5.5% to 6% economic growth in 2014

Despite a difficult environment marked by the sharp fall in oil prices and other raw materials and the timid recovery in the eurozone Cameroon's economy continued its recovery to settle between 5.5% and 6% in 2014.

This was announced during an assessment task by the Commission of the economic and Monetary Community of Central Africa (CEMAC).

The surveillance revealed an estimated strong growth rate higher than the 4.7% growth prepared by the analyses of Cameroonian authorities through the services of the Ministry of finance.

"We believe the economic growth in Cameroon will be about 6.3% in 2015," continued Jean-Claude Nguemeni, the head of the operators in an interview aired on Monday by the national station, Cameroon Radio and Television (CRTV).

This figure is the same as the one originally announced by the Government of Cameroon’s growth goal for the current year but it dropped to a rate of 4.1% as a result of the effects in the fall in prices of oil and other raw materials as well as the persistent northern and eastern tensions.

The CEMAC Committee noted the following: "evaluating macro economy of Cameroon, the State of compliance with the criteria of convergence of the CEMAC zone, the State of implementation of various structural reforms, the measures undertaken for the decongestion of the autonomous port of Douala and the evolution of the financial situation of the State towards SONARA [national refining company]".

They welcomed the implementation of the Emergency Plan for the acceleration of growth which was agreed on in late 2014 by president Paul Biya at a cost of 925 billion francs CFA ($1.85 billion) investment, "including the anchor with perspective taking a finance law amendment to incorporate requirements for contingency in the 2015budget ".

This announced opening of a corrective finance law decision was a recommendation issued by a recent mission of the international monetary Fund (IMF) which requested that Cameroonian authorities be open to a more transparent and effective management of public finances where deficits between spending and revenues in the execution of the State budget are observed each year.