SMEs urged to aid in the development of Cameroon

In Cameroon, SMEs officially occupy 95 per cent of the economic structure, and contributes up to 36% to GDP, a percentage deemed insufficient to make Cameroon an emerging country, considered the Minister of SMEs, Social Economy and Handicrafts, Laurent Serge Etoundi Ngoa.

Recognized as the main engine of the Cameroonian economic growth, SMEs are encouraged to do a little more. "Imagine that SMEs contributes 50%, we would already be an emerging country. Therefore SMEs must make an effort so that the remaining 14% can be met", said Minister Serge Etoundi Ngoa. He added that "the government expects that SMEs improve with what he gives them as structure support, so that we get to the emerging stage well before 2035.

In order to boost the share of SMEs, in the national economy, Cameroon makes provisions which include the opening of the SME Bank on July 20, which aims to reduce the difficulties of access to financing faced by SMEs in the country. In the same logic, the Minister Etoundi Ngoa said that, "Government has implemented an upgrade Office (BMN) so as to boost the competitiveness of Cameroonian SMEs.”

To contribute to the reduction of the difficulties of access to funding, which are the main obstacle to the development of Cameroonian SMEs, the BMN has already established partnerships with Fagace and lessor African Leasing Company," emphasized Ngoa.

In order to create a business environment for SMEs, Minister Ngoa revoked the existence of the Agency of the SMEs in Cameroon. "It is designed to migrate SMEs from the informal sector to the formal sector. This objective is also tracked by Approved Tax Management Centres created by the Ministry of finance, where SMEs receive advice on taxation, in order to better play their part in the development of the economy of Cameroon,” said Serge Etoundi Ngoa.