THE CAMEROONIAN ECONOMY TEN YEARS AGO (Part 1 of 2)

By Tikum Mbah Azonga (This paper was first broadcast on Cameroon National Radio on the 3rd of April 2003. It was one of the commentaries I delivered on the 6.30 a.m. national and world news from 2003 to 2005) Whenever the National Financial and Monetary Committee meet, it is an event which economic operators and perhaps more so, international donors such as the International Monetary Fund (IMF) and the World Bank, look forward to. This is because the encounter leads to a reading of the economic balance sheet and projections are made for the future. One main revelation is that the economy is alive and kicking. Growth rate is positive, standing at 4 per cent although falling short of the projected 5.3 per cent. Inflation is better than expected, standing at 3 per cent, down from 4 per cent. Real term growth that had marked some key sectors in recent years has continued to firm up. These include telecommunications with a major innovation being the ever-rising number of telephone `call boxes` and mobile telephones in use. This trend is a welcomed transformation that first consisted of public telephone booths made available by the state and then vandalized and abandoned by users. Public transportation has also done well with more inter-city bus agencies taking their place on the market. In the townships, the cost of a drop which is 150 Francs has remained stable for over ten years. In the big towns like Douala and Yaounde, public bus companies and motor bike taxis popularly known as “Okadas” and “Bend skins” have greatly reduced traffic congestion. Agriculture has continued to be the backbone of the Cameroonian economy, although dependence on oil has also continued unabated. Cameroon`s balance of trade deficit was cut from CFA114.66bn in 2001 to CFA64.7bn to last year. The world situation was favourable, thus lending our economy a shot in the arm. For instance, the world economy grew at 2.8 per cent, better than the 2.2 per cent recorded two years ago. In the CEMAC region, GDP stood at 3.7 per cent, with projections for this year estimated at 4 per cent. Inflation is expected to stay at 3 per cent. Even so, it is hoped that once the Douala Stock Exchange goes fully operational, the situation will firm up further. ------------------------------------------------------------------------ FOR THE REST OF THIS STORY, Part 2 of 2, PLEASE FOLLOW THE LINK BELOW TO THE APPROPRIATE PAGE OF MY BLOG http://tmazonga.blogspot.com/2013/12/the-cameroonian-economy-ten-years-ago.html?showComment=1388257654497#c1984057915663582292