Cameroon economy: CEMAC Commission gives positive balance sheet for 2019

By Cyprian Ntiamba Obi Ntui in Yaounde

A visiting delegate of the Central African Economic and Monetary Community, CEMAC has given a positive balance sheet on the overall macroeconomic performance of Cameroon’s economy for the year ended 2019.

After the CEMAC Commission delegation had an audience with Alamine Ousmane Mey, Minister of the Economy, Planning and Regional Development, MINEPAT last Friday February 21, the officials from both parties addressed the Press on the principal issues that preoccupied them during their discussion.

According to the MINEPAT boss, the government worked hard during the past year to ensure the economy keeps up with its resilience and the drive to globally improve the living conditions of Cameroonians.

This effort resulted in the boosting of economic growth which today stands at nearly 4%; accelerated reduction in inequality, and fostering inclusive development.

The government and CEMAC Commission officials looked at the global multidimensional complexities that give rise to aggravated inequality, exclusion and marginalization as well as on future challenges, especially those emanating from increasing insecurity in the North West and South West regions added to the Boko Haram threat in the Far North region of the country.

They were unanimous that government’s policy is increasingly being tailored to promote reduction in inequality, ginger inclusive growth, and curb exclusion among the population. Accent is also being given to social inequality as it concerns regional disparities, and how Cameroonians generally view and interpret inequality and exclusion in their society.

To that end, yardsticks were assembled through which the government could measure these phenomena, design methods to cushion their impact on the most vulnerable groups and how government could intensify action to provide an enabling environment for all social strata to prosper and grow.

The attainment of these objectives by the government would work to ensure the development of social harmony so that nobody is left behind in the task of nation building, Minister Alamine stated.

He assured that government effort at bringing the country to the status of an emerging nation by 2035 is being strongly supported by international development partners, the CEMAC Commission being one of them.

In similar regard, the leader of the visiting CEMAC Commission team, Jean-Claude Nguemeni, who is also Director of Multilateral Surveillance at CEMAC, said the Cameroonian economy had proven its resilience in the face internal and external shocks.

The internal shocks include the crisis in the North West and South West regions; as well as the threats posed by the terrorist sect Boko Haram in the Far North region of the country. External shocks include the slump in commodity prices which Cameroon had braved with unusual resilience. He attributed this performance and resilience to government’s increasing effort at diversifying the macroeconomic base and expanding sources of internally generated revenues.

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