Sector reforms earn Louis Paul Motaze Best Finance Minister in CEMAC.

Minister Louis Paul Motaze was bestowed the distinction recently. The recognition, the award committee stated, is based on the extensive reforms he has carried out in the finance sector.

The workaholic finance minister was notified of the recognition earlier this year. Meanwhile, he was handed the award during a summit of CEMAC Finance Ministers that took place in Brazzaville, Congo recently.

The event also coincided with the Summit of CEMAC Banks and that of CEMAC Digital Experts. The three events held conjointly under the theme: “Digitalising the finance and banking sectors of the CEMAC zone: A vector for growth and integration in the CEMAC zone”.

Apart from ministers, heads of banks and modern Information and Communication Technology, ICT institutions, among others attended the event.

During the meeting, stakeholders brainstormed on creating synergy among the different institutions on how to modernise the finance and banking systems to favour greater and better integration.

Why minister Motaze stands out

It was here that Cameroon´s Minister of Finance distinguished himself after outlining the digitalisation reforms the Ministry had so far implemented in the sector.

He demonstrated how the reforms have led to the modernisation of the banking sector in Cameroon. 

The award-winning minister talked about the tax and tariffs collection systems, among other initiatives that have enhanced sub regional integration. Minister Motaze was singled out without opposition. 

“Louis Paul Motaze pursued prudent macroeconomic politics, accompanied by dexterity in reforms that created a favourable economic climate that attracted more foreign investors and other investments,” organisers justified.

For the position of the best bank in the CEMAC zone, three banks emerged to contest for final selection. These were BCI of Congo Brazzaville; La Societe Generale Cameroun; and Afriland First Bank. At the end, Afriland First Bank was designated best in 2023 for the zone. 

There were other recognitions in the finance, banking and digital transformation sectors stood out. There were also recognitions for the best banking institution and the best woman to implement digital transformation.

Revisiting snippets of Minister Motaze’s reforms 

Minister Louis Paul Motaze has, through inspiring moves, engaged series of reforms that have greatly transformed the sector. 

Minister is credited with undertaking landmark reforms that have not only boosted the country’s economic growth but have strengthened the economic ties between Cameroon and the Bretton Woods Institution as well as other international financial partners. 

His breathtaking sector reforms have also seen the country withstanding both the internal and external shocks brought about by the Anglophone crisis, the war against Boko Haram, the sharp fall in crude oil prices at the world market, the Coronavirus pandemic and the conflict between Russia and Ukraine which have greatly slowed down economic activities.

It is such reforms that have enabled the state to continue meeting its financial obligations and engagements unfailingly despite the daunting challenges. 

His commitment to ensuring the stringent management of public resources by uncovering what others wanted to cover has been undying. 

Just few months back, he put to the public space, results of a finding, spanning 2010 to 2021, which shows hundreds of civil servants, mostly police officers and soldiers used over 13,000 fake birth certificates to defraud the State billions of FCFA annually.

Minister Motaze has endless rallied his collaborators to work in keeping the public till resilient by curbing public service leakages and making key financial projections that guarantee long-term development and inform decision-making.

Minister Motaze has undisputably stood tall as a financially discipline master in the government, ensuring the strict respect of the prescriptions of the Head of State, Paul Biya, to cut public spending.

Through his guides, the World Bank and the International Monetary Fund, IMF, have hailed repeatedly hailed government’s resilience to shocks. 

Minister Motaze had also delved into the head count to know actual persons working for the state as another strategy aimed at curbing wasteful spending so as to fish out ghost workers earning salaries unjustly.

The move helped government to save up billion of FCFA every month, which hitherto went to paying ghost workers. 

Minister Motaze’s efforts at strengthening Cameroon’s economic resilience, also caught the attention of the International Monetary Fund, IMF, that has repeatedly expressed satisfaction with government’s effort towards implementing measures prescribed by donor partners to keep the country’s economy on a firm footing. 

Under Minister Motaze, the Ministry of Finance, has also implemented major public finance cleansing decisions agreed by member states of the Economic and Monetary Community of Central African States, CEMAC, which are part of measures to accelerate financial harmonisation within the sub region.

He has also introduced laudable move to improve revenue collection through digitalisation, intended to better police and bring tax evaders to book, among series of others. 

This story was first published in The Guardian Post Edition No:3263 of Friday October 18, 2024