Despite economic hardship, IMF gives Cameroon passed marks.

Visiting Deputy Managing Director of the International Monetary Fund, IMF, Kenji Okamura, who arrived Cameroon on Tuesday held meetings with movers and shakers of the Cameroon government.

He expressed optimism over the progress of the management of the economy in discussions with the Ministers of Finance, the Economy, Planning and Regional Development, the Prime Minister and Secretary General at the Presidency who represented the Head of State.

Meeting with Prime Minister, Chief Dr Dion Ngute, he said: "Progress has been made but still there are a lot of challenges. The IMF stands ready to support Cameroon to work together to tackle these challenges towards our common goal of inclusive, resilient and diversified growth".

Both officials agreed on the need for structural reforms to be accelerated to strengthen medium-term external and fiscal sustainability.

The top IMF official was in the country just a week after his organisation had approved a disbursement of 73 million US dollars about 46 billion FCFA. It is part of the economic and financial programme concluded between the two parties in 2021.

The Minister of the Economy and Planning and Regional Development, Minister Alamine Ousmane Mey, said the loan "is part of the strengthening of cooperation relations between Cameroon and this institution, with the opportunity to explore new prospects for financing the priority projects listed in our National Development Strategy, SND 30", which aims to make Cameroon an emerging country by 2030.

In approving the cash, the IMF said in a statement that Cameroon’s recovery is underway amid increased challenges in an uncertain global environment. Growth is estimated at 3.4 percent in 2022, supported by higher oil prices and non-oil production.

Headline inflation is estimated at 6 percent at end-2022. The overall fiscal deficit improved from 3 percent of GDP in 2021 to around 1.8 percent in 2022 reflecting higher oil revenues, while the non-oil primary deficit deteriorated from 3.9 percent of GDP in 2021 to 4.5 percent in 2022 mainly due to increased fuel subsidies.

Real GDP growth is projected at 4.3 percent in 2023 and should average 4.5 percent in the medium term.

The institution explained further that “Cameroon’s economy proved resilient to the COVID-19 pandemic, and the recovery has continued. However, the country is now faced with increased challenges in an uncertain global environment, underscoring the need for resolute reform implementation".

The fund-supported arrangements have enabled the authorities in sustaining macroeconomic stability and growth in a challenging context.

Structural reforms need to be accelerated to strengthen medium-term external and fiscal sustainability and move Cameroon toward inclusive and resilient growth through a diversified economy. The country’s medium-term outlook remains favorable, it added.

Paradoxically it noted that: “Cameroon’s performance under the programme is mixed. Two of the six quantitative performance criteria at end-December 2022 and three of the five indicative targets at end-June and end-September 2022 were missed".

Just a "passable" performance but the IMF said "important steps have been taken to advance long delayed structural reforms, progress is lagging in some key areas. The authorities have resolved to implement corrective measures to address missed targets and accelerate reforms more broadly".

Still "promises" to reform by "mobilising additional domestic non-oil revenue, improving public financial management, and further efforts to reduce fuel subsidies will make additional room for productive investment and social spending".

It however advised Yaounde "to unlock Cameroon’s abundant growth potential, effective and resolute implementation of structural reforms in the National Development Strategy is essential. In this regard, further steps are needed to enhance investment efficiency, strengthen financial inclusion, and improve the business climate. This should be accompanied by strengthening transparency, governance, and the anti-corruption framework, as well as ensuring financial sector stability.”

If those measures which are just promises are not fulfilled, will Cameroon weather the storm with a projected 4.3 percent GDP growth in 2023, 4.5 percent in the medium in 2023 and average 4.5 percent in the medium?

How "resilient" and "recovery" was the economy whose feel good effect the population does not experience but punitive cost of living?

The IMF is banking on Cameroon achieving the 4.5 percent "growth in the medium term on the proviso that it improves business climate, strengthens” transparency, governance, and the anti-corruption framework".

That evanished doctrine has been preached overtime and the indisputable data has an inevitable corollary    to economic growth. The results of Cameroon's Household Survey by the National Institute of Statistics shows that 37.5% of Cameroonians are poor living below the poverty line of 931 francs CFA per day.

The World Food Programme in its own report notes that "over 55 percent of Cameroonians live in poverty which affects several aspects of their lives – from health to education, living conditions and work among others".

Ease in Doing Business index ranks Cameroon 167 among 190 economies in the ease of doing business. Freedom House's annual study of political rights and civil liberties worldwide in this year's report qualifies Cameroon as "not free" in relations to press freedom.

In its 2022 report, Transparency International Corruption Perceptions Index ranked Cameroon on an inglorious position of 142 among the 180 countries in the Index.

The Quarterly Economic Barometer of CEMAC, a publication of the World Bank, in its Volume 2, published in February 2022 reported that “geopolitical tensions and the lack of budget transparency on security-related spending have compromised donor budget support...which could lead to the accumulation of arrears and costly borrowing in the domestic market, with a risk of undermining debt sustainability; ineffective use of the SDR endowment to prevent future crises and build resilience”.

Those are all indicators that negatively affect economic growth and for IMF to be serious, should pile pressure on the government to implement Article 66 of its constitution which should compel top government officials to declare their assets and review the electoral code.

Without that the envisaged "reforms" would just be window dressing with seemingly telling lies with projected statistics of growth when the governed are toiling in penury.