Cameroon - Economic growth on the rise

Cameroon's economic growth is expected to increase in 2023, while inflation is declining. In terms of performance under the program agreed with the IMF, the program's target for the non-oil primary deficit has been met.

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Cameroon's economic growth is projected to increase in 2023, while inflation is expected to decline. In terms of performance under the program agreed with the IMF, the program's target for the non-oil primary deficit has been met. The economic recovery that began following the COVID-19 shock is continuing. Growth is estimated at 3.71% in 2022 and is projected to reach 41% in 2023, while year-on-year inflation is expected to moderate, falling from 7.31% at the end of 2022 to approximately 5.91% at the end of 2023.

The overall budget deficit narrowed to 1.11 TP3T of GDP in 2022, compared to 31 TP3T in 2021, while the non-oil primary deficit increased to 41 TP3T of GDP in 2022, compared to 3.91 TP3T in 2021. Non-oil revenue performance improved significantly in 2022, driven by both tax and non-tax revenue. In terms of program performance, the program's target for the non-oil primary deficit was met, although a substantial portion of the 2022 petroleum product subsidies, which were only approved in 2023, will be incorporated into the 2023 supplementary budget law.

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In May 2023, IMF staff and Cameroonian authorities reached a staff-level agreement on economic policies to conclude the fourth review of the three-year program supported by the Extended Credit Facility (ECF) and the Extended Credit Facility (ECF). Cameroon will have access to financing of SDR 55.2 million (about US$73.8 million) once the review is formally concluded by the IMF Executive Board at the end of June 2023.

Achieving the goals of the SND30 requires a significant acceleration of the pace of reforms to support a profound structural transformation of the economy. This implies a concerted effort to improve the business climate for the private sector and to support inclusive and resilient growth. The IMF mission welcomed measures to strengthen public financial management in May 2023. A credible budget and disciplined budget execution would help prevent the accumulation of domestic debt arrears and promote the timely completion of major infrastructure projects, particularly in the transport and energy sectors. (Source: IMF 2023)