Gov’t highlights private sectors' role in achieving development goals.

The remark was made by the Minister Delegate at the MIMEPAT, Paul Tasong. He was speaking during a concertation meeting with representatives of the private sector in Douala.

Recognising the potential that private sector-driven growth has to transformation of the economy, the public/private conclave, examined opportunities, strength and proposed solutions on how the Head of State’s vision for Cameroon to transit into the category of middle income country via the 2035 emergence plan.

The said emergence plan, had been merged into the growth and employment strategy for 2010-2020 and the National Development Strategy, SND30.  The realisation of the said vital national strategies has been on the acceleration move since 2021.

But Minister Paul Tasong said, the government alone cannot drive the projects to fruition without the effective contributions of the private sector whose main role is wealth creation.

He noted that, a thriving private sector is critical to achieving inclusive growth that creates economic opportunities for all. 

He said governments had channeled increasing revenue flows from growth into socioeconomic infrastructure and services, to ensure that growth is shared and also benefits those that are most vulnerable and have been abandoned. Economic experts are suggesting a "redistributive development models".

Prosperity for all requires accelerated and broad-based growth that creates access to economic opportunities, increases jobs and incomes, broadens the taxes base and enhances social cohesion. 

Experts say given the importance of the private sector for growth, jobs and economic opportunities for the majority, development strategies and investment plans cannot focus exclusively on the public sector and must also leverage the potential of the Private Sector as an agent and partner in growth and development. 

Following the major economic shocks brought about by the COVID-19 pandemic and the hikes in international price index on basic production commodities such as fertilizers, wheat, the economy of the country has undergone several processes of recovery and if nothing is done, the annual growth rate will remain at 5 per cent. The Necessity for growth, warrants a vibrant private sector.

"It was for simple reasons that if nothing particular is done, the economy of Cameroon will continue to grow at an average annual rate of about 5 per cent. But if will have to continue to state the cause of emergence, to respect their instructions of the president of the Republic, we have to go look for extra economic growth points elsewhere and where else to look than the private sector, whose main vocation is wealth creation, whose activities permits Cameroon's economy to become competitive," Tasong said.

"We are facing multiple headwinds, shocks and there is no doubt that even in the coming future, we will continue to face new shocks but then, we have to be prepared, provide what it takes basically for the economy to be resilient, robust in the face of these multiple shocks and to do this, we have to implement the two trunk policy," he added

The two trunk policy, it was said, has much to do with substitution of importation of some of the basic commodities such as fish, rice, wheat, palm oil, milk steel, amongst others. 

On the other hand, the country is set to promote the exportation of Made in Cameroon products. The above Policy has been described as the trust of the national development strategy, which calls on the private sector to play a more important role in the process of the development of Cameroon.

However, the President of the Chamber of Commerce, Christopher Eken, said the private sector is more than ready to meet the target.

He said more importance has to be accorded to Agro-industrial food processing. He said it is time for government to move from paper to action. 

"80 per cent of those we consulted before this meeting, talked of agro-industrialization. The private sector is more than ready to boost the economy and solve the problem of import substitution in this country, it is not a matter of finance. It is an issue of well defined, structured projects and the advantages that the state can put forth. What we need to do is put words to action. It is said that, a hungry man is an angry man, we need our youths to get into agriculture. We are going to process our raw materials, we have to feed our population," he said.