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The Implication of Multinational Corporations in Poverty Eradication in Cameroon
Abstract
This paper explores business strategies and policies put in place by multinational corporations to alleviate poverty in Africa with specific examples from Cameroon. The world's population is rapidly increasing and the rich people are getting richer, whereas the poor people are becoming even more marginalized. During the era of economic liberalization the belief was that the opening up of economies to multinational corporations could lead to economic growth and, subsequently, economic development. The activities of multinational corporations have witnessed a tremendous boom since the advent of the twenty first century, that is characterized with advances in information communication technology, and the flow of capital have been the main proxy for MNC activity. MNCs are mainly motivated by opportunities that increase their profits, and the most important factors for MNCs are market size and access to resources. Nevertheless, as markets are getting saturated and MNCs are looking for new opportunities, innovative business strategies have been developed to provide dividends to their shareholders while making sure the stakeholders and communities in which they operate also benefit. This paper explores some business models that MNCs have used to make their products available, affordable and accepted in poor markets that are mostly found in Africa on the one hand and corporate social responsibility initiatives implemented by MNCs to alleviate poverty in the continent on the other. The paper concludes that though the principal goal of MNCs is profit maximization, corporations are making an effort to see that the poor benefit from the activities of these giant companies. To get to this conclusion the paper relied on both primary sources and the exploitation of the already existing literature in books and journals. Given that the sector of activities of MNCs is vast, the paper laid emphasis on fast moving consumer goods companies (FMCGs) in Cameroon.
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