Deposit & Consignment, Autonomous Sinking Funds: Newly appointed officials urged to sustain country’s credit worthiness.

Motaze was speaking while installing the newly appointed officials into their respective positions of responsibility.

Both structures, it should be said, are under guardianship of the Ministry of Finance.

Minister Motaze told the new appointees that President Biya is very concerned about Cameroon´s financial credibility and transparent management of public funds.

He said it is for this that the Head of State is constantly in search of ways to convince international donors, creditors and development partners that the regime is not sleeping in its efforts to enthrone financial prudence and transparency in the public milieu.

He said the President is leaving no stone unturned to put up appropriate structures that would beef up financial integrity and prudence so that the vision of bringing Cameroon to the status of an emerging nation by 2035; a vision that is so close to President Biya´s heart, is not aborted.

Deposit and Consignment Fund

For the Deposit and Consignment Fund, Minister Motaze said it was an institution that was conceived more than a decade and half ago with Cameroon´s adoption of law 2008/003 of April 14, 2008, but has only come to see the light of day in 2023.

On January 23, President Biya signed decree appointing Moh Tangongho Sylvester as Board Chair; Evina Obam Richard, as Director General and Anne Genevieve Soppo Etame, epouse Kingue Etame, as Assistant Director General of the structure.

Specifically, on the institution, Minister Motaze said the Fund has competence to receive, keep and manage public or private sums and assets, in accordance with the laws and regulations in force.

He cited article 4 of the law governing deposits and consignments in Cameroon, revealing that the Deposit and Consignment Fund “can contribute to the economic development of the country, through the intermediary of specialized structures, according to the priorities of the government”.

In short, the resources collected by the fund can be used by the government, to ensure and guarantee the financing of multiple operations for the interest of the populations, in particular real estate projects, supporting the economy or more effectively, addressing crises situations, including natural disasters, among other important financial interventions.

The finance boss buttressed these hopes by citing good examples that could be learnt from other African countries including Morocco, Senegal, Ivory Coast, and Benin Republic, that have put this fund into practical use much earlier than Cameroon.

Minister Motaze then called on the newly installed officials to draw from the experiences of these other countries and replicate their success stories in Cameroon.

Autonomous Sinking Fund

For the Autonomous Sinking Fund, whose new Director General, Adolphe Noah Ndongo, was also installed during the same ceremony, the finance minister also had something to say.

Like the others, his appointment was approved by President Biya on January 30, through decree number 2023/045.

With regard to public debt, Motaze said the Autonomous Sinking Fund carries out prospective studies on the commitments of the state and its entities; provides the government with relevant analyses for the development of the country’s debt policy.

The Fund contributes to research, study and negotiation of the external and domestic financing of the state as well as carrying out studies on requests for approval and on-lending of loans to be submitted to the minister of finance.

It issues public loans and on-lending; as well as evaluate and service the country´s public debt; among other responsibilities.

The two public institutions will henceforth work in synergy with the public treasury to guarantee and strengthen Cameroon’s financial credibility in front of both local and international investors as well as donors and development partners.