Low Credit Consumption: Dangerous Threat
By LUKONG Pius N., Cameroon Tribune, 02-01-2014
The dust raised by the low consumption of Public Investment Budget in 2013 is yet to settle. Cameroonians are still to understand why a country in dire need of development projects and a country having as lofty aim to be referred to in 2035 as emerging is unable to use its budget properly.
That no region of the country’s ten regions attained a percentage rate of 50 in the execution of the investment budget is something to be worried about. The Head of State in his New Year Message to the Nation could not remain indifferent to this dangerous performance which is proving to be one of the greatest threats to the country’s economy.
“Why can’t any region of our country achieve a public investment budget execution rate of over 50%?” This, in effect, is the question in every mind. The answer from every indication is simple and is found in the very message of the Head of State to the nation. Self interest reigns supreme. Actors in the execution of the budget would not work normally if they don’t see an opening that will make them leak their palms. As President Biya pointed out, “we are an individualistic people, more concerned with personal success than general interest. Our administration remains susceptible to private interest, which is most often in conflict with national interest.” This state of affairs has very far reaching effects on the economy of the country; unexecuted projects, embezzlement, underdevelopment, unemployment and economic stagnation.>>>