Public spending efficiency, domestic revenue mobilization, business climate attractiveness, efficient debt management…are among the many challenges to be overcome to achieve NDS30 objectives.
The modernization of public finance management represents one of NDS30’s major challenges geared towards ensuring transparent and accountable use of public resources’’. By the Government of Cameroon’s own admission, the quest for a more effective and efficient public finance management is at the heart of governance stakes, as part of the new national development strategy implementation. Concretely, it will entail, during the current decade, putting the final touches to the set of reforms induced by the entry into force in 2007 of the new financial regime of the State, for which one of the most strategic fallouts is the adoption of the programme-based budgeting.
“To entrench this develop ment and collective well-being, public authorities intend to invite all its sons and daughters to put their hands on deck, notably those of the diaspora”
In order to carry these reforms to fruition, Government has endowed itself with a global reforms plan of public finance management (PGRGFP), which covers the 2019-2021 period. Its overall objective, as we learn, is to ‘‘equip Cameroon with a transparent and effective public finance management (PFM) system compliant with international standards, respectful of the legal and regulatory prerogative and powers of institutions and administrations, as well as those of PFM stakeholders, by resolutely placing public finance at the ser- vice of the country’s development and citizens’ wellbeing’’.
To entrench this development and collective wellbeing, public authorities intend to invite all its sons and daughters to put their hands on deck, notably those of the diaspora. ‘‘An incentive framework shall be established to encourage Cameroonians living abroad to invest in growth areas.
The diaspora should also contribute in improving Cameroon’s brand image, just like conventional diplomatic channels that will ensure an increase in the attractiveness of the country and promote the “made in Cameroon”, label to attract maximum direct foreign investments’’, the strategy outlines.
Among the other levers to be activated for better governance, NDS30 lists out the improvement of public debt management which increased rapidly over the past few years, and even breaking the mark of 40% of GDP in 2020; optimization of tax revenue and improvement of public spending quality, through the strengthening of public tax compliance; or better still streamlining the management of public establishments and corporations, the majority of which deliver ‘‘poor results’’, according to an analysis from the International Monetary Fund (IMF).
To reverse this trend, NDS30 suggests the introduction of a ‘‘triennial evaluation mechanism of managers of public institutions and enterprises’’.
As a complaint carried forward as an old one at each meeting between Government and business world, the improvement of the business climate in Cameroon is not shoved aside by NDS30. The aim here being to register some good points in the World Bank’s Doing Business ranking, and henceforth appear as an attractive destination for potential investors.
From this viewpoint, public authorities intend, over the upcoming ten years, to lay particular emphasis on facilitations ‘‘having a direct positive impact on investment and entrepreneurship’’.
Aïssatou
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