Cameroon, "Africa in miniature" is setting new goals for its future. It has set goals for itself to revive its economic condition and improve the living standard of its people. According to the Reuter’s poll, Cameroon’s economic growth will accelerate by 2.9% this year and 4 percent next year.
Cameroon, "Africa in miniature" is setting new goals for its future. It has set goals for itself to revive its economic condition and improve the living standard of its people. According to the Reuter’s poll, Cameroon’s economic growth will accelerate by 2.9% this year and 4 percent next year.
The Government of Cameroon is working upon the formulation of a long-term development Vision for the people of Cameroon. This Vision projects a reflection of Cameroon up to 2035 and wishes to make Cameroon a democratic emerging country which is united in its diversity. In short, the Vision constitutes a reference framework for (i) reducing poverty (ii) reaching to the level of a middle-income countries (iii) becoming an industrialized nation (iv) consolidating the democratic process and strengthening national unity.
Bank Group Operations Strategy for Cameroon has decided upon the two areas, which the banks should pay attention on. (i) Promoting good governance to ensure transparent public resource management. (ii) Improving infrastructure to reduce poverty.
Over the 2010-2014 CSP implementation periods, the bank intends to further develop the country’s principal strengths and opportunities, including its geographic position which gives it a comparative advantage in the Africa’s sub-region. So, the Banks will be involved in anchoring the central government’s strategic management capacity and to make maximum utilization of Cameroon’s geographic position.
The Growth and Employment Strategy Paper (GESP) for the period of 2010-2020, covers the first ten years of the long-term Cameroon Vision. The major concern for GESP implementation is to focus on economic growth, increasing employment and poverty reduction. Therefore, the plans are to (i) increase growth to an annual average of 5.5% over the 2010-2020 period (ii) reduce underemployment from 75.8% to below 50% by 2020, with the creation of tens of thousands of formal jobs every year over a period of ten consecutive years (iii) reduce the monetary poverty rate from 39.9% in 2007 to 28.7% by 2020.
Cameroon’s Government and Banks are coming up with strategies to improve the economic conditions of the country in the times to come. They want to create the conditions for taking greater advantage of Cameroon’s strengths and opportunities to the fullest so as to improve the standard of living for its people.
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