By Noela EBOB BISONG
Cameroon’s Minister of Finance, Louis Paul Motaze and the General Manager of the Cameroon Development Corporation CDC, Franklin Ngoni Njie, have both, in separate releases, informed of the completion, by the state, of payment of salary arrears owed workers of the Corporation. The debt period covered the years May 2018 – December 2022, which amounted to FCFA 35.75 billion. The state, in a July 10, 2024 agreement with the CDC, took over the arrears settlement in two phases, following strike actions by workers, who could no longer handle the tough times.
According to Minister Louis Paul Motaze, “This historic operation marks the complete fulfilment of a personal commitment by the Head of State to preserve social cohesion, restore the dignity of workers and support the economic recovery of the South West and North West regions, which have been affected by a security crisis since 2016.”
Minister Motaze observes that the project was made possible, “through the decisive support of financial institutions notably FedhEn Capital and Société Général Capital Securities Central Africa (as mandated arrangers) as well as Société Général Cameroun, CCA Bank and AFG bank (as participating banks).”
Finance boss, in the radio press release notes that, “beyond its immediate significance, this debt-assignment operation forms part of a broader government strategy to introduce institutional, legal, technical and financial measures aimed at the restructuring and modernization of this strategic enterprise, ensuring its sustainable recovery and enhanced contribution to the national economy.”
In another press release signed by CDC GM, Franklin Ngoni Njie last September 17, it reads in part that “While expressing profound gratitude to the State…the General Manager hereby enjoins the valiant workforce of the CDC to continue to respond to this gesture with the expected increased zeal and motivation in the execution of their daily tasks in order to achieve the sustainable recovery of the Corporation.”
The GM equally urged all beneficiaries to sign acknowledgement documents at the various units of the Corporation to ease the payment of the second phase of the salary arrears.
Recall the CDC has suffered great losses with regards to the ongoing eight-year armed conflict in the South West and North West regions of Cameroon. Not only has production in some of its estates been cripled, but the lives of workers have been lost, including a recent attack in Tiko subdivision, claiming the lives of a senior field worker and a soldier. Some who survived separatist attacks found themselves maimed, causing a huge drop in the Corporation’s work force. With huge hardships faced, CDC management found itself owing expanded levels of debts, which caused several strike actions by workers, until government’s attention was drawn to salvage the situation.