E The Economic Potential Of Cameroon And Its Future

With a population of more than 25 million people in 2018, Cameroon is a country with low, middle income. And shares boundaries with the Central African Republic, Gabon, Chad, and Nigeria. Located along the Atlantic Ocean, Two of its border regions shared with Nigeria, i.e., Northwest and Southwest Nigeria, are Anglophone (English-speaking), while the rest of the country is Francophone(French-speaking). The country is endowed with vital natural resources such as precious metals and other minerals, oil and natural gas, agricultural resources such as cocoa, coffee, cotton, cassava, banana, and maize. With a strategic location, Cameroon is an essential gateway into the region of Central Africa, which includes Northern Congo, Central African Republic, and Chad, which are landlocked. The country is, without a doubt, an influential country in the financial and economic region of Central Africa.

Despite the unresolved political upheaval and security difficulties facing the country, The economy of Cameroon had a 4.1% growth rate in 2019 as a result of growth in consumption, a dynamic tertiary sector, and growth in investment.

Economic Overview

Cameroon is the economic powerhouse of the Central African Economic and Monetary Community, also known by its French abbreviation CEMAC. The region is currently experiencing an economic crisis that came about as a result of the fall in the price of oil. Together with the rest of its CEMAC member states, Cameroon consequently had to make provision for economic efforts to adjust to the TOT (terms of trade) shock and rebuild the general stability and confidence in the common currency of the region.

In Cameroon this year, the growth is expected to arrive at 4.3%. The bounce back is driven by three main factors, such as an increase in the production of natural gas, with the new LNG (liquified natural gas) offshore terminal being available online, persistent speed in the construction, housing, industry, and services sectors.

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