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Insecurity, crude oil crisis slows Cameroon’s economy

Sideview of Cameroon's capital city, yaounde ©All rights reserved

Negative impact of economic recession in Nigeria, crude oil crisis in CEMAC zone and insecurity crisis in Cameroon’s Anglophone regions has slowed down it’s economy, the African Development Bank, AFDB, has said.

The bank posits that Cameroon’s growth will however still stand at 4.1% and 4.8% in 2018 and in 2019 respectively despite showing early signs of a slowdown.

Going by the bank, the slightly improved growth rate is due to increased  exports to Europe following the Economic Partnership Agreements (EPA) and increased energy supply due to new hydroelectric dams.

Other tailwinds affecting growth include the development of forestry and agro-industrial value chains, as well as a reduction in imports in favor of local products.

Published on 28.04.2020

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