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. 1996 Index
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Cameroon Economy 1996
Because of its offshore oil resources and favorable agricultural conditions,
Cameroon has one of the best-endowed, most diversified primary commodity
economies in sub-Saharan Africa. Still, it faces many of the serious
problems facing other underdeveloped countries, such as political
instability, a top-heavy civil service, and a generally unfavorable climate
for business enterprise. The development of the oil sector led rapid
economic growth between 1970 and 1985. Growth came to an abrupt halt in
1986, precipitated by steep declines in the prices of major exports: coffee,
cocoa, and petroleum. Export earnings were cut by almost one-third, and
inefficiencies in fiscal management were exposed. In 1990-93, with support
from the IMF and World Bank, the government began to introduce reforms
designed to spur business investment, increase efficiency in agriculture,
and recapitalize the nation's banks. Political instability, following
suspect elections in 1992, brought IMF/WB structural adjustment to a halt.
Although the 50% devaluation of the currency in January 1994 improved the
potential for export growth, mismanagement remains and is the main barrier
to economic improvement.
GDP - purchasing power parity - $15.7 billion (1994 est.)
-
National product real growth rate:
-
National product per capita:
-
Inflation rate (consumer prices):
$2.3 billion, including capital expenditures of $226 million (FY92/93 est.)
$1.6 billion (f.o.b., 1993)
petroleum products, lumber, cocoa beans, aluminum, coffee, cotton
EC (particularly France) about 40%, African countries, US
$1.96 billion (c.i.f., 1993)
machines and electrical equipment, food, consumer goods, transport equipment
EC about 60% (France 38%, Germany 9%), African countries, Japan, US 5%
growth rate -2.1% (FY90/91); accounts for about 20% of GDP
petroleum production and refining, food processing, light consumer goods,
textiles, lumber
the agriculture and forestry sectors provide employment for the majority of
the population, contributing about 25% to GDP and providing a high degree of
self-sufficiency in staple foods; commercial and food crops include coffee,
cocoa, timber, cotton, rubber, bananas, oilseed, grains, livestock, root
starches
US commitments, including Ex-Im (FY70-90), $479 million; Western (non-US)
countries, ODA and OOF bilateral commitments (1970-90), $4.75 billion; OPEC
bilateral aid (1979-89), $29 million; Communist countries (1970-89), $125
million
1 CFA franc (CFAF) = 100 centimes
Communaute Financiere Africaine francs (CFAF) per US$1 - 529.43 (January
1995), 555.20 (1994), 283.16 (1993), 264.69 (1992), 282.11 (1991), 272.26
(1990)
beginning 12 January 1994, the CFA franc was devalued to CFAF 100 per French
franc from CFAF 50 at which it had been fixed since 1948
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