CNA Exclusive: Presidency Admits That Biya’s Wealth is Ill-gotten?
The official website of the Presidency of Cameroon seems to admit that President Paul Biya’s wealth of $200M is “ill-gotten”.
In an article on the official website of the Presidency dating back to 2014, the Presidency seems to admit that while Paul Biya’s networth was estimated at $200M (about FCFA 112 Billion), most it was “ill-gotten wealth”, admitting that while Biya lived in opulence “Around 48 percent of the citizens of Cameroon live below the poverty line”.
The article, originally published by a magazine called ‘Richest Lifestyle’ (https://richestlifestyle.com), also quoted a French paper reporting that “the Cameroon President’s vacation was the top most expensive among world leaders. More than that of the American President” (Obama at the time). ‘Richest Lifestyle’ went on to add that Biya was criticized for “for spending 30,000 Euros ($40,000) per day on renting a villa”. That means Biya spent FCFA 22 Million per day, renting a lavish villa and his presidency is not embarrassed to openly admit this on the Presidency website.
Yet, this is the leader who has gone on borrowing sprees from the IMF and World Bank, drowning the country in debt by his unchecked borrowing which is spent on such frivolous activities while a large chunk of the Cameroonian populace goes without roads, water or just the ability to afford a decent life. According to World Bank figures – the same institution that keeps on lending money to Biya decade after decade even after knowing his abysmal record in financial management, admits that the unemployment rate in Cameroon stands at 3.7%.
Yet, Biya who is now 92 and had been president for 31 years as of 2014 (he’s now been in office 43 years) – is seeking yet another lengthy 7 years which will see him leave office only at age 99 with his poor track record of leadership which has stifled Cameroon’s growth by every measurable metric.
The full report of Biya’s wealth in which the Presidency published on its website, can be accessed at: https://www.prc.cm/files/d3/3e/f5/911c01f1b3003ecdff1287e33b7bbdb5.pdf
