(Business in Cameroon) - The Cameroonian Minister of Economy, Louis Paul Motazé, has just announced that the government had terminated, since end February 2016, the partnership agreement signed on 30 October 2009 between the State of Cameroon and the British firm Ruwaad Holding Ltd, within the framework of the project for the construction of a FCfa 1,000 billion tourist resort in the town of Yoyo, in the Littoral region.

According to Minister Motazé, the termination of this agreement to which the Cameroonian government “does not feel linked anymore” follows a formal notice addressed to Ruwaad Holding on 29 January 2016. But, we learn, this formal notice, which itself was issued after several reminders sent to this partner of the Cameroonian government, remained fruitless.

Indeed, the communiqué from the government highlights, for several years now, “Ruwaad has not shown any interest in continuing the project”, as evidenced by the fact that more than 3 years after the signing of the convention with the Cameroonian government, this company owned by Emirati investors was not even able to create the “project management company (Cameroon International Project Company, or CIP), within the sixty-day period after the signing of the Convention”.

After specifying that while the Ruwaad Holding group was foot-dragging, the Cameroonian government “worked actively at implementing what was required on its part as prerequisites to the effective launch of the works”, Louis Paul Motazé assured that “all the necessary provisions” for this project to be carried out are being taken.

From this point of view, one can recall that during a meeting of the “inter-ministerial steering committee for the Yoyo economic and touristic mega-resort construction project”, held on 30 October 2013, the Cameroonian party had already decided to open the funding of this gigantic project to other investors, in addition to the British firm Ruwaad Holding.

The Yoyo tourist resort, made up of a beach developed over several kilometres, theme parks, hotels, restaurants, etc., is meant to be built over 10,000 hectares. This project would officially have generated 250,000 jobs during the installation phase and 120,000 jobs during the operational phase.

Brice R. Mbodiam