DEBT CLEARANCE : The CDC receives Over 27 billion CFA Francs from Société Générale Cameroun

(LVDE) – This substantial financial support to the Cameroon Development Corporation (CDC) will enable the company to settle its wage arrears, estimated at over 35 billion CFA francs.

In a significant development for the CDC, Société Générale Cameroun has played a key role in addressing the company’s salary debt, which had reached 35.7 billion CFA francs. This financial package—representing more than 70% of the total amount required—has been crucial in stabilizing the situation of the historic state-owned enterprise, long burdened by severe cash-flow challenges.

Between May 2018 and December 2022, the CDC accumulated salary arrears exceeding 35 billion CFA francs, threatening the survival of both the company and its workforce. In response, the government initiated a support mechanism to reimburse unpaid wages, as well as associated social and tax liabilities.

According to Minister of Finance Louis Paul Motaze, 20 billion CFA francs had already been disbursed by the end of 2024, marking an important first step toward resolving the wage crisis. The remaining 15 billion CFA francs was scheduled for payment during 2025, reflecting the government’s commitment to restoring the CDC’s financial stability.

The contribution from Société Générale Cameroun, amounting to 27.5 billion CFA francs, was arranged by Société Générale Capital Securities Central Africa, which acted as the lead arranger for the transaction. The initiative was further supported by other financial institutions, including CCA Bank and AFG Bank, whose expertise helped ensure the operation’s success.

In an official statement, Minister Motaze confirmed that the full clearance of the CDC’s salary arrears has now been completed—a development warmly welcomed by the company’s employees. This debt settlement not only represents a major relief for workers but also signals the government’s strong commitment to supporting struggling public enterprises, particularly those located in conflict-affected regions.

The CDC, a cornerstone of Cameroon’s economy—especially in rubber and agricultural production—can now look toward a more stable future. The company’s resilience in the face of prolonged economic and financial adversity underscores the importance of coordinated support from both the State and the financial sector.

With these new measures, the CDC is on track to regain financial health, enabling it to sustain and expand its operations. Employees, who had long faced uncertainty, can finally anticipate salary stability and focus on rebuilding productivity and growth.

The partnership between the CDC and financial institutions—particularly Société Générale Cameroun—stands as a model of successful collaboration in overcoming economic challenges. This financial lifeline is not only a breath of fresh air for the CDC but also a tangible example of how institutions can work together to resolve complex problems and foster national economic development. The combined efforts of the State and banks demonstrate that a stronger and more sustainable future is within reach for this emblematic company and its workforce.

Tressy Chouente