In a correspondence dated July 14, 2020, addressed to the Prime Minister, Joseph Dion Ngute, the Minister of State, Secretary General of the Presidency (SG / PR), Ferdinand Ngoh Ngoh echoes Paul Biya’s instructions to open the Cameroon Airline Corporation Camair-Co for privatization.
“The Head of State requests the Prime Minister, Head of Government, to work out urgently, in collaboration with the Minister of Transport, the Minister of Finance, the Minister of Labor and Social Security, CAMAIR-CO and the CCAA (Aeronautical Authority), a restructuring, recovery and development plan for the company, with a view to opening up its share capital up to 51% to a private strategic partner, in accordance with article 5 of the decree of September 11, 2006, establishing the CAMAIR-CO ”, we read.
In the same document, we learn that the Head of State has just ordered the release of 15 billion FCFA for the benefit of CAMAIR-CO. Money that will be used to send for maintenance one of the Boeing 737-700 NG; the acquisition of two Dash Bombardier Q400 aircraft, better suited to short-haul routes; and the rental of two engines capable of allowing the second Boeing 737-700 NG to fly back.
This privatization decision follows the many difficulties that the “Star of Cameroon” has faced since the launch of its activities in 2011. Difficulties accentuated by the COVID-19 pandemic; pushing the company to a partial shutdown.
In a note on June 19, 2020, the auditor of CAMAIR-CO, the firm Okalla Ahanda & Associates presents the chaotic situation of the company that several observers describe as “a chasm under the table”.
“CAMAIR-CO’s shareholders’ equity had become less than half of the share capital, and the general meeting had to decide whether to proceed with the early dissolution of the company or not (…) The company now has a single aircraft (MA 60) likely to fly in the short term (…) The staff currently accumulate four months of salary arrears for a monthly wage bill of around CFAF 500 million ”, alerted the auditor.
To this must be added a huge slate of 110 billion FCFA and losses between 2018 and 2020 estimated at 126 billion FCFA.
