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Cameroon’s admittance to the status of a mixed financing nation by the African Development Bank is a bad omen to development, by Chofor Che


On the 9th of July 2014, an op-ed was published by Business in Cameroon revealing that Cameroon has been admitted to the status of a mixed financing nation by the African Development Bank (ADB). This position was corroborated by Cameroon’s Minister of Economy, Emmanuel Nganou Djoumessi. According to Business in Cameroon, this status allows Cameroon to continue to get loans at concessional rates from the African Development Fund (ADF), a subsidiary of the ADB. Cameroon can also have direct access to the national branch of this regional institution.

“The designation of this status by the ADB group shows that it recognises the efforts made by the country,” added Racine Kane, the ADB resident representative to Cameroon. “The ADB has allowed us to access the mixed financing regime. This was not done at our request. It was done in light of the strong assessment the ADB evaluators have done on our economy. This assessment established the soundness of our macro-economic criteria. It demonstrated that we have a low level of indebtedness and we are harnessing our resources. Consequently, we are a country with an emerging economy,” Minister Nganou Djoumessi added.

The ADB has dished out over 99 billion Fcfa to Cameroon to finance 91 projects, since 1972. The Minister of Economy confirmed that the ADB has loaned Cameroon over 255 billion Fcfa, for the month of July 2014 alone.

It is indeed, a shame to know that the government of Cameroon is happy with such a status. This is indeed a bad omen to development especially for a country which has decided to depend on loans from international financial institutions like the ADB. Of the 21 projects currently being financed in Cameroon by the ADB, just 23% are within the private sector. Many continue to argue that the private sector in Cameroon is weak. The truth is that government has not made adequate efforts to make the private sector in Cameroon an equal partner in development. Experience has also shown that financing which has been engineered by the government sector has been siphoned by corrupt government officials and most of this money starched illegally in foreign bank accounts.

Embracing the status of a mixed financing nation by the ADB will only make Cameroon poorer and underdeveloped. Rather than embracing such a status, policy actors tasked with reshaping Cameroon’s economy need to reflect more towards a free market economy rather than an economy that depends on loans from international financial institutions like the ADB. There is no gain saying that since 1972, after having received so much money from the ADB, the country has nothing to write home about. Infrastructure remains deplorable while youth unemployment is alarming. Cameroon needs to beef up the private sector. Taxes need to be reduced and more jobs in the private sector created. The educational system in the country has to also be revisited so as enable graduates to be ‘job creators’ rather than ‘job searchers’. These are some measures which if the government of Cameroon gives some attention to, then there will be no need to be contended about being a mixed financing nation of the ADB.

 
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Posted by on July 11, 2014 in Africa Development

 

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French support to civil societies in Cameroon: An impediment to development, 27 August 2013, By Chofor Che


Cameroon is one of the states in Africa that continues to receive financial assistance from the West. Cameroon’s civil society has benefitted financially from the West, but remains one of the weakest on the continent. Following an article by Cameroon Tribune dated August 20, 2013, France recently opted to support civil society organisations in Cameroon. For the next three years, France has earmarked 260 million francs to fund initiatives in the areas of health, environment, democratic governance and human rights. Such initiatives are to be funded via France’s newly established Support Fund for Civil Society in the South (support fund). A memorandum of understanding was thus signed on 19 August 2013 between the Minister of Economic and Regional Development and Planning (MINEPAT), Emmanuel Nganou Djoumessi and the French Ambassador to Cameroon, Bruno Gain.

A call for proposals will be launched by the end of August 2013 by the Department of Cooperation and Cultural Action of the French Embassy to support eligible candidates who are to benefit from the newly created support fund. As stressed by Bruno Gain, special attention will be given to projects in the Far North, North and Adamawa regions, especially as these regions are mostly hit by natural disasters. The support fund replaces the Social Fund for Development which has been operational in Cameroon since 1996. Cameroon is one of four countries including the Republic of Congo, Togo and Guinea benefitting from this initiative.

The aim of this special fund is to improve the living conditions of Cameroonians. According to Cameroon Tribune, since 2005, France has contributed a total of about $ 948 million to finance eligible civil society projects in Cameroon. Despite the humongous amounts of money pumped in by France into Cameroon, the state’s civil society remains one of the weakest on the continent. The central government is well aware that Cameroon’s civil society is a weak one and has done nothing to encourage this weak civil society. The truth is that dubious means are going to be put in place by corrupt government officials to swindle the money from France. As has been done in the past, corrupt government officials will create fictitious civil society organisations and embezzle the finances meant to revamp Cameroon’s civil society.

It is thus clear that such assistance from France is an impediment to growth and development in Africa and Cameroon in particular. Cameroon’s civil society does not need such assistance. What needs to be done by the international community and France especially is to put pressure on central governments on the continent and Cameroon in particular to create an enabling atmosphere for more jobs. France and other Western states need to encourage Cameroon’s central government to improve on its infrastructure and technology. Small and medium size enterprises (SMEs) especially those run by women and the youth need to be revamped via private and government partnerships. More Cameroonians need to be employed in the extractive industries. It does not suffice for foreign multinationals to rip the state of its natural resources while nationals languish in poverty. These issues are more important to the state’s development than dubious grants that will end up in the foreign bank accounts of corrupt civil servants.

– See more at: http://www.africanliberty.org/content/french-support-civil-societies-cameroon-impediment-development-chofor-che#sthash.7hdRZEcg.dpuf

 
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Posted by on August 27, 2013 in Africa Development

 

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