethiopian News Agency

Study Stresses Importance of Inclusive Efforts of Institutions in Encouraging Legal Remittance

The need for inclusive effort of all pertinent bodies at home and abroad has been underlined in order to encourage remittances through formal channels.

A researcher, Zerihun Mohammed, who presented his study about remittance from Ethiopian labor migrants in South Africa and Middle East countries said most of the remittances from the countries have been sent through informal channels due to various reasons, including the big gap in currency exchange rate between the formal and informal channel.

Being undocumented, the migrants cannot also access financial institutions and pay high rates to transfer money in formal channels, he added.

According to the study of Forum for Social Studies, sending remittances through informal channels affects the economy, especially in the import sector.

Therefore, Zerihun suggested that the Government of Ethiopia devise an overall migration policy which directs its actions in an integrated manner because such a policy is important, considering the youthfulness of the country’s population.

The migrants need to be legal because migrants who have the required documents would not face problems with regard to accessing financial services, and documented migrants strengthen formal transfer of remittance to Ethiopia, he added.

The researcher also suggested that the Government of Ethiopia provide pre-departure training on financial literacy to migrant workers because such training could encourage migrant workers to develop awareness about opening bank accounts, saving, and remittance transfer systems.

He further advised that the government devise well-thought out policies and mechanisms to narrow down the gap between the official and unofficial rates of currency exchange and expand access to and enhance efficiency of the formal transfer channels.

According to him, banks and financial institutions need also to provide financial products and incentives that could motivate migrant workers to transfer their remittances through the formal system by offering preferential interest rates to the Ethiopian Diaspora who open saving accounts and transfer their savings in hard currencies.

Also, the host governments of migrants need to promote safe and documented migration, provide protection to migrant workers by incorporating international norms (conventions) which provide guidelines for the protection of the rights of migrant workers, and find ways and means to regularize irregular migrant laborers.

The researcher further proposed that international agencies and civil society organizations advocate and promote safe and documented labor migration and strive for regularization of undocumented migrant laborers, advocate for the protection of the rights of migrant workers, both in the host and origin countries, support asset-building activities of migrant workers and their families using remittances.

Source: Ethiopian News Agency