Cameroon gov’t takes over CDC

The Cameroon Development Corporation (CDC) is a publicly owned company with the State as sole shareholder.

This was after a decree signed by Paul Biya on January 19, 2016, and the new statutes have the same opportunity approved.

According to Cameroon Tribune in its issue of Thursday, January 21, 2016, the new legal status will have to allow the agro-industrial "to be placed under the supervision of the Ministry of Agriculture and under the financial supervision of the Ministry of Finance."

Based in Limbe, precisely Bota, the new statutes provided that the business can be transferred to any other place of the national territory by a resolution of the Extraordinary General Meeting, the newspaper said.

Moreover, the CDC deals with the acquisition, creation, administration, operation and development of all agricultural and pastoral production enterprises and processing products, assistance to small farmers, the Trade of raw and processed agricultural products, to name a few.

Created in 1947, its share capital is set at the sum of FCFA 35,718,550,806. The share capital may be increased in one or more installments by the decision of the Extraordinary General Meeting.

Legally, the CDC is subject to the rules of OHADA. Also, "apart from the aspects of public rights which mainly relate to its creation, its possible dissolution is pronounced by decree of the President of the Republic, in accordance with Article 52 of the Statute," said Jacques Kwimo, law rehabilitation expert and public enterprises.

According to statistics from November 2015, CDC employs 20,581 people. It is the second company with the highest number of employees in Cameroon, after the state.