The government of Cameroon has tabled a bill to the CPDM controlled rubber stamp parliament, asking the people’s representatives to raise the debt ceiling for non-concessional debt from 500 to 1200 billion Francs CFA.
The bill which is already guaranteed to pass in the government control parliament has drawn criticism from the opposition and other observers who warn the government is gradually plunging the state into uncontrolled debt. Proponents of the bill argue the debts will help the country achieve Cameroon’s vision 2035 emergence plan while also help the state carter for other needs of other unforeseen causes the state did not plan for like the fight against terrorism in the north of the country.
Speaking to CRTV’s Cameroon calling on Sunday June 18 2017, SDF member of parliament and national Vice President of the party Hon. Joshua Osih who is part of the Finance committee looking at the bill in parliament decried the move saying” we have been borrowing a lot of money and yet we still have potholes, no electricity and no water in the country”.
The SDF firebrand leader who added that it’s true no government can develop without loans, however decried the endemic corruption the country which he says will leave the borrowed money in the hands of selected few while the ordinary Cameroonians will suffer to pay this money with very high interest back to the international lenders
It should be noted that Cameroon had borrowed close to 600 billion francs CFA to construct the Douala and Yaoundé stadium for the 2019 AFCON and many have decried the fact that, the stadium in Douala will be the same stadium like the one in Libreville Gabon but the stadium to be build bin camero0n cost three times the amount used to build that same structure in Gabon, a clear indication of massive fraud in the awards of some of these contacts build with borrowed money
The world bank has warned the government of Cameroon to cut spendings as its debt level has reached an alarming proportion. Refusing to hit to advise, the minister of the economy, Louis Paul Motaze has gone ahead to borrow a sum of 187.804 billion fcfa from the African Development Bank ( ADB) and the African development fund (ADF) just last week.
The state has been borrowing money from different partners at home and abroad to finance different projects in the country from electricity to transports to agriculture and infrastructure developments