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 concluded with the IMF, the non-oil primary deficit target set by the program has been achieved.

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Cameroon's economic growth is expected to increase in 2023, while inflation is declining. In terms of program performance concluded with the IMF, the non-oil primary deficit target set out in the program has been achieved. The economic recovery initiated following the Covid-19 shock continues. Growth is estimated at 3.7% in 2022 and is expected to reach 4% in 2023, while year-on-year inflation is expected to moderate from 7.3% at the end of 2022 to around 5.9% at the end of 2023.

The overall budget deficit narrowed to 1.1% of GDP in 2022, compared to 3% in 2021, while the non-oil primary deficit increased to 4% of GDP in 2022, compared to 3.9% in 2021. Non-oil revenue performance improved significantly in 2022, driven by both tax and non-tax revenue. In terms of program performance, the non-oil primary deficit target set by the program was achieved, even though a substantial portion of the petroleum product subsidies for 2022, which were not validated until 2023, will be included in the 2023 supplementary budget law.

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IMF staff and the Cameroonian authorities reached a staff-level agreement on economic policies in May 2023 to conclude the fourth review of the three-year program supported by the Extended Credit Facility (ECF) and the Extended Fund Facility (EFF). 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 SND30 objectives requires a sharp acceleration in the pace of reforms to support a deep 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 in May 2023 welcomed measures to strengthen public financial management. A credible budget and disciplined budget execution would help avoid the accumulation of unpaid domestic obligations and promote the timely completion of major infrastructure projects, particularly in the transport and energy sectors. (Source: IMF 2023)