CMR economy proves resilient in growth

Cameroon is classified in a group of seven States in sub-Saharan Africa which has become resilient according to information delivered in a report by the IMF presented on Friday in Yaounde.

"Cameroon has made great strides." revealed Boriana Yontcheva. The resident representative of the international monetary Fund (IMF) in Cameroon explained: 'the country has increased its macro-economic stability, growth is much stronger, there is a stability of public finances and access to financing. Ten years ago, we were away from this situation."

Indeed, in its report of October 2014 establishing regional perspectives in sub-Saharan Africa, the IMF identified seven countries where progress has been made between 2011 and 2013. Classified as part of the fragile countries in the 1990s, Cameroon, Ethiopia, Mozambique, Niger, Nigeria, Uganda and Rwanda have become resilient. These countries indicated the report, "could establish political systems more in the service of the general interest, strengthen their institutions and promote investment."

The same document said that these countries have also managed to maintain macro-economic stability and increase the national revenues to increase public investment. In this group, two countries namely Cameroon and Nigeria, have benefited from the wealth of natural resources. However, for the specific case of Cameroon, the security situation in the far North is a risk which should not be overlooked, in the opinion of experts from the IMF.

According to the IMF, growth in sub-Saharan Africa should continue to grow at a steady pace. Its economies are diversified and 50% of its exports are raw materials. Its projections set to 5.1 per cent growth in 2014 and 5.8% in 2015 for sub-Saharan Africa. This is what keeps Africa as the second region of the world that is growing more rapidly after Southeast Asia.

However, risks weigh on this vigorous growth, including the epidemic of Ebola fever which could have serious consequences on trade, tourism and the confidence of investors. Therefore, continue to invest in infrastructure (roads, bridges, electricity) and go further by improving the climate of business through structural reforms.