By Fonban Emmanuel
The Cameroon’s Minister of Finance, Louis Paul Motaze on Tuesday, 12 January 2021 presided over the launching ceremony of the execution of the 2021 state budget in Cameroon. The event took place in the South Regional Capital, Ebolowa precisely at the Regional College of Agriculture.
Present at the event was the Governor of the South Region, Regional and local authorities, Representatives of the Ministry of Economy, Planning and Regional Development, Representatives of the Ministry of Public Contracts, budget staff and well as other executive staff of MINFI.
The ceremony proper, began with the welcome speech from the Mayor of the City of Ebolowa who welcomed the Minister and his entourage to Ebolowa and offered his well wishes while briefing the Minister with key issues in his jurisdiction.
The Minister then made his opening speech in which he explained a lot relating to the execution of the 2021 state budget.
After the Minister’s opening speech were various presentations on the execution of the 2021 state budget from concerned state institutions.
The first presentation was done by Tabenyang Augusta who is the Head of Division at the Ministry of Finance in Charge of Budget Comtrol. Her presentation focused on innovations of the circular bearing instructions relating to the Execution, Monitoring and Control of the Execution of the 2021 state budget in Cameroon.
Another presentation was done by the Representative of the Directorate General of Taxation and this basically outlined various innovations in tax policies in Cameroon.
Other innovations were presented by Representatives of Customs and Public Contracts whereas the Public Investment Budget was presented by the representative of the Ministry of Economy, Planning and Regional Development.
It is worth noting that the 2021 state budget is assumed balanced in revenue and expenditure which stands at the sum of 4,865.2billion frs cfa.
The socioeconomic and political upheavals in the country are major challenges which the previous years have confronted adding to the Corona virus which slowed down too many projects and consumed too much budget from state coffers.
These setbacks became a lesson for MINFI to improve its control in the implementation of the budget to enable the state of Cameroon, meets with its demands to reach a sustainable and stable economy.
The targets for 2021 Finance law is therefore set to reduce the budget deficits by 1.7%, thus taking it from 4.5% of GDP in 2020 to 2.8% in 2021.
Apart from the reconstruction plan in the North West and South West Regions which still lead in priority projects, the government also prioritizes completing sports facilities for the successful hosting of upcoming sporting events in the country. Tax exemption in some equipment is another innovation as specified by the Minister.
“ In addition, this finance law exempts from customs duties and taxes most of the equipment and inputs intended for agriculture, fishing, animal husbandry and the pharmaceutical industry” said Minister Louis Paul as he presided over the ceremony.
He added that the tax exemption is aimed at promoting local businesses in these sectors to engage in transformation and production.
The South Region however more Development with better plans for the Kribi deep seaport as well as hydro power plans.