Cameroon banks healthy despite crisis

  1. Posted on Tuesday 14 October 2008 - 21:26
    Benkam
    Image of Benkam
    Elisabeth Benkam, VoicesofAfrica mobile reporter in Yaounde, Cameroon
    Cameroonian banks and other local financial institutions are still in good health and do not feel the impact of the current global crisis.
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    ‘So far we have felt no impact as far as the volume of our operations are concerned’, says Jean Pierre Belogo, a senior official at National Financial Credit, in the capital, Yaounde.He says however that top officials have started consultations and appointed a team to anticipate future problems.

    According to Christian Penda Ekoka a Cameroonian economist, his countrymen are not afraid of the financial crisis because, in any case, it cannot affect the state economy. He argues that the Cameroonian economy is not very open to the outside world, that the stock exchange is at the embryonic stage, that and several banks are not affiliated the international banks.

    Besides, he explains that Africa is not navigating in the economic hardships that resulted in the1992 devaluation of the CFA francs, which excludes any new devaluation for the time being.

    Also watch: Africa resists financial hurricane

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