Cameroon targets 6% growth in 2014

With growth lagging behind 5% annually since 2010, Cameroon is unlikely to become an emerging economy by 2035 as planned by the government, ministers were told at a cabinet meeting on Monday.

At this point, Cameron needs an economic growth rate of at least 7% and a double-digit growth in a couple of years to be on track to attain the ambition. But the country’s economy is only projected to expand by 4.8% by the close of the year.

To reverse things, ministers spent April’s cabinet meeting examining what was being called a contingency plan prepared by the ministry of economy, planning and regional development to fastback growth to at least 6% next year.

Cameroon rolled out a growth and employment strategy in 2010 to lay the foundation towards emergence. The planned revolved around the creation of wealth through massive investments and distribution through employment.

Economy minister Emanuel Nganu Njumessi told the cabinet meeting that to quickly begin growing rapidly, Cameroon needs to improve the business climate, boost production, accelerate investments and improve access to credit.

He said depending on the use of local materials, labour intensive approaches to project execution and the promotion of self-employment could help job numbers rise quickly to meet expected targets.