Safeguarding Huge Gov’t Investments

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Safeguarding Huge Gov’t Investments

14 mars 2022 14:28

The AFCON Total Energies 2021 has come and gone but the infrastructure which the government invested fortunes in erecting remains and must be exploited in a profitable manner.

After winning the bid to host the 2019 African Cup of Nations, the government of Cameroon buckled down to work to construct and renovate certain sporting infrastructure in the country. Though the competition was only hosted in 2022 due to inability to complete certain projects earmarked for the event and the Covid-19 pandemic, a lot of investment was already made. The construction of the ultra-modern Olembe Sports Complex in Yaounde, the Japoma Sports Complex in Douala, the Limbe and Bafoussam Omnisport stadiums saw the light of day while Garoua Rhoumdé Adjia stadium and the Amadou Ahidjo (Mfandena) as well as Douala Re-unification stadium were rehabilitated. In addition to these, training grounds were also constructed along these major sports arenas as well as roads and hotel facilities.

From the records, the 60,000 capacity Olembe Sports Complex which is still under construction (for other facilities) has already gulped about FCFA 187 billion. For the 50,000 seat Japoma stadium constructed by the Turkish company Yenigün Construction Industry, the government invested some FCFA 140 billion with loan from the Exim bank Turk. The Limbe and Bafoussam stadiums on their parts were constructed at the cost of FCFA 18.2 billion (FCFA 9.1 billion each), with funds borrowed from China. Meanwhile, some FCFA 66 billion are said to have invested in Garoua for the renovation of the Rhoumdé Adjia stadium and construction of a 4-star hotel, construction of four training sites and rehabilitation of Benoue hotel. All of these investments carried out within the framework of the National Programme for the Development of Sports Infrastructure were targeting the 2021 AFCON Total Energies. What is curious about these investments is the fact that the infrastructure were constructed with borrowed funds which must be reimbursed someday, somehow. It therefore goes without saying that the infrastructure, albeit being a more or less a social capi...