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Yaoundé - 21 April 2019 -
Finance

Currency shortage worries the Cameroon Inter-Employer Group (GICAM)

Currency shortage worries the Cameroon Inter-Employer Group (GICAM)
  • Comments   -   Tuesday, 09 April 2019 16:55

(Business in Cameroon) - Cameroon Inter-Employer Group (Gicam) met the Association of credit institutions’ professionals (Apeccam) on April 4 in Douala, the Cameroonian economic capital, to discuss the new exchange regulation within the Cemac region.

Celestin Tawamba, President of Gicam, took this opportunity to express his concern about the difficulties faced by economic operators in accessing foreign exchange, in Cameroonian banks.

“For 71% of employers who are members of Gicam, access to foreign exchange is a major concern,” he said, denouncing banks that make “indecent proposals” to economic operators at usury rates.

The meeting was also attended by representatives of the Central Bank of CEMAC States Beac which some commercial banks say is the cause of this currency shortage. In response, Beac reassures about the availability of foreign currency and says the situation is the result of a strict enforcement of rules on foreign exchange transactions; rules that some banks did not fully follow.

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