IMF’s Prescriptions for Cameroon’s Economic Explosion

The weekend was quite a busy one for the Director of the African Department at the International Monetary Fund (IMF), Antoinette Sayeh, who organized a press conference and held high level talks with Cameroons Prime Minister, Philemon Yang on how ageing president Biyas country can better manage her natural resources in order to boost growth and the transformation of the agricultural sector of Sub-Saharan African countries.

At the start of the weekends press conference at the Yaounde Hilton Hotel, the IMF senior official said the near-term outlook for Sub-Saharan Africa remains broadly positive with growth projected to accelerate modestly despite a difficult global world economic situation. She said that in 2012 economic growth rate in Sub-Saharan Africa was 5.1 per cent, growth rate in 2013 projected at 5.4 per cent and 5.7 per cent in 2014. The growth is conditioned on the implementation of sound macroeconomic policies.

Following a recent report, inflation may further decline below six per cent by the end of 2014, reflecting the expectation of moderating non-oil commodity prices and maintenance of appropriate monetary policy.

Antoinette Monsio Balaji Sayeh, the Liberian Economist, says for Cameroon to become an emerging country by 2035, the country requires significant strengthening of structural reforms, environment for the private sector and continuous infrastructure investment.

This, she recommended to Cameroon Premier and Head of Government, Philemon Yang, during an audience in Yaounde Saturday. Cameroons Finance Minister, Alamine Ousmane Mey also took part in the discussions in which Antoinette Sayeh told the press that, Cameroon is doing reasonably well on the growth side and certainly has to continue to grow, not withstanding, the pressures from the global front.

The IMF prescription for economic growth comes at a time when Italy's Ferrero Group is in talks with the Cameroonian government to build the West African nation's second chocolate factory according to the state-run radio.

Ferrero is expected to build the plant in the South-West Region of Cameroon, which accounts for nearly half of the country's yearly cocoa harvest.

Interestingly enough, Cameroon is the world's fifth-largest cocoa producer. Its annual cocoa production has risen from 120,000 tons in the mid-nineties to a record 240,000 tons in 2011, and the government projects it could reach 600,000 tons by 2020.

Earlier this year, Cameroon's Minister of Mines, Industries and Technological Development Emmanuel Bonde said the government wanted 50% of the country's cocoa to be processed locally before export.

Cameroon is also preparing to host its first international mining conference in late May. Cameroons Secretary General at the Ministry of Mines and Technological Development, Dr. Fuh Calistus Gentry said in a press conference weeks ago that the conference will bring together about 400 participants.

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IMF’s Prescriptions for Cameroon’s Economic Explosion