Economy of Cameroon

Economy of Cameroon

For a quarter-century following independence, Cameroon was one of the most prosperous countries in Africa. The drop in commodity prices for its principal exports —petroleum, cocoa, coffee, and cotton — in the mid-1980s, combined with an overvalued currency and economic mismanagement, led to a decade-long recession. Real per capita GDP fell by more than 60% from 1986 to 1994. The current account and fiscal deficits widened, and foreign debt grew. Yet because of its oil resources and favorable agricultural conditions, Cameroon still has one of the best-endowed primary commodity economies in sub-Saharan Africa.

Macro-economic trend

This is a chart of trend of gross domestic product of Cameroon at market prices [http://www.imf.org/external/pubs/ft/weo/2006/01/data/dbcselm.cfm?G=2001 estimated] by the International Monetary Fund with figures in millions of Central African CFA Francs.

— the common currency of Cameroon and 13 other African states — was devalued by 50% in January 1994. The government failed to meet the conditions of the first four IMF programs.

Recent signs, however, are encouraging. As of March 1998, Cameroon's fifth IMF program — a 3-year enhanced structural adjustment program approved in August 1997 — is on track. Cameroon has rescheduled its Paris Club debt at favorable terms. GDP has grown by about 5% a year beginning in 1995. There is cautious optimism that Cameroon is emerging from its long period of economic hardship.The Enhanced Structural Adjustment Facility (ESAF) signed recently by the IMF and Government of Cameroon calls for greater macroeconomic planning and financial accountability; privatization of most of Cameroon's nearly 100 remaining non-financial parastatal enterprises; elimination of state marketing board monopolies on the export of cocoa, certain coffees, and cotton; privatization and price competition in the banking sector; implementation of the 1992 labor code; a vastly improved judicial system; and political liberalization to boost investment.

France is Cameroon's main trading partner and source of private investment and foreign aid. Cameroon has an investment guaranty agreement and a bilateral accord with the United States. USA investment in Cameroon is about $1 million, most of it in the oil sector. Inflation has been brought back under control.

ee also

* Cameroon

External links

*dmoz|Regional/Africa/Cameroon/Business_and_Economy/Economic_Development


Wikimedia Foundation. 2010.

Игры ⚽ Нужна курсовая?

Look at other dictionaries:

  • Cameroon — Cameroonian, adj., n. /kam euh roohn /, n. 1. Also, Cameroun. Official name, United Republic of Cameroon. an independent republic in W Africa: formed 1960 by the French trusteeship of Cameroun; Southern Cameroons incorporated as a self governing… …   Universalium

  • Cameroon — Republic of Cameroon République du Cameroun …   Wikipedia

  • Economy of Chad — Currency Central African CFA franc (XAF) Fiscal year Calendar year Trade organisations AU, WTO Statistics …   Wikipedia

  • Economy of Morocco — 100 Moroccan dirham Rank 54th Currency Moroccan Dirham (MAD) …   Wikipedia

  • Economy of Nigeria — Currency Nigerian naira (N) (NGN) Trade organisations OPEC Statistics GDP $377.6 billion (2010 est.) (PPP; 31st) …   Wikipedia

  • Economy of Kenya — Rank 86th Currency Kenyan shilling (KES) Trade organizations CEN SAD, COMESA, EAC, WTO and others Sta …   Wikipedia

  • Economy of Namibia — Rank 131st Currency Namibian dollar (NAD) Fiscal year 1 April 31 March Trade organisations WTO, SADC, SACU …   Wikipedia

  • Economy of Cape Verde — A One CVE coin Currency Cape Verdean escudo (CVE) Fiscal year Calendar year …   Wikipedia

  • Economy of Malaysia — Fixed exchange rates 1 Ringgit = 100 sen Fiscal year Calendar year …   Wikipedia

  • Economy of Cuba — Flag Rank 89th Currency Cuban peso (CUP) = 100 centavos and Cuban Convertible Peso (CUC) = 24 CUP …   Wikipedia

Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”