BaretaNews

Economy

Chinese Businessmen Cheating Cameroon’s Economy

BaretaNews is getting reports that Chinese businessmen and companies operating in Cameroon have been accused of using dodgy methods in repatriating funds from their import and exports activities. We are told On the question of remittances, Cameroonian traders say the thousands of Chinese business gurus use various manoeuvres avoiding our nation’s financial markets.

Reliable information filtering out from the Cameroons indicates that the Chinese deposit their funds in their accounts in a Chinese bank. And since they are also importers, they ask their bank to transfer the funds to the account of their Chinese suppliers to pay their bills directly from China. The operation avoids dealing with banks where vouchers are requested for any transaction.

Reports also revealed Chinese business community in Cameroon also does not do business with local banks. They prefer to either work with foreign partners or send money by transfer agencies and in most cases use international bank cards. These non-formal processes involve money laundering.




Cameroon financial experts have sounded a note of caution to the CPDM government observing that there is no traceability of funds exiting or entering the country. To resolve the issue and allow the export earnings that will help the economic development of Cameroon, experts propose to strengthen the regulation in this area and make room for controls in these Chinese companies.

BaretaNews recalls that the government of Cameroon had earlier signed a pact with China for visa-free entry with individuals who carry a diplomatic passport. This is not a good news at all. Chinese businessmen must deal with local banks so as to boost the economy. It should be a win-win situation less Cameroon is at the loss. We hope the government of Biya addresses this as soon as now.

God is still saying something.

Cameroon-info.net heavily contributed to this report.

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