By Tim Smedley
Cameroon, with its Atlantic
coastline, and its interior rain forests, deserts and mountains, is
known as “little Africa”: within its borders lies a taste of almost
everything the continent has to offer.
For a country of only 20m people, its economy is also beginning to resemble a microcosm of modern African growth.
Maliva Samuel Lyonga, country manager for Cameroon at the Association of Business Executives (ABE), says: “Cameroon is a magnet for foreign direct investment. With a growth rate of about 5 per cent in 2012, high political stability, and the construction of a deep-sea port in Kribi, car assembly plant in Douala, telecommunications and infrastructure projects – it all indicates just how buoyant the economy of Cameroon has become.
“Much employment is being created and it is expected to grow steadily in the medium and long term.”
Agribusiness remains the biggest sector in Cameroon, with several international corporations driving the country’s main exports of timber, cocoa, coffee and cotton. The oil and gas sector is also important: a pipeline between Cameroon and Chad, operated by ExxonMobil, Petronas, Chevron and the two governments, has proved very successful.
Banking and finance, while in their infancy, are also growing, with international banks, a multitude of micro-
finance organisations and a small stock market all operating in Douala, the country’s largest city.
Ferdinand Kemoum Ngon, managing director of ECP, a private equity firm based in Douala, with more than $1.8bn under management throughout Africa, says: “The bulk of financial services in Cameroon is made up of the commercial banks. You have Citibank, Standard Chartered, and mainly French banks – Société Générale, Banque Populaire – as well as Nigerian and northern African banks, such as UBA.
“It is slightly behind countries such as Ivory Coast in terms of the depth of the financial market. But the number of large infrastructure projects is attracting investment into Douala.”
Cameroon is also making the most of its coastline – a number of land-locked neighbouring states such as Chad depend on Cameroon and other coastal countries for imports – hence the deep-sea port being built in Kribi.
Several international recruiters operate in the country, including executive search firm Michael Page. “In terms of employment, it is officially a bilingual country – French and English – which gives native Cameroonians some advantage,” says Paul Mercier, managing director of Michael Page in Africa.
“There are lots of French, English and American companies operating and now newcomers from China – as in every country in Africa now – as well as African companies developing their networks in the region. It also has a large educated diaspora, especially in France. This is a big advantage in terms of attracting returnees.”
Ayuk Ebai was an auditor for two years at KPMG, the professional services firm, in Douala before turning to forensic accounting in London with BDO, the accountancy firm.
“There are opportunities across many industries, particularly at senior management level,” she says. “Professional services firms tend to use local talent and develop their own people, whereas telecoms, mining and engineering are among the industries that use a lot of expatriates, as they need a lot of specialist knowledge.”
Mr Mercier also believes the high standard of education in the country, coupled with stringent work permits for foreign workers, means opportunities for expatriates are mostly at senior levels, where global experience is highly valued – and work permits are more readily granted.
“There are opportunities in sectors that need technical expertise,” he says, citing agribusiness, consumer-to-consumer, oil and gas, mining and most recently telecoms.
But, he adds: “As an expatriate you are challenged by people coming from China, central Europe, and Malaysia. So you have to be flexible to accept some conditions you would not have accepted 20 years ago.”
Finance might be a small sector, but is growing fast. The ABE’s Mr Lyonga says: “The banking and finance market is one of the most advanced in central Africa.” Other areas, such as insurance, have been overhauled to meet global standards, he says.
There are also many micro-finance organisations – so many that Mr Ngon expects to see consolidation.
Finding work in the country, says Ms Ebai, requires networking and approaching a company directly. “To secure an interview, you may even need to meet key decision-makers in your target company,” she says.
“Identify the local skills shortages in your area of expertise and evaluate how you can serve the needs of the market. Utilise international recruitment agencies and internet job portals. A good local contact book could put you ahead of the competition.”
However, while the jobs market is strong, the country’s enviable political stability comes at a cost: President Paul Biya has been in power since 1982, making him one of Africa’s most entrenched leaders. Corruption and Islamic insurgency in the wider region are threats – although recent troubles have largely been confined to the border regions.
To the coastal south west, where most people live and the main businesses are based, many report a good life with a low crime rate.
Even more positively, Ms Ebai adds: “The nightlife experience in Douala is something you will remember many years after you have left. It is a city where people love living. The energy in Douala is contagious.”
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For a country of only 20m people, its economy is also beginning to resemble a microcosm of modern African growth.
Maliva Samuel Lyonga, country manager for Cameroon at the Association of Business Executives (ABE), says: “Cameroon is a magnet for foreign direct investment. With a growth rate of about 5 per cent in 2012, high political stability, and the construction of a deep-sea port in Kribi, car assembly plant in Douala, telecommunications and infrastructure projects – it all indicates just how buoyant the economy of Cameroon has become.
“Much employment is being created and it is expected to grow steadily in the medium and long term.”
Agribusiness remains the biggest sector in Cameroon, with several international corporations driving the country’s main exports of timber, cocoa, coffee and cotton. The oil and gas sector is also important: a pipeline between Cameroon and Chad, operated by ExxonMobil, Petronas, Chevron and the two governments, has proved very successful.
Banking and finance, while in their infancy, are also growing, with international banks, a multitude of micro-
finance organisations and a small stock market all operating in Douala, the country’s largest city.
Ferdinand Kemoum Ngon, managing director of ECP, a private equity firm based in Douala, with more than $1.8bn under management throughout Africa, says: “The bulk of financial services in Cameroon is made up of the commercial banks. You have Citibank, Standard Chartered, and mainly French banks – Société Générale, Banque Populaire – as well as Nigerian and northern African banks, such as UBA.
“It is slightly behind countries such as Ivory Coast in terms of the depth of the financial market. But the number of large infrastructure projects is attracting investment into Douala.”
Cameroon is also making the most of its coastline – a number of land-locked neighbouring states such as Chad depend on Cameroon and other coastal countries for imports – hence the deep-sea port being built in Kribi.
Several international recruiters operate in the country, including executive search firm Michael Page. “In terms of employment, it is officially a bilingual country – French and English – which gives native Cameroonians some advantage,” says Paul Mercier, managing director of Michael Page in Africa.
“There are lots of French, English and American companies operating and now newcomers from China – as in every country in Africa now – as well as African companies developing their networks in the region. It also has a large educated diaspora, especially in France. This is a big advantage in terms of attracting returnees.”
Ayuk Ebai was an auditor for two years at KPMG, the professional services firm, in Douala before turning to forensic accounting in London with BDO, the accountancy firm.
“There are opportunities across many industries, particularly at senior management level,” she says. “Professional services firms tend to use local talent and develop their own people, whereas telecoms, mining and engineering are among the industries that use a lot of expatriates, as they need a lot of specialist knowledge.”
Mr Mercier also believes the high standard of education in the country, coupled with stringent work permits for foreign workers, means opportunities for expatriates are mostly at senior levels, where global experience is highly valued – and work permits are more readily granted.
“There are opportunities in sectors that need technical expertise,” he says, citing agribusiness, consumer-to-consumer, oil and gas, mining and most recently telecoms.
But, he adds: “As an expatriate you are challenged by people coming from China, central Europe, and Malaysia. So you have to be flexible to accept some conditions you would not have accepted 20 years ago.”
Finance might be a small sector, but is growing fast. The ABE’s Mr Lyonga says: “The banking and finance market is one of the most advanced in central Africa.” Other areas, such as insurance, have been overhauled to meet global standards, he says.
There are also many micro-finance organisations – so many that Mr Ngon expects to see consolidation.
Finding work in the country, says Ms Ebai, requires networking and approaching a company directly. “To secure an interview, you may even need to meet key decision-makers in your target company,” she says.
“Identify the local skills shortages in your area of expertise and evaluate how you can serve the needs of the market. Utilise international recruitment agencies and internet job portals. A good local contact book could put you ahead of the competition.”
However, while the jobs market is strong, the country’s enviable political stability comes at a cost: President Paul Biya has been in power since 1982, making him one of Africa’s most entrenched leaders. Corruption and Islamic insurgency in the wider region are threats – although recent troubles have largely been confined to the border regions.
To the coastal south west, where most people live and the main businesses are based, many report a good life with a low crime rate.
Even more positively, Ms Ebai adds: “The nightlife experience in Douala is something you will remember many years after you have left. It is a city where people love living. The energy in Douala is contagious.”
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