It has now emerged that the Cameroon Airlines Corporation, trading as Camair-Co, serving as flag carrier of the country, a role which was previously filled by the now-defunct Cameroon Airlines,is instead costing the Cameroonian tax payer billions of Fcfa,according information reaching alafnet.com .
Cameroon’s National Airline( Camair-Co )which was created on the 11 of September 2006 ,commenced operations on March 28, 2011 with a capital of 328 billion Fcfa and reached a deficit of 10.101 billion Fcfa in 2016 and -17.38 billion Fcfa in 2017 when minster Allen mebe Ngoh was transport minister. Brining the total amount wasted on the crisis plagued airline since it’s creation to 345 billions excluding it’s current running cost which is being payer by the Cameroonian tax payer.
Created 13 years ago by a Presidential decree as a company aimed at replacing Cameroon Airlines, the International Monetary Fund (IMF) in its 16 January report on Cameroon,reveals that Camair-co was among eight Cameroonian companies which are financially at risk. The Fund did not cite the other companies by name, but indicates that the financial analysis and the risk assessment of the public enterprises, annexed to the 2018 budget law, indicate that 14 public enterprises are judged extremely unprofitable, and 4 unprofitable.
In 2016, these eighteen companies had an average debt / asset ratio of 66%, a ratio of operating profits (earnings / operating income) of -48%, an average default rate (equity / capital 4%), and a 100% wage-to-revenue ratio (and a 38% salary / operating profit ratio).
Prior to this IMF report, alafet.com is aware that from the 2017 finance law of Cameroon, out of a list of 28 state-controlled institutions, 12 are regularly in deficit.
Starting with the Anafor (National Forest Agency). In 2015, this company had a net profit of -31.185 million Fcfa. The previous year was worse with -132.309 million FCFA.
During the same period, the national airline (Camair-Co) reached a deficit of 10.101 billion Fcfa and -17 in 2017,plus initial budget of 318 billion Fcfa in 2014.(as earlier indicated above)
The Cameroon Postal Services (Campost) had a deficit of 1.271 billion FCFA against 2.9 billion in 2014.
Still in the hit parade of the symbolic companies recording deficits in Cameroon, the Cameroon Development Cooperation (CDC) which is the second largest employer after the state, had a deficit of 10.53 billion CFA francs in 2015 against 5.4 billion CFA francs the previous year. No dividend, of course, was donated to the state.
As of August 2016 Camair-co had 5 aircrafts two Boeing 737,one Boeing 767 and two ma60.