Economical data of Cameroon

project would contribute to poverty alleviation and/or sustainable development. About 40% of Cameroonians live below the poverty level defined as US$ 2 a day. With a population of 15 million, about 70% live in rural areas, and 60% are employed in the agricultural sector. Northern Cameroon with its dry conditions accounts for about 45% of Cameroons population. The project will contribute to poverty alleviation by first identifying and determining sources of farmers vulnerability and adaptability. The project will then generate a knowledge base that will permit ascertaining the economic and social impacts of climate change on vulnerable communities. The IPCC (2001) asserts that in general people who live on semi-arid lands, in low-lying coastal areas in water limited or flood-prone areas or on small islands are particularly vulnerable to climate change. This may be true for the dry Sudano-sahelian region in Northern Cameroon. The resource poor farmers in the region are at risk of bearing the brunt of future climate change. Researching, studying, analysing, reporting and influencing agricultural policy in Cameroon will improve official response and to empower this vulnerable community.

Economy - overview: Because of its modest oil resources and favorable agricultural conditions, Cameroon has one of the best endowed primary commodity economies in sub-Saharan Africa. Still, it faces many of the serious problems confronting other underdeveloped countries, such as stagnant per capita income, a relatively inequitable distribution of income, a top-heavy civil service, endemic corruption, and a generally unfavorable climate for business enterprise. Since 1990, the government has embarked on various IMF and World Bank programs designed to spur business investment, increase efficiency in agriculture, improve trade, and recapitalize the nation's banks. The IMF is pressing for more reforms, including increased budget transparency, privatization, and poverty reduction programs. Subsidies for electricity, food, and fuel have strained the budget. New mining projects - in diamonds, for example - have attracted foreign investment, but large ventures will take time to develop. Cameroon's business environment one of the world's worst - is a deterrent to foreign investment. GDP (purchasing power parity): $47.86 billion (2011 est.)

country comparison to the world: 94 $45.97 billion (2010 est.) $44.67 billion (2009 est.) note: data are in 2011 US dollars GDP (official exchange rate): $25.76 billion (2011 est.) GDP - real growth rate: 4.1% (2011 est.) country comparison to the world: 95 2.9% (2010 est.) 2% (2009 est.) GDP - per capita (PPP): $2,300 (2011 est.) country comparison to the world: 185 $2,300 (2010 est.) $2,200 (2009 est.) note: data are in 2011 US dollars GDP - composition by sector: agriculture: 19.5% industry: 31% services: 49.5% (2011 est.) Labor force: 8.083 million (2011 est.) country comparison to the world: 60 Labor force - by occupation: agriculture: 70% industry: 13% services: 17% (2001 est.) Unemployment rate: 30% (2001 est.) country comparison to the world: 177 Population below poverty line:

48% (2000 est.) Household income or consumption by percentage share : lowest 10%: 2.3% highest 10%: 35.4% (2001) Distribution of family income - Gini index: 44.6 (2001) country comparison to the world: 43 47.7 (1996) Investment (gross fixed): 19.6% of GDP (2011 est.) country comparison to the world: 102 Budget: revenues: $5.01 billion expenditures: $5.302 billion (2011 est.) Taxes and other revenues: 19.5% of GDP (2011 est.) country comparison to the world: 166 Budget surplus (+) or deficit (-): -1.1% of GDP (2011 est.) country comparison to the world: 63 Public debt: 13.9% of GDP (2011 est.) country comparison to the world: 127 13.5% of GDP (2010 est.) Inflation rate (consumer prices): 2.9% (2011 est.) country comparison to the world: 57 1.3% (2010 est.) Central bank discount rate: NA% (31 December 2010 est.)

country comparison to the world: 85 4.25% (31 December 2009 est.) Commercial bank prime lending rate: 14.5% (31 December 2011 est.) country comparison to the world: 56 14% (31 December 2010 est.) Stock of narrow money: $3.259 billion (31 December 2011 est.) country comparison to the world: 114 $3.264 billion (31 December 2010 est.) Stock of broad money: $5.438 billion (31 December 2011 est.) country comparison to the world: 124 $5.344 billion (31 December 2010 est.) Stock of domestic credit: $2.523 billion (31 December 2011 est.) country comparison to the world: 133 $1.587 billion (31 December 2010 est.) Market value of publicly traded shares : $NA Agriculture - products: coffee, cocoa, cotton, rubber, bananas, oilseed, grains, cassava (manioc); livestock; timber Industries: petroleum production and refining, aluminum production, food processing, light consumer goods, textiles, lumber, ship repair Industrial production growth rate: 4% (2010 est.) country comparison to the world: 80 Current account balance:

-$1.361 billion (2011 est.) country comparison to the world: 130 -$856.3 million (2010 est.) Exports: $5.549 billion (2011 est.) country comparison to the world: 111 $4.485 billion (2010 est.) Exports - commodities: crude oil and petroleum products, lumber, cocoa beans, aluminum, coffee, cotton Exports - partners: Spain 13.3%, China 11.4%, Netherlands 9.7%, Italy 8.8%, India 6.6%, France 6.4%, US 5.9%, Germany 4.8%, Belgium 4% (2011) Imports: $6.108 billion (2011 est.) country comparison to the world: 120 $4.663 billion (2010 est.) Imports - commodities: machinery, electrical equipment, transport equipment, fuel, food Imports - partners: China 16.9%, France 16.8%, Nigeria 12.4%, Belgium 5.3%, Italy 4.3%, US 4.3% (2011) Reserves of foreign exchange and gold : $3.316 billion (31 December 2011 est.) country comparison to the world: 100 $3.665 billion (31 December 2010 est.) Debt - external: $3.147 billion (31 December 2011 est.) country comparison to the world: 132

$2.964 billion (31 December 2010 est.) Exchange rates: Cooperation Financiere en Afrique Centrale francs (XAF) per dollar 471.87 (2011 est.) 495.28 (2010 est.) 472.19 (2009) 447.81 (2008) 493.51 (2007) Fiscal year: 1 July - 30 Jun

INDIA
Economy - overview: India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one -third of its labor force. India has capitalized on its large educated English speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year

in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural -to-urban migration. GDP (purchasing power parity): $4.515 trillion (2011 est.) country comparison to the world: 4 $4.21 trillion (2010 est.) $3.806 trillion (2009 est.) note: data are in 2011 US dollars GDP (official exchange rate): $1.676 trillion (2011 est.) GDP - real growth rate: 7.2% (2011 est.) country comparison to the world: 26

10.6% (2010 est.) 6.6% (2009 est.) GDP - per capita (PPP): $3,700 (2011 est.) country comparison to the world: 165 $3,500 (2010 est.) $3,200 (2009 est.) note: data are in 2011 US dollars GDP - composition by sector: agriculture: 17.2% industry: 26.4% services: 56.4% (2011 est.) Labor force: 487.6 million (2011 est.) country comparison to the world: 2 Labor force - by occupation: agriculture: 52% industry: 14% services: 34% (2009 est.) Unemployment rate: 9.8% (2011 est.)

country comparison to the world: 109 10% (2010 est.) Population below poverty line: 29.8% (2010 est.) Household income or consumption by percentage share : lowest 10%: 3.6% highest 10%: 31.1% (2005) Distribution of family income - Gini index: 36.8 (2004) country comparison to the world: 79 37.8 (1997) Investment (gross fixed): 32.8% of GDP (2011 est.) country comparison to the world: 14 Budget: revenues: $196.4 billion expenditures: $308.8 billion (2011 est.) Taxes and other revenues: 11.7% of GDP (2011 est.) country comparison to the world: 206

Budget surplus (+) or deficit (-): -6.7% of GDP (2011 est.) country comparison to the world: 181 Public debt: 48.5% of GDP (2011 est.) country comparison to the world: 60 51.4% of GDP (2010 est.) note: data cover central government debt, and exclude debt instruments issued (or owned) by government entities other than the treasury; the data include treasury debt held by foreign entities; the data exclude debt issued by subnational entities, as well as intra-governmental debt; intra-governmental debt consists of treasury borrowings from surpluses in the social funds, such as for retirement, medical care, and unemployment; debt instruments for the social funds are not sold at public auctions Inflation rate (consumer prices): 8.9% (2011 est.) country comparison to the world: 186 12% (2010 est.) Central bank discount rate: 5.5% (31 December 2010 est.) country comparison to the world: 61 6% (31 December 2009 est.) Commercial bank prime lending rate:

10.17% (31 December 2011 est.) country comparison to the world: 94 10.167% (31 December 2010 est.) Stock of narrow money: $305.7 billion (31 December 2011 est.) country comparison to the world: 16 $340.1 billion (31 December 2010 est.) Stock of broad money: $1.293 trillion (31 December 2011 est.) country comparison to the world: 15 $1.323 trillion (31 December 2010 est.) Stock of domestic credit: $1.452 trillion (31 December 2011 est.) country comparison to the world: 14 $1.25 trillion (31 December 2010 est.) Market value of publicly traded shares : $1.015 trillion (31 December 2011) country comparison to the world: 9 $1.616 trillion (31 December 2010) $1.179 trillion (31 December 2009) Agriculture - products:

rice, wheat, oilseed, cotton, jute, tea, sugarcane, lentils, onions, potatoes; dairy products, sheep, goats, poultry; fish Industries: textiles, chemicals, food processing, steel, transportation equipment, cement, mining, petroleum, machinery, software, pharmaceuticals Industrial production growth rate: 4.8% (2011 est.) country comparison to the world: 69 Current account balance: -$41.4 billion (2011 est.) country comparison to the world: 184 -$57.73 billion (2010 est.) Exports: $299.4 billion (2011 est.) country comparison to the world: 21 $225.3 billion (2010 est.) Exports - commodities: petroleum products, precious stones, machinery, iron and steel, chemicals, vehicles, apparel Exports - partners: UAE 13%, US 11.4%, China 6.3%, Singapore 5.3% (2011)

Imports: $461.4 billion (2011 est.) country comparison to the world: 12 $357.5 billion (2010 est.) Imports - commodities: crude oil, precious stones, machinery, fertilizer, iron and steel, chemicals Imports - partners: China 12.1%, UAE 8.3%, Saudi Arabia 5.8%, US 5.1%, Switzerland 4.7% (2011) Reserves of foreign exchange and gold : $297.9 billion (31 December 2011 est.) country comparison to the world: 10 $297.7 billion (31 December 2010 est.) Debt - external: $289.7 billion (31 December 2011 est.) country comparison to the world: 30 $290.3 billion (31 December 2010 est.) Stock of direct foreign investment - at home: $230 billion (31 December 2011 est.) country comparison to the world: 21 $198.4 billion (31 December 2010 est.)

Stock of direct foreign investment - abroad: $109.9 billion (31 December 2011 est.) country comparison to the world: 26 $93.9 billion (31 December 2010 est.) Exchange rates: Indian rupees (INR) per US dollar 46.67 (2011 est.) 45.726 (2010 est.) 48.405 (2009) 43.319 (2008) 41.487 (2007) Fiscal year: 1 April - 31 March

Currency

CFA Franc (XAF)

Fiscal year

Calendar year

Trade organisations

AU, WTO

Statistics

GDP

$47.12 billion (2011) Rank: 94th (2011)

[1]

GDP growth

3.8% (2011)

GDP per capita $2,300 (2011)

GDP by sector agriculture (19.7%), industry (31.9%),services (48.4%) (2011)

Inflation (CPI) 3.4% (2011)

Population below poverty line

48% (2000)

Labour force

8.094 million (2011)

Labour force by occupation

agriculture (70%), industry andcommerce (13%), other (17%)

Unemployment 30% (2001)

Main industries

petroleum production and refining,aluminium production, food processing, light consumer goods, textiles, lumber,ship repair

Ease of Doing 161st[2]

Business Rank

External

Exports

$5.361bn (2011)

Export goods

crude oil and petroleum products,lumber, cocoa beans, aluminium,coffee, cotton

Main export partners

Spain 15.1%, Netherlands 12.8%, thePeople's Republic of China 9.4%, Italy9.3%, France 6.5%, U.S. 6.4% (2011)

Imports

$5.901bn (2011)

Import goods

machinery, electrical equipment,transport equipment, fuel, food

Main import partners

France 19.1%, the People's Republic of China 13.3%, Nigeria 12.4%, Belgium5.5%, Germany 4% (2011)

Public finances

Public debt

16.2% of GDP (2011)

Revenues

2.493bn 2004)

Expenses

$2.248bn (2004)

Economic aid The Paris Club agreed to reduce Cameroon's debt of $1.3 billion by $900 million, debt relief now totals $1.26 billion (2001)

Credit rating

B (Domestic) B (Foreign) BBB- (T&C Assessment) (Standard & Poor's)

[3]

Main data source: CIA World Fact Book

All values, unless otherwise stated, are in US dollars

General Information:
Country name: conventional long form: Republic of Cameroon conventional short form: Cameroon local long form: Republique du Cameroun/Republic of Cameroon local short form: Cameroun/Cameroon former: French Cameroon, British Cameroon, Federal Republic of Cameroon, United Republic of Cameroon Government type: republic; multiparty presidential regime Capital: name: Yaound

geographic coordinates: 3 52 N, 11 31 E time difference: UTC+1 (6 hours ahead of Washington, DC during Standard Time) Administrative divisions: 10 regions (regions, singular - region); Adamaoua, Centre, Est, Extreme-Nord, Littoral, Nord, North-West (NordOuest), Ouest, Sud, South-West (Sud-Ouest) Independence: 1 January 1960 (from French-administered UN trusteeship) National holiday: Republic Day (National Day), 20 May (1972) Constitution: approved by referendum 20 May 1972; adopted 2 June 1972; revised January 1996; amended April 2008 Legal system: mixed legal system of English common law, French civil law, and customary law International law organization participation : accepts compulsory ICJ jurisdiction; non -party state to the ICCt Suffrage: 20 years of age; universal Executive branch: chief of state: President Paul BIYA (since 6 November 1982) head of government: Prime Minister Philemon YANG (since 30 June 2009) cabinet: Cabinet appointed by the president from proposals submitted by the prime minister (For more information visit the World Leaders website ) elections: president elected by popular vote for a seven -

year term (with no term limits per 2008 constitutional amendment); election last held on 9 October 2011 (next to be held in October 2018); prime minister appointed by the president election results: President Paul BIYA reelected; percent of vote - Paul BIYA 78.0%, John FRU NDI 10.7%, Garga Haman ADJI 3.2%, Adamou Ndam NJOYA 1.7%, Paul Abine AYAH 1.3%, other 5.1% Legislative branch: unicameral National Assembly or Assemblee Nationale (180 seats; members are elected by direct popular vote to serve five-year terms); note - the president can either lengthen or shorten the term of the legislature elections: last held on 22 July 2007 (next to be held in February 2013) election results: percent of vote by party - NA; seats by party - CPDM 140, SDF 14, UDC 4, UNDP 4, MP 1, vacant 17 note: the constitution calls for an upper chamber for the legislature, to be called a Senate, but it has yet to be established Judicial branch: Supreme Court (judges are appointed by the president); High Court of Justice (consists of nine judges and six substitute judges; elected by the National Assembly) Political parties and leaders: Cameroon People's Democratic Movement or CPDM [Paul BIYA]; Cameroonian Democratic Union or UDC [Adamou Ndam NJOYA]; Movement for the Defense of the Republic or MDR [Dakole DAISSALA]; Movement for the Liberation and Development of Cameroon or MLDC [Marcel YONDO]; National Union for Democracy and Progress or UNDP [Maigari BELLO BOUBA]; Progressive Movement or MP; Social Democratic Front or SDF [John FRU NDI]; Union of Peoples of Cameroon or UPC [Augustin Frederic KODOCK] Political pressure groups and leaders:

Human Rights Defense Group [Albert MUKONG, president]; Southern Cameroon National Council [Ayamba Ette OTUN] International organization participation: ACP, AfDB, AU, BDEAC, C, CEMAC, FAO, FZ, G -77, IAEA, IBRD, ICAO, ICC, ICRM, IDA, IDB, IFAD, IFC, IFRCS, ILO, IMF, IMO, IMSO, Interpol, IOC, IOM, IPU, ISO, ITSO, ITU, ITUC, MIGA, MONUSCO, NAM, OIC, OIF, OPCW, PCA, UN, UNAMID, UNCTAD, UNESCO, UNHCR, UNIDO, UNWTO, UPU, WCO, WFTU, WHO, WIPO, WMO, WTO Diplomatic representation in the US: chief of mission: Ambassador Joseph FOE-ATANGANA chancery: 2349 Massachusetts Avenue NW, Washington, DC 20008 telephone: [1] (202) 265-8790 FAX: [1] (202) 387-3826 Diplomatic representation from the US: chief of mission: Ambassador Robert P. JACKSON embassy: Avenue Rosa Parks, Yaounde mailing address: P. O. Box 817, Yaounde; pouch: American Embassy, US Department of State, Washington, DC 20521-2520 telephone: [237] 2220 15 00; Consular: [237] 2220 16 03 FAX: [237] 2220 16 00 Ext. 4531; Consula r FAX: [237] 2220 17 52 branch office(s): Douala Flag description: three equal vertical bands of green (hoist side), red, and yellow, with a yellow five-pointed star centered in the red band; the vertical tricolor recalls the flag of France; red symbolizes unity, yellow the sun, happiness, and the savannahs in the north, and green hope and the forest s in the south; the star is referred to as the "star of unity" note: uses the popular Pan-African colors of Ethiopia National symbol(s):

Lion National anthem: name: "O Cameroun, Berceau de nos Ancetres" (O Cameroon, Cradle of Our Forefathers) lyrics/music: Rene Djam AFAME, Samuel Minkio BAMBA, Moise Nyatte NKO'O [French], Benard Nsokika FONLON [English]/Rene Djam AFAME note: adopted 1957; Cameroon's anthem, also known as "Chant de Ralliement" (The Rallying Song), has been used unofficially since 1948 and officially adopted in 1957; the anthem has French and English versions whose lyrics diffe

The Economy
Cameroon, which is often described as 'Africa in miniature' has a very wide diversity of physical forms, flora and fauna. The landscape varies from dense tropical forest, through savannah type grasslands and semi-desert in the north. It is centrally located in West Africa and borders on Central Africa. It has a 200km coastline, important for fisheries, tourism and as an outlet for its neighbouring landlocked countries. Until the discovery and production of oil in 1978, agriculture was the mainstay of the economy, accounting for 32% of GDP in the late 1970s. With oil quickly becoming the main foreign exchange earner, agriculture suffered a period of neglect and although it has shown recovery over the past five years, forms 21% of GDP today. The production of oil in Cameroon has had a chequered history. Output reached a peak of 164,000 barrels per day (bpd) in the mid 1980 but then declined steadily until the late 1990s when the development of marginal fields led to a brief recovery. High expectations of new exploitable fields failed to materialise and as the existing fields matured, production continued to decline. In 2005, average production was 85,000 bpd. In 2004, Cameroon's oil reserves were estimated at around 400m barrels. However, the country's oil sector received a massive boost when, in 2002, the International Court of Justice resolved a long-standing dispute with Nigeria over the sovereignty of the oil-bearing Bakassi peninsula. Nigeria withdrew from the peninsula in 2006 opening up new, potentially rich oilfields. Cameroon's gas reserves, estimated at around 4 trillion cubic feet, have not yet been exploited. The country is projected to earn $550m over 28 years from royalties accruing from a subterranean oil pipeline from Chad to the oil terminal at Kribi port.

The mining sector contributed 4.3% to GDP in 2004 but it is still the largest foreign exchange earner, realising $1.1bn in 2003. Manufacturing contributed 20% of GDP in 2004. Most manufacturing is concentrated around the processing of agricultural goods and raw materials and assembly of imported components. In the 1990s, with state-owned companies performing poorly, the government embarked on an expanded programme of privatisations but the largest single state company, the Cameroon Development Corporation (CDC) remains in state hands. Cameroon is diversifying its exports despite many obstacles. The government and the private sector agree that Cameroon's exports earnings rely too much on primary products. Without the oil revenues, Cameroon's trade balance would be in deficit. In 2005, Cameroon exported 6,434m tonnes of goods, with a value of $2.99bn, a fall of 6.8% in volume terms and a rise of 20% in value terms, compared to 2004. Five products account for 71.4% of the export receipts in 2005: oil (43.8%), sawn timber (11.8%), cocoa beans (7.4%), raw cotton (4.6%) and aluminium ingots (3.8%). This reliance on the export of primary commodities is dangerous as the prices of these products are dependent on international markets. This directly affects local producers' revenues. This was particularly noticeable in the cocoa and coffee sectors, where a fall in the world price of these commodities affected local incomes and led to a decline in the quality and the quantity of their production. It is vital to identify and target new markets for all of Cameroon's potential exports. Asia would seem to be the ideal region. Since 2000 China has become a significant trade partner, underpinned by the four visits of President Paul Biya to the country. In the bilateral plan, China is the first trade partner of Cameroon in Asia and was the third most important exporter to Cameroon in 2005.

The EU remains Cameroon's main export market, earning CFA931bn ($1.8bn) and taking 67% of its exports. Within the EU, Spain accounts for 19% of Cameroon's exports, followed by France (12.4%) and Italy (11.5%). Whilst Central Africa is the principal customer of Cameroon's manufactured goods, Cameroon remains the largest importers of raw materials from West Africa, amounting to 29% of all the country's imports. Imports are primarily made up of crude oil from Nigeria for the national refining company and bauxite from Guinea for Alucam which smelts it into aluminium for local and foreign markets.

Cameroon at a glance
Government: Head of State: Prime Minister: Administration: Political capital: Commercial capital: Population: Republic, multiparty presidential system President Paul Biya (since 1982) Ephraim Inoni (since 2004) 10 provinces Yaounde Douala 16.3m (comprising of more than 250 ethnic groups) Population growth: 2.04% Literacy (over 15 years 79% of age): Religions: Animist, Christian, Muslim Official languages: English, French

Source high beam research

Cameroon has two current claims to international fame. The first is the prowess of its national soccer team, which has won the African Nations Cup three times and in 1990 became the first African team to reach the quarter finals of the World Cup. The other is less laudable: Cameroon is notorious for being rated the world's most corrupt nation by Transparency International. Britain became the dominant foreign power in the country in the early nineteenth century and English became the lingua franca throughout Cameroon. Yet Cameroon became a German protectorate on 12 July 1884 because the envoy of the British colonial office, Edward Hewett, arrived a few days after the Germans had signed an annexation treaty with some local chiefs. After World War One the League of Nations divided the colony into two, with fourfifths of the territory allocated to France and a fifth to Britain. In 1960 the French section was granted independence and a year later, after a UN-supervised

Now boasting the most diversified economy in the region, Cameroon has achieved rapid expansion and industrialisation. Political stability and an excellent business environment have also helped create an attractive investment destination. The country is now open for business. The Economie and Monetary Community of Central Africa (CFMAC) comprises six countries with common borders (Central African Republic, Chad, Cameroon, Congo, Equatorial Guinea and Gabon). Only one country, CAR, is not yet an oil producer. Forty per cent ot the goods produced by the six CFMAC slates are from Cameroon. The tigure rises to 58% it" oil production is excluded. Half of CEMAC's population lives

This article has been written by Nye Williams, a student at St Paul's School. It looks at the African country of Cameroon and covers some of the key economic data relating to the country and some of the portents for the future. It could be used as a case study with students covering Development Economics. Nye has added some questions at the end to help build some of the understanding and the skills linked with studies of Development Economics. Cameroon, sometimes known as the 'hinge of Africa', is a 'small' West African country, about the same geographical size as California. Favourable comparisons stop there. Cameroon, a French colony until 1961, has per capita GDP (PPP basis) of

Palm plantations--a priority sector for investment CargIll from the US is prepared to invest between 100 and 200 billion CFA francs in palm oil plantations. Some 50,000 hectares will be exploited and 10,000 jobs created. Marthe Angeline Mindja, Director General of the Investment Promotion Agency (API, outlined their aim. She said, "They have an expansion programme in the region and they want to increase the plantation of palm oil-producing trees, particularly in Cameroon. The oil palm sector has been identified as a priority sector in our country where agriculture figures prominently in our strategy for growth and employment."

Cameroon offers excellent opportunities for investors seeking to reach the rich markets of Central Africa. Its political and economic stability, its strategic position, its educated bilingual workforce and its favourable business environment all make Cameroon the destination of choice of foreign investors in Africa. Palm plantations - a priority sector for investment

Carglll from the US is prepared to invest between 100 and 200 billion CFA francs in palm oil plantations. Some 50,000 hectares will be exploited and 10,000 jobs created. Marthe Ange/ine Mindja, Director General of the Investment Promotion Agency (API), outlined their aim. She said, "They have an expansion OFTEN REFERRED TO as the hinge of Africa, Cameroon is located in the continent's north-central region and possesses one of the best-endowed primary commodity economies south of the Sahara desert. Rich oil resources and favorable agricultural conditions have helped to define the nation's business landscape, though many industries have experienced growth in recent years. Because of Cameroon's rapid economic expansion, the country depends more than ever on the efforts of its internal audit practitioners. ROOTS IN GOVERNMENT Internal auditing in Cameroon originated in the public sector. When the country gained independence from France and Great Britain in the

Finance and Banking

Cameroons financial system is the largest in the CEMAC region. Access to financial services is limited, particularly for SMEs. Aside from a traditional tendency for banks to prefer dealing with large, established companies, determining factors are also found in interest rates for loans to SMEs being capped at 15 percent and being heavily taxed. As of 2006, bank loans to SMEs hardly reached 15 percent of total outstanding loans. Less than 5 percent of Cameroonians have access to a bank account. While the microfinance sector is consequently becoming increasingly important, its development is hampered by a loose regulatory and supervisory framework for microfinance institutions (MFIs). The banking sector is highly concentrated and dominated by foreign commercial banks. 6 out of the 11 largest commercial banks are foreign-owned, and the three largest banks hold more than 50 percent of total financial system assets.

While foreign banks generally display good solvency ratios, small domestic banks are in a much weaker position. Their capitalization is well below the average of banks in the CEMAC region and their profits are close to 2 percent, compared to 20 percent for foreign banks in the country. This is partially explained by the high levels of non-performing loans, which reached 12 percent in 2007, leading to most banks holding large amounts of excess reserves as a percentage of deposits and large levels of unutilized liquidity.

Macro-economic trend
This is a chart of trend of gross domestic product of Cameroon at market prices estimated by the International Monetary Fund with figures in millions of Central African CFA Francs.
Year Gross Domestic Product US Dollar Exchange

1980 1,600,186

209.20 Francs

1985 4,355,977

471.12 Francs

1990 3,804,428

300.65 Francs

1995 4,686,286

518.62 Francs

2000 6,612,385

658.21 Francs

2005 8,959,279

527.29 Francs

The government embarked upon a series of economic reform programs supported by the World Bankand International Monetary Fund (IMF) beginning in the late 1980s. Many of these measures have been painful;

the government slashed civil service salaries by 65% in 1993. The CFA franc the common currency of Cameroon and 13 other African states was devalued by 50% in January 1994. The government failed to meet the conditions of the first four IMF programs. Recent signs, however, are encouraging. As of March 1998, Cameroon's fifth IMF program a 3-year enhanced structural adjustment program approved in August 1997 is on track. Cameroon has rescheduled its Paris Club debt at favorable terms. GDP has grown by about 5% a year beginning in 1995. There is cautious optimism that Cameroon is emerging from its long period of economic hardship. The Enhanced Structural Adjustment Facility (ESAF) signed recently by the IMF and Government of Cameroon calls for greater macroeconomic planning and financial accountability; privatization of most of Cameroon's nearly 100 remaining non-financial parastatal enterprises; elimination of state marketing board monopolies on the export of cocoa, certain coffees, and cotton; privatization and price competition in the banking sector; implementation of the 1992 labor code; a vastly improved judicial system; and political liberalization to boost investment. France is Cameroon's main trading partner and source of private investment and foreign aid. Cameroon has an investment guaranty agreement and a bilateral accord with the United States. USA investment in Cameroon is about $1 million, most of it in the oil sector. Inflation has been brought back under control.