CPDM Baron Says IMF/World Bank Misled Cameroon

One of CPDM most outspoken heavy weights, Charles Ateba Eyene, has blamed the International Monetary Fund (IMF), and the World Bank for misleading Cameroon. Ateba Eyene, who has written several books on Cameroon, including the head of state, Paul Biya, made the statement during a press conference he organized in Douala, recently, under the banner of his NGO – club Ethics. While demanding the total review of the privatization of state own companies, Eyene argue that the process was not only a failure but equally a betrayer of the Cameroonian people. Thus to him all the structures created to follow up on the liquidation of state owned companies should be dissolved. He expressed regret that the Recommendations of the World Bank and IMF for the privatization of state companies regarded as panacea to the economic problems of Cameroon by the regime, was misleading and far from reflecting the local realities. The continuous privatization of state companies according to Eyene, will do nothing better than taking the country into an economic mess. He regretted that companies like SONEL, valued about FCFA 700 billion by the time of privatization was auctioned at the cost of FCFA 5 billion while REGIFERCAM now CAMRAIL which had asserts worth FCFA 800 billion was sold for an insignificant FCFA 6 billion. It should be recall here that the tea segment of the Cameroon Development Corporation was auctioned to a certain Baba Danpullo at a skimpy sum of 1.5 billion FCFA, about 100 percent less than its actual cost thanks to the mischievous role played by some state agents and John Niba Ngu, former Director general of CDC/former minister of agriculture in duping the state. The privatization of state corporations has remain a controversial issue as its sellers look more on how much kick backs they can make than think of the welfare of Cameroonians and the nations financial viability.

Courtesy - Harry Ndienla Yemti