state-owned enterprises, including banks and railroads. The economy suffered since the 1986 declines in the prices for oil,
Oil remains Cameroonâs main export commodity, and despite falling global oil prices, still accounts for nearly 40% of exports. processing. Cameroon - Cameroon - Agriculture, forestry, and fishing: Although the growth of the petroleum industry since 1980 has resulted in a gradual decline in the importance of agriculture, forestry, and fishing to the gross domestic product (GDP), the sector continues to play a notable role in the economy.
Cameroonâs market-based, diversified economy features oil and gas, timber, aluminum, agriculture, mining and the service sector.
Cameroon Economy: GDP. manufactures, and machinery and transport equipment provide additional The $4 billion, Cameroonâs energy sector continues to diversify, recently opening a natural gas-powered electricity generating plant. Facility (ESAF) program which concluded in 2000. Under this political framework, the President serves as both the Head of State and the Head of Government. An IMF agreement was signed in 1997, an Enhanced Structural Adjustment Cameroonâs economy suffers from factors that often impact underdeveloped countries, such as stagnant per capita income, a relatively inequitable distribution of income, a top-heavy civil service, endemic corruption, continuing inefficiencies of a large parastatal system in key sectors, and a generally unfavorable climate for business enterprise.Since 1990, the government has embarked on various IMF and World Bank programs designed to spur business investment, increase efficiency in agriculture, improve trade, and recapitalize the nation's banks. The IMF is pressing for reforms in the areas of budget
Immediately, prices for almost all imported Cameroon economy thrives on mineral exports and agricultural production.
be grown domestically. The government of Cameroon is organized and administered as a unitary presidential republic.
The Government of Cameroon provides subsidies for electricity, food, and fuel that have strained the federal budget and diverted funds from education, healthcare, and infrastructure projects, as low oil prices have led to lower revenues.Cameroon devotes significant resources to several large infrastructure projects currently under construction, including a deep seaport in Kribi and the Lom Pangar Hydropower Project. 670-mile-long (1,070 km) Chad-Cameroon petroleum pipeline, which was
Petroleum, basic sizable manufacturing sector.
Cameroon in 2002 stood as number six in the world among cocoa producers, Along with its CEMAC partners, Cameroon has therefore had to put fiscal adjustment measures in place to adjust to the terms of trade shock and restore macro-stability and confidence in the common currency. Cameroon’s economy suffers from factors that often impact underdeveloped countries, such as stagnant per capita income, a relatively inequitable distribution of income, a top-heavy civil service, endemic corruption, continuing inefficiencies of a large parastatal system in key sectors, and a generally unfavorable climate for business enterprise. Coffee and cocoa are Cameroon's principal agricultural exports, along with cork, wood, and cotton. This presidential power was established after the political reforms of 1996, which amended the Constitution of 1975. The economy of Cameroon was one of the most prosperous in Africa for a quarter of a century after independence. goods soared, including prices for food and essential drugs. The 2001 real growth rate of the GDP was around 5%. drop in half overnight. As per 2009 estimates, it has a population of approximately 18.9 million.
Production is estimated to be 225,000 barrels per day. 1994–95, an improvement from the decline of 4.3% in
Government Of Cameroon.
Oil remains Cameroon’s main export commodity, and despite falling global oil prices, still accounts for nearly 40% of exports. replaced by the Poverty Reduction and Growth Facility (PRGF), under
Each issue, produced bi-annually, provides an update of recent economic developments, as well as a special focus In line with the direction of fiscal policy, monetary policy remained somewhat expansionary, as it had been in previous years, leading to a 9.2% increase in the money supply, which reached XAF 3.97 trillion (CFA Franc BEAC) in August 2016, up from XAF 3.64 trillion a year earlier. In January 1994, France devalued the CFA franc, causing its value to
Cameroon's economy is based on a diversified and self-sufficient agriculture supplemented by substantial petroleum production and a sizable manufacturing sector. Coffee and cocoa are Cameroon's underway in 2003, could potentially increase revenues dramatically. devaluation encouraged new investment, particularly in oil, and
Cameroon is the largest economy in the Central African Economic and Monetary Community (CEMAC), a region experiencing an economic crisis triggered by the steep fall in oil prices.
which Cameroon was to receive assistance for three years (beginning in
Cameroon’s market-based, diversified economy features oil and gas, timber, aluminum, agriculture, mining and the service sector.
CAMEROON ECONOMIC UPDATE 1 EXECUTIVE SUMMARY With these Cameroon Economic Updates, the World Bank is pursuing a program of short and frequent reports which analyze the trends and constraints in Cameroon’s economic development.
financial and economic reform goals of several IMF standby programs. investment: French and South African companies have bought previously reforms were then initiated, but the government was unable to meet the Cameroon's economy is based on a diversified and self-sufficient
1993–94. The Cameroon continued to diversify its economy through agricultural and forestry value chains. transparency and privatization. Construction is a growth sector.
discouraged the use of hard currency reserves to buy products that could and is the eighth largest producer of coffee. 2000). 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.