Par Louis-Marie Kakdeu | SDF Shadow Minister Economy, Finances and Trade

On 5 July 2022, the Minister of Finance signed a SIMPLE circular letter N°4918/MINFI indicating that due to the underperformance of public enterprises (and under pressure from the IMF), Performance Contracts will be in force from 1 January 2023. This forced measure is inadequate in both form and substance:

1. On the form, this circular letter goes against the laws of 12 July 2017 governing public enterprises in Cameroon and which deserve to be respected. In the hierarchy of norms, this simple circular letter should not have any authority over the law.

As I often say, the mentality of Cameroonian managers cannot always be to trample on the laws of the Republic to magnify what comes from outside, especially the IMF in this case. Clearly, if we respected our laws and optimised the management of our own resources, we would never have needed to over-indebt the country or have recourse to the IMF.

The IMF is coming in to do what you were planning to do and we just haven't done BECAUSE YOU NEED TO PUT A GENDARME BEHIND EACH OF US TO WORK. This is ridiculous! I'm just saying that the law had to be enforced to get the performance of public companies and it's not late.

2. Basically, one cannot challenge the Board of Directors (BD) without declaring it null and void. If the performance contracts are implemented, it would mean that the Boards of Directors should be abolished altogether in order to relieve the Cameroonian taxpayers who pay for the functioning of these useless structures. What is the purpose of Boards of Directors in Cameroon as it is? Is it to accommodate the old cronies of the regime? If so, it costs taxpayers a lot of money. In a normal system, the board is there to ensure the proper functioning of companies, including issues related to performance. If there is chronic underperformance, as is currently the case, it is because the board members have not played their role. I would remind you that these are the companies where the CEOs have always had a discharge for their "GOOD" management.

In fact, we must seize the opportunity of this fully admitted bankruptcy to put the issue of accountability back at the heart of our management system. In fact, who should pay for the underperformance of public companies? Nobody?

No, Mr. Minister.

We also expect you to take your responsibilities and let justice do its job. In any case, this is what we would do if we had the opportunity. In the meantime, we draw your attention to the fact that, in your addiction to the IMF, you cannot REASONABLY maintain budgetary boards and performance contracts. You have to choose!

For my part, I choose the Republic and I advocate the respect of its laws in force until proven otherwise.

Louis-Marie Kakdeu,
Shadow Minister Economy, Finances and Trade.

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