The Deputy General Manager of Union Bank of Cameroon PLC, Clement Yuyun has been recognized and honoured for significantly contributing to the transformation of Africa. The recognition of exceptional personalities in Africa was part of activities of Accelerate Africa Summit with took place in Johannesburg South Africa, from the 15th to the 17th of November 2023.
Yuyun amongst others, was awarded for his undeniable commitment to empowering the African economy which led to various developments that have shaped the continent towards a brighter future.
In his keynote presentation during the summit, Yuyun revealed that Africa is rich in natural resources ranging from arable land, water, oil, natural gas minerals, forests and wildlife. He said African Economy is largely made up of Small and Medium Size Enterprises which contribute a remarkable 95% of total employment on the continent.
According to the Deputy General Manager, the continent has the largest free trade zone in the world. He said the African continental Free Trade Area (AfCFTA) Agreement is one of the flagship projects of the African Union Agenda 2063- The Africa We Want.
However, Yuyun disclosed that despite these potentials that have made Africa the geopolitical playground of global interest, they still face many challenges.
He stated that 22 out of the 54 countries in Africa are conflict -affected. He said six of Africa’s top 30 deadliest weather disasters have occurred between 2022 and 2023. He mentioned the recent flood in Libya that killed more than 4,300, the droughts in Sudan and Uganda, Cyclone Freddy in Malawi, and floods in Nigeria and South Africa have exacerbated a staggering death toll.
The DGM added that there is a sharp uptick of inflation rendered more complex by higher borrowing costs.
He lamented that about 462 million people in Sub-Saharan Africa are still living in extreme poverty in 2023. He said legal and tax systems do not sufficiently create an enabling environment for investors.
“Bad governance, corruption, lack of education, poor health and too many currencies flooding the continent are major deterrent factors to purposeful investments in the continent.” He regretted.
Amongst the many solutions, the DGM proposed that African countries should leverage on The African Continental Free Trade Area (AfCFTA) Agreement signed in 2018 in Kigali to reduce trade barriers between African countries, and create decolonized economies that enhance intra African trade.
“Agricultural transformation will help to revitalize the rural areas, turning them from zones of economic misery today, to zones of economic prosperity.” He added.
He said African countries must invest in youths and women, develop energy infrastructure, industrialize the mining of development minerals, and address conflicts and violence as a strategic priority to achieve the twin goals of ending extreme poverty and promoting shared prosperity.
He said African governments and business entities must seek to make informed borrowing decisions and avoid unnecessary debts at high costs.
Yuyun further proposed the development of roads, the increasing use of social media, the creation of health care systems across the continent that are affordable to every one regardless of their ability to pay and inclusive education.
“A brighter future for Africa is a brighter future for the world. We must have dreams but we must also have goals that will transform the continent from a passive consumer to a new frontier of industrial productivity and shared prosperity.” He concluded.
Besides Yuyun, other awardees at the summit include; Stella Obiageli Ezechukwu, President Nigeria Union Women Yaounde and CEO Bostel Schools, Cameroon, Mmantlha Sankoloba, CEO Botswana Exporters and Manufacturers Association, Angela Livu, Director and Founder Barnley Montessori, Kenya, Sabra Machano, Executive Director and Founder, Warrior Women Foundation, Tanzania, Thabo “TP” Pitse, Chief Executive Officer EBL Institute of Business and Technology, Zuo Bruno, Chief Executive Officer, Zuoix Cameroon/South Africa and Siita Sofo Hissan, President, AFYEF Ghana.
By Olive Ejang
