By NTUNTIH SMITH MOHBAMBU
Looking at the two speeches of His Excellency President Paul Biya in which he Epitomized “Cameroon’s Economics” , coupled with the prevailing Economic hardship within and the Anglophone problem at large, one will have no reason but to say there will be a repetition of the late 1980s in this country. To take you down Memory Lane you would agree with me that the economic crisis of 1986 became so serious that the government adopted the Structural Adjustment Plan proposed by the IMF. This caused the government to reduce her expenditure by 18% during 1987/88 budget adoption, accept a $150billion grant from the IMF, contracted loan from countries like U.K, Germany, France and others. This economic crisis was attributed to a general fall in Export Prices by the Head of state. The current situation is attributed to a fall in Oil prices and an increasing Expenditure on insecurity threat in the nation. Recently the Head of state granted to 23 CEMAC companies a tax free duration in which case the minister of trade defended by stating it is an effort to promote trade within the sub region.
It must be noted that Cameroon is working against itself but to the interest of others within the sub region. The realities surrounding the suspected economic crisis soon to befall Cameroon like rain is that the head of state in his end of year speech attributed part of our economic challenge to Mismanagement and corruption within the public sector and state parastatals. To him the economy will be boosted by the series of Electricity Dams which has been constructed and those with hope to be constructed like Menchum, and Nachtigal. They recently adopted a Structural Readjustment Plan which is suspected to similar to that of 1986 and may take the form of: Stagnant Salaries for a minimum of 5years, drop in allowances, an increase in tax rates, increase in fuel prices to more than 700 FRS, increase in communal Stamps to about 600frs, alleged increase in Tollgate fee from 500 to 2500, etc.
All this must tie to the government effort to clear her debt which presently is above FCFA 400 billion. Lately, huge debts has been incurred and invested in unfruitful activities the 75 000 000 0000 which was contracted lately from China in pursuits of Laptops which is yet to be seen. We are therefore expected to embark on farm work which is direct extraction from natural sources as Projected by the CEMAC Heads of States in their 21 point resolutions. This particularly pertains to Cocoa, Coffee, Banana, etc. in which their prices are expected to hike up, while efforts are made to increase oil extraction and equally push up its prices which is currently considered to be down in the market. Fellow Cameroonians i must not fail to tell you that the current Anglophone crisis has left the La Republic in doubt as they keep pondering what will happen if the Mongo is closed.
This explains the Head of state’s remark on the economic impact of the crisis during his 31-12-2016 saying it is the handwork of some manipulated individuals thereby regarding to “US” as extremist and during the new year wishes granted to him yesterday 06-01-2017 he declared ” It is either Cameroon remain bilingual or Cameroon cease to exist.” Please judge this statement for me…Because to me he has simply said the economy of La Republic cannot survive without The Anglophone part of the country. Just like Cameroon is the bread basket of CEMAC so to is Southern Cameroons the bread basket of La Republic. Just to let you know Areas to be adjusted within the economy is under study and pit all effort to see that your effort do not go in vain as if this recently adopted SAP-SRP succeed the result will be Work more and eat Less. It must equally be disclosed to you that after the adoption of SAP in the late 1980s Companies embarked on “Compulsory Savings” upon the government’s instruction in which case Part of your income worked is deducted and used by the government as your own contribution to building the economy. We Southern Cameroonians must not contribute to the building of the La Republic economy for which the end result will always be relegating us to the back like the Buttocks.
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