'If SMEs contributed to 50% of GDP, we would have been an emerging country'

Laurent Serge Etoundi Ngoa, the Minister of SMEs, Social Economy and Handicrafts, has stated that “SMEs officially occupy 95 per cent of the economic fabric in Cameroon,” during an interview he had with the Government daily.

The member of government said that despite this significance demonstrated by SMEs on economic activity, these companies unanimously presented by experts as the main engine of economic growth, has attained only 36% in the formation of the GDP of Cameroon.

"Imagine that SMEs had contributed 50%, we would already be an emerging country. Therefore, SMEs must make an effort so that the remaining 14% can be met. The government expects that SMEs improve with what they receive as structure support so that we can develop better before 2035," noted Etoundi Ngoa.

Nonetheless with the key role SMEs play in any development strategy, Cameroon has, in recent years, progressed with coaching and the support of SMEs structures. It is in this light that the SME Bank, which opened its doors on July 202015 in Yaoundé, aims to reduce the difficulties of access to financing faced by SMEs in the country.

Similarly, the Government has implemented an upgrade Office (MNB), with the assistance of the European Union (EU), to boost the competitiveness of Cameroonian SMEs in view of the force entry into EPAs between ACP countries and the EU.

Expects have stated that in order to contribute to the reduction of the difficulties of access to funding, which are the main obstacle for the development of Cameroonian SMEs, the BMN has already established partnerships with Fagace and lessor African Leasing Company.

Furthermore, there is now an agency in Cameroon for the promotion of SMEs, designed to migrate SMEs from the informal sector to the formal sector. This aim also pursued by management includes approved tax centers put in place by the Ministry of finance, where SMEs receive free advice on taxation in order to better play their part in the development of the economy of Cameroon.