The socio-economic contributions of cosmetic enterprises in the Mfoundi Division, Centre Region, Cameroon 1996-2020

Abstract

This study examines the origin, evolution, impact and attempted solutions to the problems faced by cosmetic enterprises in the Mfoundi Division of Yaounde, political capital of Cameroon. It examines and analyzes their economic and social contributions to the development of the Division. It relies on qualitative and quantitative analyses of data gathered from both primary and secondary sources. Secondary sources provided extensive literature on general and some specific issues about the work. A critical analyses of oral information provided adequate information for the work. Findings revealed that cosmetic enterprises enhanced development in three fundamental ways: encouraged local and foreign investors to invest, due to the lucrative nature of the business. Secondly, the presence of cosmetic enterprises benefited the general public through direct and indirect employment of labour which improved standards of living and thirdly, the presence of cosmetic enterprises in the Mfoundi undeniably contributed to its financial viability through the payment of excise duties and taxes. The study recommends the application of strict measures by the Cameroon government through the reduction of huge taxes levied on growing cosmetic enterprises in order to minimize production cost, stamp out unhealthy competition among cosmetic enterprises, curb imports, promote the consumption of products ‘Made in Cameroon’ and the institution of a regulating law pertaining mainly to the cosmetic sector.