Cameroun’s public subsidy audit reveals shocking transparency gaps

In Cameroun, the accountability of public finances continues to be undermined by persistent opacity. During the 2024 fiscal year, the Chamber of Accounts of the Supreme Court managed to trace only 3% of the state grants distributed to public enterprises. This figure, highlighted in the Court’s annual execution report, highlights the severe information deficit facing financial magistrates tasked with certifying public accounts.

Audit report exposes critical flaws in public fund tracing

The financial jurisdiction, responsible for the judicial review of state and public entity accounts, relies on supporting documentation submitted by both spending authorities and recipient entities. Yet, out of the total financial aid allocated in 2024 to Cameroun’s public portfolio, only a negligible fraction could be linked to a clearly identified beneficiary with documented execution. The remaining 97% effectively fall outside the scope of verification by financial judges.

This isn’t just a minor discrepancy—it strikes at the heart of a structural governance challenge: the state’s ability to monitor the use of resources it transfers to its entities. Every year, state-owned companies, public administrative bodies, and majority or strategically important entities receive substantial funding, often framed as balance subsidies, investment grants, or tariff compensations.

Public sector under financial strain

Cameroun’s public sector comprises dozens of enterprises operating in key industries such as energy, hydrocarbons, transport, telecommunications, agribusiness, and water. Many depend heavily on state financial support to sustain operations or meet financial obligations, as seen with entities like the National Hydrocarbons Corporation (SNH), Camair-Co, and Sonara, whose financial difficulties frequently require high-level state intervention.

In a climate of tight public finances—driven by the need to keep the budget deficit within agreed limits under the International Monetary Fund (IMF) program—the strict oversight of subsidy flows has become a public policy imperative. The IMF-supported economic and financial program explicitly emphasizes transparency in fund flows between the Treasury and public entities, a prerequisite for credible fiscal consolidation management.

The findings from the Chamber of Accounts come at a time when the capital, Yaoundé, has pledged to strengthen the upward flow of accounting information from public enterprises as part of public finance management reforms. The creation, in 2017, of a dedicated directorate within the Ministry of Finance to monitor the state portfolio was meant to enhance this oversight, yet tangible progress has been slow to materialize.

Budget sovereignty at risk

Beyond mere accounting exercises, the inability to document the destination and actual use of nearly all public subsidies undermines several strategic initiatives. It weakens the parliamentary debate on the final budget execution law, diminishes the Supreme Court’s early warning function, and deprives multilateral lenders—particularly the World Bank and the African Development Bank (AfDB)—of reliable data to calibrate budgetary support.

For private investors engaged in public-private partnerships or concession agreements with Cameroonian public entities, this opacity adds an extra layer of risk. The credibility of the sovereign signature is increasingly measured by the robustness of internal controls over budgetary transfers. Even so, by publishing this assessment, the Chamber of Accounts fulfills its role as a watchdog and publicly underscores the need for compliance.

The message to the executive branch is unambiguous: without meaningful improvements in information reporting, the certification of state accounts will remain incomplete. This will require, in practical terms, the widespread adoption of a unified accounting framework for public enterprises, the strengthening of budgetary information systems, and the rigorous enforcement of penalties against failing officials.