The government of Cameroun is broke and has run dry of cash with even the impending risk of becoming completely bankrupt mainly because of the War of Independence in Ambazonia. This is according to an alarm bell warning from the private sector business roundtable known as GICAM, the main organization that groups private sector employers in the country.
According to GICAM, the current crisis of shortage of liquidity is at an unprecedented level never experienced in the country and is currently affecting the importation of raw materials for production, spares and other inputs that businesses needs to stay functional. Gicam in the press release is warning that if concrete action is not taken to avert the situation the entire economy of Cameroun will collapse.
According to the employer’s union, the situation as of June 15, 2019, had become unbearable, with requests for the transfer of cash running to the billions of FCFA. The organization complained that transfer delays are no longer being respected, with delays extending to months, causing transaction cost to go up, with some supplies refusing already to provide credit to companies as customary business practices require. GICAM says it has made several appeals to the monetary authorities to find a lasting solution to the problem, but its efforts have mostly been unheeded to. The organization is, therefore, recommending that in the short run importation into the country be limited to essential products