Politics

Cameroun on the brink of default, as severe financial crisis looms

 

 

 

The Cameroun Looming Financial Crisis That Could Force The Country To Default

14th December 2018

I have been consistent with my analysis that Cameroun is struggling financially and heading towards a financial crisis of a magnitude never seen in the history of the republic.

The country’s financial crisis have been execerbated by the ill-conceived war declared on the Southern Cameroons by Mr Biya, who has ruled the country as his personal fiefdom for 36+ years.

Unlike the war on Boko Haram in the North of French Cameroun where international partners are helping the ailing nation pick the bills, the war in the Southern Cameroons is a matter for the Cameroun treassury alone.

It is no longer a secret that the Cameroun government is slowly drowning in public and private debt, with most creditors turning their backs away and pulling their feets as the demands and apetite for new loans increases in order to keep the country afloat.

Mr Biya is slowly (albeit stubbornly) coming to the realisation that he was deceived by his military advisers and others, who fooled him into a war on grounds that it was better to quickly crush what they dubed “patches of poorly armed resistence” before they had the ability to mutate into a major threat. Plans were to get the job done in weeks.

Helas, the conflict is heading into its third year, and getting more complex and sophisticated with each passing day. The fighters are becoming more skilled and upgrading their weaponry from the den guns we were used to seeing, to modern AK 47s and sub machine guns.

To try imagining an impoverished country struggling to meetup with its own fiscal budget, planning a three – four weeks war that turns out to drag for 2+ years and counting is frightening. But that’s the exact prism through which one can understand the “merde” La Rep. du Cameroun is in.

It won’t be long before the financial noose around its neck tightens even stronger. It has now been revealed that Hundreds of billions borrowed under the cover to fund the failed AFCON 2019 projects ended up being channeled to fund the costly war in the Southern Cameroons, while the projects were delayed and some not even started.

Their plans and hopes as it is now alleged were to packaged whatever they could in the name of AFCON2019 and milk it, so as to partly pay some of the loans, helas little did they know CAF had other plans.

Withdrawing the hosting rights from Cameroun was not only humuliating, but was like putting the country’s head under a sledge hammer and smashing it, given the scale and financial impact of the already crippling economic sabotage from the resource rich Southern Cameroons.

Institutions and partners are beginning to ask real questions and take this conflict seriously, as the ramifications of Cameroun failing and going flat could be disastrous.

As I have said in the past, one thing is certain: Cameroun can not financially on its own sustain this war for much longer and if Biya & CameroUn do not quickly bring this war to an end, the war will precipitate their own end.

E. Acha
14th December 2018

Otto Ama
4 Comments

4 Comments

  1. Mukong

    December 15, 2018 at 6:33 AM

    Frankly speaking, this is not something that should concern Ambazonians at this juncture. Our people are going through a lot of challenges and we should be focusing on how to ameliorate their pains. Just as many in LRC think that we are irrelevant, we should also treat them as such and allow them to continue to wallow in their stupid ways.
    Most of them do not see any economic meltdown looming in the horizon so why should we care.

  2. Pharmacist Cornelius Chepnezin

    December 16, 2018 at 9:19 AM

    Mukong
    You are right but it is part of building the morals of fighters both on ground Zero, and abroad.

    We need unity in everything now unlike before to end this war.

    I stand with Eugene Ufoka that only AAC 3 will fuse all our sub group, melt our differences, cause all both on ground zero and abroad to sacrifice all out resources to get to Buea. It is there that will will rightly strength or resolve the different groups, build the morals of our fighters and truly become a contender,

    Finally, internationally, all is ready to hear our cries, since Paul Biya don’t want the AAc to hold in Cameroon,
    IG should call the meeting, under AAC, sccop, morisco, all must send delegation, ant the resolutions attended there will all be accepted.
    What GZ needs now is the govt, put fort by AAC3.
    Thanks to The interim govt for marvelous job done so far.

  3. Mbeuh

    December 16, 2018 at 4:51 PM

    Brother Cornelius

    t is frightening to see that good intensions conceived and put in place for the liberation of our homeland have been left on the drawing board of many unity conferences that have held so far, back peddling to 1993 AACi in Buea, 1994 AACii in Bamenda, the many get together in Cameroon and Nigeria that birthed the consortium, SCACUF and many in between leading up to the formation of the interim government headed by H.E. Ayuk Tabe.

    Jostling and juxtapositioning for power and leadership has become the unfortunate hallmark of this struggle, effectively erasing each stride we make in the valiant march to Buea. Even after realizing that Unity is a sine qua non to the success of the ongoing revolt, the so-called leaders organized the Washington meet back in June/July only to have them all return to their ego loaded position, none giving a square inch to the theme of unity.

    Brother Cornelius, I guess the point I’m trying to make is that, and this is my opinion and mine alone, we’ve had enough of this unity conferences. It should not take people flying from all over the world to meet in one country and make merriments under the guise of discussing unity when previous efforts for the same purpose have amounted to naught. Communication has evolved in the 20th century making teleconferences not only faster but cheaper, channeling instead the funds for plane rides and hotel accommodation to relief efforts to the thousands of our refugees in Nigeria and the internally displaced people in Ambazonia. If we cannot as adults reset our priorities and help take this revolution many notches up in the coming new year, then I see an uphill task to arriving in Buea within a life time. I pray and hope not.

  4. ANGLOPHONE BIG BLACKHORSE

    January 5, 2019 at 11:01 PM

    OUR IQ:70!VERY VERY LOW AS WE ARE NEXT TO APES AND NOTHING GOOD CAN EVER COME OUT OF THE HEART OF DARKNESS AND IMAGINARY PUTATIVE REPUBLIC OF NIGGERS CALLED AMBAZONIA. IT WAS SET UP BY NOBODY AND UNTIL DATE NOBODY HAS RECOGNIZED IT AND NOBODY WILL.POOR US WITH OUR SUB-HUMAN MENTALITY.GERMANS MET NO AMBAZONIA COINED BY THE DIMINUTIVE SENILE SENIOR BABOONS NJO LUMBE AND DINKA WHOSE PUNK ASSES ARE NOW IN LONDON WHERE THEY FLED AND ARE SACRIFICING INNOCENT CIVILIANS TO AN UNWORTHY AND UNATTAINANBLE CAUSE CALLED AMBAZONIA.PIECES OF SHIT.JESUS WILL COME BACK BUT THERE WILL STILL NOT BE AN AMBAZONIA REPUBLIC.IT IS PREDICATED ON ENGLISH MORES AND WAYS!WHAT DOES A NIGGER FROM THE HEART OF DARKNESS HAVE IN COMMON WITH A SUBJECT OF HER MAJESTY THE QUEEN??NYAMFUKAS SHOULD GO LIVE IN THE BUSH AND FUCK IN THE BUSH.SHUMBU.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

To Top

SUBSCRIBE & SUPPORT

Subscribe to Blog via Email

Enter your email address to subscribe to this blog and receive notifications of new posts by email.

Support BaretaNews by making a small donation to sponsor our activities.