Following the numerous financial difficulties which the company has faced since its creation, the state has opted for the sale of the majority of its shares to the private sector. Camair-Co was created in on September 11, 2006 by a presidential decree as a company aimed at replacing the defunct Cameroon Airlines.
Camair-Co, according to many, was going to define an era in the aviation sector on the African continent. Many viewed it as an upgrade to Cameroon Airlines which at the time of its replacement was a mere shadow of itself. Despite Camair-Co never actually reaching half of its potential in Cameroon, it served as the flag carrier of the country. It was, as many said, the image of the country on the international scene, filled with plenty of irregularities.
The airline, throughout its existence as a state corporation, had actually never made profits and struggled immensely under the weight of its enormous debts. To top it all up, most of its planes were often grounded.
Not meeting most of the standards for international air travels, the company was equally on several occasions barred from venturing into some foreign air spaces. Most at times it could only operate within the CEMAC zone.
Often rocked by countless inconsistencies, Camair-co was equally a major part of conflict as even Anglophones complained of never being given the opportunity to rescue the dying horse.
So was the esteem of the Corporation to Cameroonians. The company’s financial records never matched. For several years the company had experienced a more than delicate financial situation. it experienced losses of around 126 billion FCFA with an abysmal debt of over 110 billion FCFA.
To remedy all the losses, the President of the Republic has instructed the Prime Minister and Head of Government to develop with urgency a plan to restructure, revive and improve the company with the aim of opening its share capital up to 51% to a private strategic partner, in accordance with article 5 of the decree of September 11, 2006 creating Camair-Co.
The Prime Minister is supposed to do this in collaboration with the Minister of Transport, the Minister of Finance, the Minister of Labour and Social Security, Camair-Co and the Aeronautical Authority.
Mimi Mefo Info