IMF predicts drop in growth rate in Central Africa

The International Monetary Fund (IMF) has predicted a close to 4% decline in the economic growth rate in the Central African Sub Region.

The fall has been attributed to the sharp drop in the prices of crude oil on the world market which has heavily impacted the economies of the region that are over-dependent on petroleum products.

The report, however, proposes ways of remedying the situation. Countries of the sub-region have been advanced to implement structural adjustments programmes that will reduce their dependence on patrol dollars and favour the exportation of non-petroleum products.

Cameroon has however been resilient to the global effects of the global fuel price crunch. The impact of the fall of the prices of crude oil has not been greatly felt in Cameroon because the country had diversified its economy, thereby giving significant importance to non-petroleum products like timber, cocoa, coffee, banana amongst others that are heavily exported.

The country's growth rate early predicted by economists will not be considerably affected as inflation has been maintained at 3% despite the fuel price crunch in the global scene, according to economists.