In this quarter's update, we maintain relatively favourable outlooks for Cameroon and Gabon's telecommunicationsmarkets through to 2028. This view is supported by a positive economic growth trajectory for both countries and growing demandfor advanced mobile data and value-added services. Although Gabon's market has reached saturation, organic growth prospects stillexist in Cameroon's mobile market over the medium term. We note that both markets still contain a high degree of inactive SIMSowing to aggressive promotional pricing and the slow pace of SIM registration, which may impact our forecasts. Improved prospectsfor political stability in Gabon will be welcomed by investors in the medium term; however, as Cameroon approaches local andparliamentary elections in 2020, risks of unrest will pose downside risks to our forecasts for growth. Both Gabon and Cameroon areactively investing in fibre-optic networks. Gabon announced that it will invest USD288 in a fibre-optic network. While in Cameroon,regulator ART is actively encouraging investment in backbone fibre, a move that will allow greater availability of cheaper bandwidth.Therefore, we believe advanced mobile content, notably data and data-centric value-added services, will be the main driver ofgrowth in the mobile sector over the next few years.
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