The French Cameroun dictator has made public a presidential decree limiting the term of office of managers of state own corporations to nine years. Mr. Biya who is currently fighting for his political survival stated in his so-called decree that general managers and their assistants will henceforth have a mandate of three years renewable twice while members of the board of directors will have a mandate of three years renewable once.
The board will be composed five to twelve members. One of the members must represent the Presidency of the Republic and another the Prime Minister’s office. The board will also have a representatives from the Ministry of Finance and the supervisory Ministry of the corporation.
This new disposition puts a stop to several governance incongruities in the country. According to statistics revealed this 2017, most parastatals in Cameroon are running at a deficit. A recent International Monetary Fund delegation to Cameroon suggested that the Biya government reduces its subvention to these failed structures because of their low rates of performance.
State-owned companies under Biya do not have clearly defined targets. They lack a road map and are never audited. Appointments are made at the discretion of the President of the Republic and his choices of managers are not based on merit. Statistics from the just ended fiscal year indicated that twelve out of twenty eight state corporations have a negative balance sheet.