 "RENEWED ECONOMIC GROWTH"
Following the devaluation of the CFA Franc by 50% in 1994, the Government reforms to boost the economy of Cameroon are yielding good results. The restructuring of public finances, the improvement of competitiveness and the development of exports, are signs of economic growth. During the 1997-2000 period of the IV triennial agreement with the IMF and the World Bank, macro-economic indicators clearly improved. So much so that in June 2000, thanks to oil exploitation as well as bark and log export revenues, these indicators have become positive again. For the 1999-2000 period, the real annual growth rate of the Gross Domestic Product (GDP) reached 4.2% and the inflation rate, which had reached 13% after devaluation, is constantly decreasing and maintained at 2.1%. After the State started settling its domestic debts, national savings increased from 857.5 billion CFA Francs in 97/98 to more than 1142 billion CFA Francs in 99/00, with a trade balance surplus of 351 billion CFA Francs. " With regard to economic liberalization, the authorities have overhauled the country's trade policy. |
This was concretized through the abolition of non-tariff barriers particularly the elimination of import quotas, the suppression of import and export licenses and approvals, and the scrapping of price harmonization and administrative control of profit margins ", explained Prime Minister, Mr. Peter Mafany Musonge. After these positive results, Cameroon has just started another three year program (2000-2003) during which it is particularly committed to completing its privatization process. In addition, projections for the years to come are optimistic following the acceptance of Cameroon for debt relief under the initiative of the HIPC (Highly Indebted Poor Countries) (PPTE Pays Pauvres Très Endettés). This admission supposes a debt remittal of about 2 billion USD over a period of three years and a debt relief of 1.2 billion USD authorized by the Club of Paris. These amounts will be used in social sectors such as education and health, the fight against poverty and corruption and the establishment of an efficient governing system. After the recorded successes in the public finance field, the government is aiming at improving infrastructures and encouraging investments. A gradual GDP growth rate of at least 6% per annum would mark the success of this policy and the advent of a new era of prosperity. |
