Building Friendly Business Climate

As leaders of the Economic and Monetary Community of Central Africa (CEMAC) settle down in their respective countries after participating in the eventful Yaounde 15th extraordinary Heads of State and Government Summit, one thing that must ring a loud bell in their minds is certainly how well to materialise the 16-point recommendations that emerged from the conclave. Stimulating the sub-regional economies caught in the web of global economic dilemmas requires robust actions which visionary leaders must handle head-on and speedily. 
No one doubts the fact that if the global economic meltdown has hit CEMAC deep, it is largely because most of the economies depended on crude oil for export, whose prices regrettably nosedived. Diversifying the economies as the Heads of State undertook is good. But since governments cannot do it all alone, there is need for partnerships with especially the private sector through win-win investments.
CEMAC can boost of a medley of investment opportunities in varied sectors owing to its natural endowments but the business climate is not yet the best. Going by the latest World Bank Doing Business Index (2020 index), CEMAC countries are still wanting in almost all parameters.   In fact, of the 170 economies surveyed in 17th edition of the report, none of the CEMAC countries performed brilliantly on rules affecting a business from inception through operation to wind-down: starting a business, dealing with construction permits, getting electricity, registering property, getting credit, protecting minority investors, paying taxes, trading across borders, enforcing contracts, and resolving insolvency. The sub-regional giant – Cameroon, rather regressed by one point to the 167th position compared to the last index.
Acknowledging the problem and resolving to improve the business climate as the Heads of State did in Resolution 13 of the Final Communique of the Yaounde Summit may be the start of solution. But its gravity warrants that the powers that be put all that is needed to surmount the challenge.  Hopes are rife that wordings of the resolution, “Renewed their commitment as well as their determination to improve the business climate in the CEMAC zone through major structural reforms, in order to promote private investment…,” will get expected action. 
It is common knowledge that investors are not philanthropists. They don’t invest anywhere to ‘help’ the host but rather to minimise cost and risk and maximise profits as much as possible. 
Before they ‘risk’ their hard-earned resources anywhere, there must be guarantee that they would reap the dividends. For, every pr...