By Sonita Ngunyi Nwohtazie
BUEA, August 21, 2023 – The Nkafu Policy Institute, a think tank of the Denis and Lenora Foretia Foundation, with a mission to advance public policies that help all Cameroonians prosper in a free, fair and democratic economy, will on August 25 at Mansel Hotel, Yaounde organized the awards ceremony of the National Economic Olympiads 2023.
The National Economics Olympiads are a competition among secondary schools in Cameroon that offer training programs in economics. Nkafu Policy Institute conducts in-depth research and provides cutting-edge economic analysis and educates the public in understanding economic issues that affect their daily lives.
Since 2012, the Nkafu Policy Institute has distinguished itself as a leading research centre in Cameroon, committed to promoting open debate that builds consensus towards a democratic future and economic freedom. On an economic level, the Nkafu Policy Institute explores how free market systems can help solve a range of economic problems in Africa and Cameroon in particular.
The National Economics Olympiads has as its objective to improve the education and understanding of young Cameroonian students on the importance of economic freedom to promote sustainable and inclusive development for Cameroon, Africa and the world.
It looks to make students aware of the importance of economic freedom; Educate the new generation on the principles of economic freedom and why/how to advocate for its effectiveness in Cameroon and Improve young students’ understanding of the role of economic freedom in solving current economic and social problems in Cameroon, through writing and powerful storytelling.
In Cameroon, young people represent about 25 per cent of the population, according to a note from the Institute. These young people are plagued with national challenges such as high unemployment, vulnerable working conditions and marginalization in decision-making processes.
Most of the businesses youths start in the country do not reach the age of five due to several constraints, according to statistics from the Nkafu Policy Institute. These constraints include a lack of funding, high taxation and cumbersome administrative procedures.
Despite the commitment of the Cameroonian government to promote economic freedom, the State remains very present in the most important spheres of economic activity (transport, telecommunications, water and energy, trade, industry, agriculture), which hampers the competitiveness of national enterprises, hinders the hoped-for development of the national economy and prevents general prosperity. Economic freedoms refer to all freedoms related to the economy, such as freedom of trade and industry, freedom of enterprise, freedom of movement and establishment, freedom to provide services and free competition.
About the National Economics Olympiads
The National Economics Olympiads are a competition among secondary schools in Cameroon that offer training programs in economics. Its primary objective is to sensitize and inspire young students on the importance of economic freedom to achieve greater prosperity and sustainable and inclusive development.
The National Economics Olympiads are open to students between the ages of 14 and 20 who are regularly enrolled in a secondary school in Cameroon. They are conducted in a manner that promotes equal opportunity without discrimination based on gender, religion, ethnicity, or disability. They do not focus solely on assessing candidates’ theoretical knowledge of economic freedom. A part of the tests is oriented towards practice and the evaluation of analytical skills and curiosity.
