The Republic of Ambazonia is a country with a population of approximately 8 million inhabitants. Economic conditions in the territory have deteriorated as a result of a combination of the poor state of infrastructure which has been abandoned for the past 50 years since the territory was annexed and colonized by Cameroun in 1961. Hundreds of thousands of Ambazonian have either migrated into Nigeria, particularly into neighboring states such as Taraba, Cross River and Benue; or have had to move into the cities of Cameroun such as Douala and Yaoundé in search of greener pastures which are generally not available. And such migrants have left behind relatives who are living in conditions of poverty which are worse than they were in 1961.

It is expected that when the Republic of Ambazonia is finally free of foreign dominion and alien rule, there shall be a back flow of its citizens into their country of origin to restart their lives and built better conditions for their children. Against this background the Government of Ambazonia will seek to create the economic conditions which will meet the expectations of this population.

The main objectives of the economic plan shall be as follows:

1. Get the population to settle as much as possible in their Counties of origin and to engage in economic activities there.
2. Create a system of fiscal revenue sharing which will make sure that each county has its own share of resources needed for its own economic development.
3. Ensure that each county has a functioning administration which will enable it to perform its constitutional duties.
4. Transform each County into a pole economic activities o that the regular inflow of wages will trickle down and create purchasing power within the County.
5. Reduce poverty at the County level and stimulate growth at the national level.
6. Encourage people to set up businesses for themselves and use the economic space of the national territory to take advantage of any business opportunity.
7. Transform the human resources of the country into an engine of economic growth.
8. Stimulate Foreign Direct Investments into the country.
9. Create jobs.
10. Expand the export base and constitute healthy foreign exchange reserves.

National Solidarity Account

There shall be created by constitutional authority an account which shall be known as the National Solidarity Account otherwise known as the NSA. All the revenues accruing into the coffers of the Republic of Ambazonia shall be placed into the NSA; and the revenues accruing into the NSA shall be allocated both to the National Government and to County Governments according to a formula that shall be agreed upon by the National Legislature of the Republic of Ambazonia.

The funds allocated to each County shall reflect criteria such as population, derivation, land area and other factors which shall be decided by the legislature of the Republic of Ambazonia. The NSA is the constitutional instrument for ensuring that all regions of the country shall move forward at the pace. That notwithstanding, the Counties shall constitutionally empowered to raise taxes in certain specific areas in order to supplement their share of revenues from the NSA. The use of fiscal instruments shall be one of the mechanisms that can be used by Counties in order to attract investments into their Counties. For instance, the incorporation of companies in the Republic of Ambazonia shall be done by each County in accordance with the special rules and regulations that they shall be allowed to apply within the companies Act. In other words the Companies Act of the Republic of Ambazonia shall make room for each County to vary certain parameters in order to companies to incorporate in their County. As companies shall be required to pay taxes to the County where they are incorporated, such taxes shall be supplementary sources of fiscal revenue for the County. The Counties shall also be at liberty to decide on the County’s taxes that shall be levied on items such as beer, spirits, tobacco etc.

Strategic Fiscalization of the Economy

In order to encourage Foreign Direct Investments in the Republic of Ambazonia and to create jobs, the government shall make strategic use of various fiscal tools; the principal tools to be used shall be the following:

1. Zero Import Duties on all Raw Materials: It shall be the policy of the Republic of Ambazonia to import all raw materials into the country absolutely duty free. The schedule of items that are considered as raw materials for industries which are established and operating in the Republic of Ambazonia shall be published every year in order to enable economic operators who are producing goods requiring those raw materials to be able to produce goods that competitive on the world market;
2. Zero Import Duties on all Computer Hardware, Software and Accessories: In order to promote a computer-based culture and the use of office automation and information and communication technologies, all imports of computer hardware, software and related accessories shall be completely duty free;
3. Zero Import Duties on all Plant & Machinery: All capital goods imported into the Republic of Ambazonia including plant and equipment, construction materials, construction and earthmoving equipment, agricultural equipment shall be entirely free of import duties;
4. Full Import Duties for Consumer Goods: All consumer goods entering the Republic of Ambazonia shall be dutiable and shall attract customs duties charged on ad valorem basis. Notwithstanding this policy towards consumer goods, special licenses shall be considered for operators to operate duty free shopping centers in special locations in the country. Such operators shall be licensed to import certain consumer goods duty free and to transport them to the specially designated locations where they shall be discharged under special customs arrangements. Such duty-free shopping facilities shall be used to attract duty-free tourism;
5. Five Year Duty Franchise on Automobiles and Spare Parts: Normally, custom duties shall be payable on automobiles entering the Republic of Ambazonia. However, the Government of Ambazonia shall introduce a five-year franchise for automobiles so that all classes of vehicles entering the Republic of Ambazonia shall be allowed to enter duty-free. The purpose of this franchise is to enable the citizens to acquire the mobility necessary to engage in economic activities at all levels. The transportation of farm produce, construction materials, and ordinary citizens needing to move around are some of the basic features of a functioning economy. The franchise period of five years is deemed necessary in order to enable the citizens to tool-up and start earning a living for themselves. It is expected that the multiplier effect of this franchise in the economy shall be quite significant. The custom revenue that is foregone by this franchise shall be compensated by revenues that shall be collected for vehicle registration and windscreen licenses, tax on fuel and fees that shall be collected on toll gates on the roads to be constructed. Revenues shall also be collected by Counties for the licensing of taxis. The franchise policy will also help to augment traffic levels on various roads where traffic counts are used as a standard measure for assessing the economic viability of the roads to be constructed. Notwithstanding the duty-free importation of automobiles spare parts, the sale of such spares in the Republic of Ambazonia shall subject to the payment of VAT.
6. Zero Export Duty for Export Goods: All goods manufactured in the Republic of Ambazonia shall be exported free of any type of taxes or imposts. This will enable the Republic of Ambazonia to attract companies that want to set up their manufacturing activities in the country.
7. Low Corporate Tax Rate: All companies operating in the Republic of Ambazonia shall be required to pay a corporate tax rate which shall be fixed at a level that shall at all times be lower than rates prevailing anywhere else in the region; the objective is to ensure that all companies are properly registered and operate in a transparent manner and pay their taxes on profit because there is no reason not to do so.
8. Value-Added Taxes (VAT): All goods and services sold in the Republic of Ambazonia shall attract a value-added tax which shall be reviewed from time to time in order to ensure that the economic goals of the government are being achieved. To this effect, the Government of Ambazonia intends to introduce the most simplified form of Companies’ Incorporation and Registration in order to ensure that the highest number of economic activity is carried out under a formalized structure. The incorporation of a company in the Republic of Ambazonia shall come automatically with a certificate of incorporation and a VAT number in order to facilitate the invoicing and payment of VAT. The objective of this strategy is to ensure that goods enter the Republic of Ambazonia freely. Custom duties shall cease to be a major source of fiscal revenue for the state. The state shall depend primarily on Value-Added Taxes, Corporate Taxes and Payroll Taxes to finance its expenditures. All other sources of revenue accruing to the state shall be considered exceptional and shall be treated as such. It shall put in place a mechanism for ensuring that all value-added taxes are paid into the National Solidarity Account by economic operators for allocation to the State and County Governments. The size of the civil service shall also depend on the amount of fiscal revenues generated from value-added taxes.