The Chamber of Agriculture creates an agropastoral and fisheries company with a capital of half a billion FCFA

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In a press release signed on January 17, Martin Paul Mindjos Momeny, the president of the Chamber of Agriculture, Fisheries, Livestock and Forests of Cameroon (Capef) announces the creation, at the request of the members of the institution consular, of the public limited company called “Agropastoral and Halieutic Farms of Cameroon” (Sofahcam SA).

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

“This company is an investment vehicle for the benefit of players in the agro-pastoral and fisheries sectors in general and members and nationals of Capef in particular. It aims to promote increased production and productivity of the value chains concerned through the implementation of high-yield productive projects, the acquisition of stakes in projects or companies with high profitability potential and support for nationals in carrying out their projects,” the document reads.

The same source indicates that the share capital which will be increased in 2023 to 450 million FCFA, is open to the public up to 70%. It may be released in cash and/or in kind after evaluation by a contribution auditor.

Read also: The Town Hall of Kribi 2nd is requesting the help of CAPEF to create a factory for the production and packaging of seafood products

This kind of initiative on the part of Capef is not new. But in vain. In 2016, Capef announced the collection of funds from 7,000 subscribers with a view to creating a microfinance structure. The total amount of these subscriptions would have reached 2 billion FCFA at the time. But since then, we have heard more about it. However, the microfinance establishment was supposed to reduce the difficulties of access to financing for farmers, livestock breeders and other small forest operators. Microfinance was to be a relay of the agricultural bank announced by the authorities in the country since 2011.v

Finally, Martin Paul Mindjos, announced in April 2022 that the file for the creation of a previously announced micro-bank is definitively closed. “The President of the Republic had already issued a decree to create the agricultural bank as well as the SME bank. Under these conditions, it was difficult for the Chamber of Agriculture to move forward on this banking project, ”explained Martin Paul Mindjos at the microphone of CRTV, the public audiovisual channel.

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