In Cameroon’s Country Brief, published on November 2, 2017 by the African Development Bank (AfDB), this pan-African financial institution is bowing to the efforts made in recent years by the economic powerhouse of CEMAC, in terms of improvement in social services and infrastructure investments.
Cameroon is the most robust economy in Central Africa. Over the last decade, it has taken steps to stimulate growth, make major progress in health, education and clean water; and launch an ambitious infrastructure investment program, , says the AfDB.
The financial institution notes that the development actions thus initiated by Cameroon are in line with its own strategic pillars. “The progress has been impressive. But, it takes a big step forward in business competitiveness, to create a more diversified and inclusive regional economy, “said Simon Mizrahi of the AfDB.
Indeed, notes the Country Brief, in the field of electricity, about 2.7 million Cameroonians will have better access to electricity, from next year, thanks to the increase in national production, itself a result of the construction of several hydroelectric dams in the country, with the financial support of the AfDB.
At the same time, we learn, “to realize its potential in agriculture, which accounts for 40% of GDP, the AfDB has helped Cameroon to double agricultural production, which has increased the livelihoods of Cameroon by 15%. 4.6 million farmers, contributed to the promotion of agribusiness, improved nutrition and strengthened food security.
In terms of industry, Cameroon’s growth rate “rebounded to 5.7% in 2015, boosted by agribusiness and construction, and the time to start a business increased from 45 to 15 days . However, the country should reduce red tape and facilitate business loans. The penetration rate of the internet has increased tenfold, “while investments in telecoms are continuing, like the Central Africa Backbone project, which will see 1,000 km of fiber optic cables deployed, thanks to AfDB financing.
In terms of regional integration, and despite the large deficit in infrastructure, says the AfDB, trade between Cameroon and African countries has grown over the past decade, stimulated by cross-border road projects supported by the AfDB, like the 535 km corridor linking Bamenda in Cameroon in Enugu in Nigeria.