the buried agricultural microfinance project with a capital of 2 billion FCFA

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The Chamber of Agriculture, Fisheries, Livestock and Forestry (Capef) of Cameroon announced, in early April 2022, the establishment of a new tool intended to facilitate access by rural producers to micro-credits with simple accessibility conditions and at very low interest rates. The future mechanism is intended to be modeled on the models used in India or Indonesia, which uses committees of financial intermediaries. The idea, according to Capef, is that the system put in place ensures the fluidity of currencies, their stability in the national economy and their easy circulation between nationals of the chamber. In the wake of this announcement, the implementation of which is closely scrutinized by the actors of the rural world – the date of the end of April 2022 had been brought forward -, the current management team of the Chamber of Agriculture announced that it had put a cross on the project to create an agricultural microfinance institution (Emf), a project dear to former president Janvier Mongui Sossomba. The former mayor of Dimako in the Eastern region had, in fact, been at the initiative of this project for Capef which constitutes, with the public authorities, the advisory body and representative of the interests of professionals in the agriculture, fishing, livestock, forestry and wildlife.

Read also: Agriculture: Capef revives the project to build a fertilizer factory in Cameroon

Since his death in May 2018, the initiative had been put away in the drawers. However, in October 2015, he had launched a fundraising campaign for the constitution of the capital of the establishment. This ended in May 2016, and Janvier Mongui Sossomba announced that a constituent General Assembly would be held within two months, with a view to adopting the statutes of this establishment, setting up its organs social etc. Logically therefore, this body should have been sitting since July 2016. No less than 7,000 subscriptions had been registered throughout the territory as part of this operation, and 80% of subscribers were rural people. In detail, this Emf was intended to create the necessary conditions for the agreement, in the short term, of loans for 300 organizations in the agro-pastoral, fisheries and forestry sectors, for the technical and managerial strengthening of producer organizations, for the creation of more than 15,000 direct jobs, for increasing rural production, for facilitating the marketing of group products, for increasing household incomes, etc.

Filler holes

Types of activities to be financed: production, processing and conservation tools; commercialization ; protecting the sustainable management of ecosystems; the development of rural space; etc But, seven years later, the project seems to suffer the sad fate reserved for the Agricultural Bank announced since January 2011 by the President of the Republic, Paul Biya, during the very last agropastoral show organized in Cameroon, in Ebolowa in the South region. .

Read also: Agricultural financing: Capef uses committees of financial intermediaries

In an interview with EcoMatin on November 19, 2018, the vice-president of the Chamber of Agriculture, Elissar Mbang Ekoutou, acknowledged that the death of President Mongui Sossomba, in May of the same year, delayed the start of activities. of this structure. She then announced the holding of the first General Assembly in 2019. This never took place and, since then, it is the total omerta around the project which was to play the stopgap in the field of financing. agricultural activities, pending the agricultural bank promised by Paul Biya. Since last April, all our attempts to have an explanation from the president of the chamber on the fate of the 2 billion CFA francs collected from actors in the rural world have been in vain. Martin Paul Mindjos Momeny, the current boss of Capef, was appointed by presidential decree in February 2021.

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