(Business in Cameroon) - Cameroon should comprehensively implement its national non-performing loans reduction plan to curb the increase of these loans in the banking system, the IMF suggests. The Bretton Woods institution made this suggestion in its Country Report No. 20/48 focused on Cameroon.
According to the institution, Cameroon must elaborate an effective foreclosure system in that regard because despite the training of dozens of magistrates and clerks on foreclosure procedures (as required by the ongoing financial and economic plan) the law creating courts of commerce has not been submitted to the national assembly. Also, the registry of movable collateral, which is critical to reducing these loans, is not yet fully operational.
“Although the registry is open for reporting and contains more than 23 billion entries, only one bank is currently reporting. The authorities are taking steps to ensure all banks report to the registry,” the institution adds.