CI-NEWS

Louis Paul Motaze: The unsung hero behind Cameroon’s economic resilience.

2020-02-28

No: 474

Louis Paul Motaze: The unsung hero behind Cameroon’s economic resilience.

Disbursal of 100B to settle Cameroon’s internal debt.

It is the sagacious Benjamin Franklin who tells us that a debtor is like an empty sack that cannot stand erect. Louis Paul Motaze knows that for service providers to render quality service and for government to exercise the powers to sanction those who don’t, their debts must be paid and on time. It is for this reason that government recently set aside the sum of 100 billion FCFA for the settlement of internal debts. The money has been available since January 29,2019. The disbursement of the funds is part of the process of gradually clearing domestic debt, the minister said in a statement. The cash, the minister’s statement specified, has been placed at the disposal of economic operators and service providers by the Ministry of Finance and is part of the settlement of the 2018 and 2019 debts the state owes business persons in the country. The payments, Minister Louis Paul Motaze explains, is in line with government’s goodwill to continue the consolidation of public finances and to progressively reduce the payment deadlines in order to contain them within 90 days. This, in accordance with the directives of the Economic and Monetary Community of Central African States, CEMAC. The statement concludes with the promise by the minister of that these efforts will be concluded in 2020, thanks to improvements in the quality of spending, the strengthening of budgetary discipline and better management of cash. It should be recalled that the state debt amounted to 1,300 billion in 2019.Of this colossal sum,759 billion was cleared during the said year, and the state promised to pay 50 billion this year.

Cameroon, where impossibilities become possibilities-example of what happens at MINFI

The saying: “Impossible n’est pas Camerounais,” loosely translated into English language as: “Impossible is not Cameroonian,” is being aptly illustrated by the Minister of Finance, Louis-Paul Motaze and the Director General of Treasury, Financial and Monetary Cooperation in the same ministry; Moh Tangongho Sylvester .It is familiar information that doomsayers had rolled out victory drums, and were ready to kick-start celebrations because going by them, the Cameroon treasury was going to run dry; just after a few months into the Anglophone crisis, the war against Boko Haram, the sharp fall in crude oil prices at the world market and the continuous influx of refugees from neighbouring countries. Profound has, however, been the disappointment of these prophets of doom that more than three years into the many security challenges Cameroon has been going through; coupled with the economic hardship that has seriously hit countries of the Central African Sub Region, the public treasury is still buoyant. Not only has government continued to carry out giant development projects and honouring its financial engagements with donors, civil servants and service-providers continue to receive their payments regularly! While it is an undisputed fact that President Biya takes the credit for his level-headedness in managing the many crises Cameroon has witnessed for more than three years, renowned economic analysts appear unanimous that the country would have since been plunged into an unprecedented bankruptcy, had the current Finance Minister-Louis Paul Motaze and immediate collaborators not been corruption-free, patriotic, meticulous and have the rich experience to transparently manage state finances.

How Billions save been lost in Anglophone Crisis, war against Boko Haram…

The Anglophone crisis and the war against Boko Haram have seriously affected Cameroon’s economic growth. These two crises have caused huge expenditure on security and a decline in revenue collection. The brewery industry and telecommunications sector are among those hardest hit. There has also been a sharp fall in customs revenue collection in the Northwest, Southwest and Northern regions.. The Ministry of Finance has the Africa Cup of Nations (AFCON) projects which have to be financed with a lot of diligence. There is also the normal execution of the state budget.

Civil servants’ salaries, service-providers paid regularly.

Though authorities in the Ministry of Finance have given priority to the payment of civil servants’ salaries, they are not oblivious of payments due small and medium-size enterprises otherwise known as service-providers. Since October 2018, most service-providers are being called up by their bankers to inform them that the money owed them by the state treasury had been paid. This, thanks to the highly applauded new policy of Minister Motaze which stipulates that service providers be paid directly through their bank accounts. This in a bid to check corrupt practices inherent when payments were done through cash payments. Under Motaze, kickbacks, to treasury employees, especially the notorious 30% syndrome are things of the past.

The Independent Observer has been reliably informed that these payments were made, thanks to the budgetary support government got from donor partners and with the FCFA 200 billion that was raised from the financial market. The FCFA 200 billion helped government to pay outstanding bills. Payments for state suppliers now made chronologically. Even if the payments are not done within 60 days, the Directorate General of Treasury, we learnt, makes sure that payments are done chronologically.

It is no doubt thanks to the transparent management of state resources that government obtained some budgetary support of FCFA 98billion FCFA from the African Development Bank and about FCFA 105 billion from the European Union in mid-December.

A reassuring treasury

Despite the security challenges Cameroon faces, there is hope for a bright future with regard to the state treasury. Sources have attested that this is feasible given that Cameroon is under the International Monetary Fund-IMF programme, which gives her access to a lot of budgetary support from partners like the IMF, the World Bank, the African Development Bank, European Union-EU and French Development Agency.

Authorities in the Ministry of Finance and the Directorate of Treasury say their key objective this year is to avoid any leakages in terms of expenditure. They have equally taken the firm and collective commitment to making sure that expenditure actually gets to the final destination. In addition, the treasury department has opted to reduce cash payments and to ensure most payments are made by bank transfers.

The treasury department made a huge contribution to the 2019 budget through transactions in the financial market. This year they plan to get 260 billion FCFA from the financial market. In 2018, the treasury department had a very positive reaction to the treasury bills which were issued for three and six months. There has of late been a very high demand for treasury bills because of transparent management style.

The Independent Observer has learnt that the treasury department which used to collect about 7 billion FCFA every two weeks eventually had to move to 10 billion FCFA within the same period. When government asks for 10 billion FCFA, banks subscribe for 30 billion FCFA.

For the case of treasury bonds (generally called “Emprunt Obligataire”) which are long term bonds that take five years, government went in for 150 billion FCFA last October, but subscription came up to 207 billion FCFA. But she however decided to take 200 billion FCFA for the projects that had been presented. This was done in conformity with the conventions that were signed to raise the funds. This, economic analysts say, was an indicator of the credibility of the signature of the state.

Cameroon’s treasury: Hope for CEMAC

This independent newspaper has it on good authority that Cameroon remains the only country in the entire Central African Sub Region with a vibrant treasury that still honours all her local and international financial commitments.

Leaders of the Central African Economic and Monetary Community, CEMAC; we gathered, have both publicly and privately taken turns to hail Cameroon’s economic resilience.

It has now emerged that while other CEMAC countries are going through severe economic crisis that not only greatly hinder development in their respective countries, late payment of civil servants’ salaries, bills, non-payment of loans from the Central Bank and failure to meet other local and international financial commitments, such was not exactly the case with Cameroon.

Sources also hinted The Independent Observer that while the accounts of most of the CEMAC countries at the Central Bank are in the red, Cameroon remains the only country with huge reserves at the Central Bank which can be withdrawn at any time the country is in dire financial need.

It is no longer news that economic crisis has hit countries of the Central African Sub Region. Evaluated at 4.8% in 2014, the growth rate of countries of the CEMAC Region; according to the Bank of Central African States, BEAC, has fallen to about 1%.

The economic crisis in the Central African Sub Region, it should be said, has been blamed on the drastic fall in the prices of crude oil in world market and rising insecurity; orchestrated notably by the Nigerian Islamic sect, Boko Haram.

It has now been established that though Cameroon is the hardest hit CEMAC country by the fall in oil prices, Boko Haram attacks and the rising insecurity and the crisis in the North West and South West regions, the country yet plays host to hundreds of thousands of refugees from Nigeria and the Central African Republic.

Under normal circumstances therefore, Cameroon would have been experiencing more economic hardship than any other country in the CEMAC Region. This however is not the case!

On the contrary, Cameroon remains the only country in the Central African Sub Region with a vibrant treasury that still pays civil servants’ salaries well on time, honours all her financial commitments; locally and internationally, despite the fall in oil prices at the world market, rising security challenges and playing hosts to hundreds of thousands of refugees.

The independent Observer is privy to the information that CEMAC leaders have resolved that as part of efforts to emerge from the current economic crisis rocking the Sub Region, they would borrow a leaf from Cameroon’s Ministry of Finance and the Directorate General of Treasury, Financial and Monetary Cooperation; whose innovations, ingenuity hardworking nature and transparency in handling public funds are contributing immensely to Cameroon’s economic resilience.

Innovations at the Directorate General of Treasury

It should be said, without fear of being contradicted, that ever since the appointment of Louis-Paul Motaze as the Minister of Finance the state treasury has never been declared bankrupt or been in the red.

Described by even renowned foreign finance experts as the most corruption-free and the most job-compatible Minister of Finance Cameroon ever has ever been blessed with, both Minister Motaze and his collaborators stand in a class of their own when it comes to managing and handling public finances during difficult moments like the ones Cameroon is currently experiencing. Besides competence, Motaze and collaborators are humble, unassuming, patriotic and corruption-free.

Cutting down spending-Revisiting World Bank, IMF positive remarks on Cameroon

The World Bank and the International Monetary Fund, IMF recently hailed what they described as prudent public spending by the government of Cameroon.

The Breton Woods institutions made the commendation on the sidelines of an annual meeting in Washington DC, with officials of beneficiary countries around the globe.

Officials of these institutions appreciated the remarkable improvement recorded by Yaounde in mobilizing internally-generated revenue during the 2018 financial year, and singled out Customs Department as the sector that recorded the most impressive performance.

“Revenue officials did a marvelous job in that all the revenue targets previewed in the 2018 budget were met,” announced an elated Cameroon’s minister of finance, Louis-Paul Motaze, to his hosts.

He, however, urged his collaborators not to rest on their laurels, stressing that they must continue to work hard so as to improve internally-generated revenue and reduce state dependence on foreign aid.

“You must not only work to stabilize the national economy, but also to re-launch significant growth because this is what economic operations and the population in general are waiting for,” Minister Motaze told his collaborators.

Harping on measures taken by the state so far towards stabilizing the economy, he said government undertook key reforms in the past few years, as recommended by the IMF and for which the latter had continued to measure performance.

“With the extended credit facility signed with the IMF in June 2017, government tailored and realigned its economic and financial programmes; reason why as at now, concrete steps have been taken to reduce government spending,” Motaze further disclosed.

He singled out restricting top government officials from embarking on unnecessary trips abroad as one of those measures taken to reduce government spending which is yielding favourable results.

“On the firm instructions from the Head of State, H.E President Paul Biya and the Prime Minister, Head of Government; H.E Joseph Dion Ngute, government officials have been asked to reduce foreign trips which are done at the expense of the state,” the MINFI boss stated further.

On budgetary checks as a measure to reduce public spending, Minister Motaze revealed that he personally issued a circular recently in which a number of guidelines were outlined to help vote holders reduce government spending.

“They were aimed at drawing vote holders’ attention to the level of revenue generated, on the one hand and the rhythm of expenditure in each department on the other. It was meant to guide them to avoid putting excessive stress on the public treasury,” the finance minister further told his collaborators.

He added that he had gone further to implement certain measures contained in the public service law where some defaulting officers who incur expenditure have had their credits suspended or terminated all together.

Minister Motaze reminded his collaborators that the security situation rocking the nation is adversely affecting revenue generation in many fronts including fluctuations in revenues from the petroleum sector, release of funds for important investment projects; adding that the likelihood of organizing elections this year would require huge expenditure.

Minister Motaze has equally delved into the head count to know actual persons working for the state as another strategy aimed at curbing wasteful spending.

Here, the finance minister noted that before the headcount, the projected number of state workers stood at 310,000. Though the exercise is still on course, he said they had so far counted 280,000 which represent an appreciable reduction of some 30,000 workers.

“Many people are already insinuating that the head count will help the government save up to three billion francs CFA every month, which hitherto went to paying ghost workers,” the finance minister revealed further.

He did not stop there but went on to look into other areas where the state could further cut unnecessary expenditure. Here, the minister mentioned specifically a likely cut in the number of vehicles bought and used by state functionaries; the amount they spend on purchase of fuel, cuts in sitting allowances paid to top officials among other areas of generating savings for the state.

“The President of the Republic has never relented in calling for increased vigilance over state expenditure. That is why in June 2017, he gave guidelines for the preparation of the 2018 budget. The execution of that budget is what is being hailed by the Breton Woods institutions today as a success story,” Minister Motaze stated.

Settling internal debt, Motaze’s most commendable act

The Minister of Finance made known that during the first quarter of 2019, the Public Treasury reimbursed debts amounting to 77 billion francs CFA; corresponding to the principal sum of treasury bonds that matured during that period.

Also, the volume of reimbursement of BTA bonds was 33.77 billion; whereas for the same period in 2018, the amount reimbursed was 44 billion. Too, during the quarter in review, the Minister stated that the public treasury honoured all its reimbursement obligations on the public contracts market.

“The government of Cameroon has not recorded any default in payment, nor witnessed any lateness when it comes to meeting its public debt obligations. Government had always met its financial obligations and engagements with investors since 2011,” the Minister stated.

The publication also recalled an additional sum of 39.68 15 billion paid to those who purchased other bonds. With Euro bond buyers getting 15 billion while local creditors were paid 24.69 billion fra

Over the past decade, it was revealed: “Cameroon's public debt has witnessed a relatively upward trend. This debt accumulation is explained by the Government's commitment to achieving the vision of an emerging Cameroon driven by the Head of State Paul BIYA, whose realisation is recorded in the Strategy Document for Growth and Employment (SDGE). It is in this perspective that most of the loans contracted have been allocated to the implementation of major structural projects relating to the construction of infrastructure and other projects to improve the living conditions of the populations and the economic and social development of Cameroon”.

2019-2021 medium-term debt strategy

Nonetheless, despite the increase in the public debt has witnessed, though government has not been lying on its laurels but making moves to counter this trend.

“Following the application of Regulation No. 12/07-UEAC-186-CM-15 of 19 March 2007 on the reference framework for public debt policy and public debt management in CEMAC member states, Cameroon has been developing a public debt strategy since 2010, which is annexed to each year's Finance Law. The Public Debt Strategy and Public Debt Management Document annexed to the 2019 Finance Law contains the 2019-2021 Medium-Term Debt Strategy and the Annual Financing Plan for the 2019 financial year. This document is consistent with the macroeconomic and budgetary framework drawn up under the Finance Law and in compliance with the commitments made with the IMF under the Economic and Financial Programme (EFP) in terms of debt ceiling and disbursement ceiling,” the Directorate of Treasury disclosed in the document.

“The scope of public debt management in Cameroon includes direct government debt, guaranteed debt and duly assumed contingent liabilities. The State's direct debt is that contracted with domestic and foreign creditors, either for its own account or for onward transfer to its branches. Guaranteed debt is the debt for which the State undertakes to service it in the event of default by the initial debtor,” it said.

“The Medium-Term Debt Strategy (MTDS) 2019-2021 aims at financing the government's debt needs by optimising costs and risks on the one hand, and promoting the development of the domestic financial market, on the other. In line with the second objective, from 2019 onwards, the government intends to favour more securities issuance on the domestic market. In terms of composition, this 2019-2021 MTES ultimately aims for an overall portfolio of 70% external debt and 30% internal debt, starting from a composition at the end of 2018 estimated at 76.9% external debt and 23.1% internal debt.

The State's debt requirement, including budgetary support (CFAF 354 billion) for the 2019-2021 three-year period, is estimated at approximately CFAF 3,307 billion over the said period, including CFAF 1,260 billion in 2019. The 2019 debt requirement will be met by the effective mobilisation of 74.2% of external debt; CFAF 935 billion (including CFAF 347 billion in budget support, and 25.8% of domestic debt (CFAF 325 billion).

The ceiling for new external commitments for the period 2019-2021 is set at CFAF 2,150 billion, including CFAF 650 billion in 2019. This ceiling takes into account the constraints of the programme with the IMF and in particular ensuring Cameroon's public debt sustainability.

The ceiling for new domestic commitments over the same period is CFAF 1,055 billion, including CFAF 325 billion for 2019. And the ceiling for guarantees to be granted by the State is CFAF 120 billion for 2019-2021, including CFAF 40 billion for 2019,” it added.

2017-2020 economic, financial programme

As per the 2017-2020 economic and financial programme of Cameroon it was divulged that the government, on June 26, 2017, “entered into an Agreement with the International Monetary Fund (IMF) on a three-year Programme for 2017-2020, supported by the IMF's Extended Credit Facility (ECF). Other partners support Cameroon's efforts to achieve the objectives of the Programme, namely: the World Bank; the African Development Bank; the European Union; and France. The total volume of expected draw-downs, in the form of budget support, is CFAF 1,302 billion”.

Implementation level

Stakeholders have been quoted as saying Cameroon's Economic and Financial Programme is being implemented properly.

They point to the three Performance Reviews under the Programme that were all conclusive, which allowed Cameroon to benefit from significant additional resources.

“Since the launching of the programme, economic growth has averaged 4% per year, despite the persistence of the crises mentioned above. Inflation is under control and stands at 1.1% in 2018. Fiscal policy measures have made it possible to significantly reduce the overall budget balance, which stood at 2.7% of GDP at the end of 2018, compared with more than 6% at the start of the Programme. The target for 2019 is 2% of GDP. The reduction in government deficit is mainly due to: efforts to mobilise non-oil revenues by broadening the base; rationalising spending and strengthening fiscal discipline; and debt control (34.2% of GDP at the end of 2018). These performances are achieved without prejudice to social expenditure, which is maintained during the Programme. Externally, the currency coverage rate improved to around 03 months of exports, compared to 1.5 months at the start of the Programme,” the Directorate of Treasury said.

MINFI creates fund to safeguard money for development projects

Cameroonians generally but especially financial experts are hailing the introduction of a basket fund by the Minister of Finance as an innovative way to make optimal use of public money and avoiding idle capital being kept in financial institutions.

“The Minister of Finance, Louis Paul Motaze, has, through the ‘Basket fund’, carried out a giant step aimed at ameliorating the management of state funds or liquidity notably the centralization of deposits of public administrative entities in the single treasury account lodged in the Central Bank,” stated Dickson Kah Wung, a Treasury Inspector in his analysis of the innovation which appeared in the recent edition of “Bulletin du Tresor”, an in-house publication of the Ministry of Finance, in Yaounde.

In practical terms he said, the Minister has opened an account with the Bank of Central African States, BEAC, into which public money from all collection points across the national territory is lodged by administrators. Such monies were hitherto paid into various accounts in commercial banks. The Basket Fund will henceforth consolidate and centralize such public resources dispersed in commercial banks, including project funds that were formerly lodged in these finance houses and even counterpart funding.

The expert explained that counterpart fund is a technique for turning foreign aid into reserves of domestic currency. This was used by the United Nations Relief and Rehabilitation Administration, UNRRA, and the Marshall Plan in the rebuilding of Western Europe after the Second World War. This today, remains a common technique for delivering development assistance.

Practically, donors demand that beneficiary countries show interest and commitment in the projects they solicit funding by providing a percentage in financial terms of the cost of the said project. This percentage is usually estimated at between ten and twenty percent of the total cost of a project.

The expert revealed that results of a study carried out by the department of liquidity management, showed that much financial resources meant for projects lay idle in commercial banks either because the projects have been closed or have experienced a low execution rate. The study revealed further that a considerable amount of money was found in the accounts of Administrative Public Establishments in commercial banks in spite of the prohibition of such practice by law number 2007/006 of December 26, 2007, section 68, sub section 4.

“At times donors insist on counterpart funds being deposited in commercial banks thereby leaving the administration with no alternative. Consequently, many commercial banks run on excess liquidity to the extent that they use them to acquirer treasury bonds on which the state pays interest,” the expert stated.

Through the basket fund therefore, the Minister of Finance authorizes the Autonomous Sinking Fund, CAA, to carry out transactions in the fund, while resources for counterpart funds are constituted in the account. The Autonomous Sinking Fund ensures payments against projects effectively realized.

As per the basket fund convention, the expert adds, the lower ceiling of the amount to be found in the fund is fifty billion francs CFA while the upper ceiling is 120 billion francs, CFA. The fund allows for efficient management of state treasury such that state resources do not lie idle in commercial banks. Too, the interest generated by the fund is ploughed back into the treasury account at BEAC.

“Every month, BEAC forwards to the Director General of the Autonomous Sinking Fund and to the Director General of the Treasury, Financial and Monetary Cooperation, the bank history of operations of the basket fund.”

As for the advantages, the expert opines that the new approach in managing state funds would make it easy to know the actual amount pooled together for projects to guide proper decision making. Too, projects will no longer suffer delay in payment; while it would be easier to enforce laws through this centralization of government financial resources.

Equally important is the fact that donors would be more reassured because of the credibility of the Central Bank; added to the fact that resources for the financing of projects could be evaluated at all moments.

“In perspective, all donors and administrations involved in the negotiation of jointly sponsored projects will have to use the account of the basket fund for all transactions for better visibility and transparency,” the expert assured in conclusion.

Cameroon’s economy ranked most resilient in sub-Saharan Africa

The international economy watchdog agency, Moody’s has ranked Cameroon’s economy the most resilient and best performing in sub Saharan Africa second only to that of Rwanda. They buttressed their classification by stating that Cameroon had stood firm in the face of economic challenges that have virtually crippled the economies of other countries in Africa South of the Sahara.

The researchers pointed out that with the fall in commodity prices in 2014; which is the main stay of African economies, many Sub Saharan African governments could no longer meet their obligations to citizens due to the attendant financial squeeze.

But Cameroon continued to pay workers’ salaries regularly; the annual budget of the state continued to witness significant increases; while state revenues also continued to witness an upward swing from year to year.

For instance, the American surveyors pointed out that budget allocation for 2014 stood at 3312 billion francs CFA but hiked to 4805.5 billion during the 2015 budgetary year. This represented an increase of nearly 1,500 billion francs CFA.

They added that as at 2018, oil revenues recorded an increase of 176 billion francs CFA despite the low prices of the commodity in the world market. They attributed this to the discovery and exploitation of new oil fields off shore Cameroon’s territorial waters.

Moody’s ranked Rwanda, Cameroon and Ivory Coast as the three sub Saharan countries that exhibit best practices in overcoming economic shocks and the ones most likely to act right in the face of economic adversity and or crisis. These countries were also singled out as those who have the temerity to implement tough measures prescribed by international financial institutions to ailing economies so as to revamp such troubled economies.

They also credited Cameroon with having one of the most diversified economies in the sub Saharan region.

Indeed, according to David Rogovic, the Vice President of Moody’s, who also took part in carrying out the survey, measures to reduce expenditure are more complex and more difficult to implement than those that are intended to step up amount of revenue collected for any government.

Government officials in Yaounde are using this positive classification to laud President Biya’s economic policies which they say are geared towards ensuring increasing resilience of Cameroon’s economy. In that light, they express optimism that foreign investors would continue to have confidence in Cameroon because they have assurance that government would pay them their dues even in the face of tough economic conditions.

However, Moody’s warned African countries, even those with resilient economies to watch out and guard against high indebtedness. The watch dog agency also called on African countries to be cautious about the type of ventures they pump their lean resources into. The surveyors noted that there was an overall drop in the external debt of sub Saharan African countries due to the fact that between 2015 and 2018, these countries have kept limiting their level of indebtedness to not more than 1.1% of Gross Domestic Product, GDP.

MINFI registers double victory

The Ministry of Finance has recorded what stakeholders have termed a double victory due to its quest in properly managing State funds.

First, just barely one month after the Ministry introduced the individualised payment system of salaries and pension known in French as Système de télécompensation en Afrique centrale, SYSTAC, government has recovered some 200 million FCFA.

The information was disclosed recently by the Director of Treasury and Financial Cooperation at the Ministry of Finance, Moh Tangongho Sylvester.

Describing the recent trend of affairs as positive, Moh Sylvester said out of the 412,401 transfers that were treated, the treasury rejected 239 accounts that were not exploitable.

“After payments were done on August 23, we had 1,524 transfers returned to the treasury because the new individualised system of payment gives Banks the opportunity to treat operations within 48 hours," Moh Sylvester stated.

He went on to explain that, “After treating the operations, the banks at the end did not credit a good number of accounts and the salaries of 1,524 public agents were returned to government coffers”.

“Out of the 1,524 transfers returned, we had 1,000 accounts owned by deceased persons and 524 were closed or accounts that could not be exploited,” he added.

As for the 1,524 transfers returned, the Director of Treasury was proud to disclose that, “we recovered about 200 million FCFA”. He equally revealed that out of the 1,524 transfers retuned, only about 50 of them have been regularised.

To show the fruitfulness of this recovery, the Director of Treasury said: “If we multiply 200 million FCFA by 12 months, we will have a total of about 2.4 billion FCFA per year”.

This money, he said, could be used to build 300 classrooms if one classroom cost eight million FCFA.

Comparing the old system (Système de gros montant automatisé, SYGMA) to the new system, (Système de Télécompensation en Afrique Centrale, SYSTAC), Moh Sylvester said: “As for the old system, the banks did not credit the accounts which were found faulty but did not return the money to the treasury. They simply suspended the accounts”.

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Louis Paul Motaze: The unsung hero behind Cameroon’s economic resilience.