Cameroon Economics and Business

In February, a case against English-speaking Separatists with jail ended for 33 of the accused. Two of those who were members of the RDPC were also convicted of fraud. Throughout the first half of 2000, the SDF continued its support campaign for the South Cameroon National Council, which advocated secession. The same year, the UN reported that torture and ill-treatment had assumed a “systematic and general” character in Cameroon police stations.

In June 2002, parliamentary and local elections were held. The ruling party won most of the seats in the parliament, which saw serious irregularities during the election and the opposition demanded re-election. The Supreme Court therefore decided that re-election should be conducted in 9 districts.

Cameroon GDP (Nominal, $USD) 2003-2017

Economy

Inflation rate 0.60%
Unemployment rate 4.3%
Gross domestic product (GDP) $ 89,540,000,000
GDP growth rate 3.50%
GDP per capita 3,700 USD
GDP by sector
Agriculture 16.70%
Industry 26.50%
Service 56.80%
State budget
Revenue 3.611 billion
Expenditure 2.609 billion
Proportion of the population below the national poverty line 48%
Distribution of household income
Top 10% 35.4
Lower 10% 2.3
Industrial production growth rate 5.20%
Investment volume 18.2% of GDP
National debt 36.90% of GDP
Foreign exchange reserves $ 2,357,000,000
Tourism 2013
Visitors 912,000
Revenue $ 607,000,000

 

In 2002, the International Court of Justice in The Hague issued a ruling in favor of Cameroon in the border dispute with Nigeria, which had been presented to the Court in 1998. The conflict started in 1994 when Cameroon demanded supremacy over the Bakassi Peninsula rich in fish and oil. According to Countryaah, the conflict quickly developed into a border conflict that also involved Equatorial Guinea. However, Nigeria rejected the decision of the International Court of Justice and retained its soldiers in the area. After a series of conversations with Cameroon in 2003, Nigeria announced that the country would retain its troops on the peninsula for at least another 3 years.

In January 2004, Cameroon and Nigeria presidents signed a joint agreement to lift security obligations in the conflict zone between the two countries. Both countries described the joint patrol as a major step forward, declaring that the agreement was a friendship agreement. Paul Biya (Cameroon), Olusegun Obasanjo (Nigeria) and UN Secretary General Kofi Annan stated at a joint meeting in Geneva that they were seeking a common solution to the border conflict. The meeting was termed “friendly” by both presidents, and at the meeting they also discussed future control over the oil deposits in the Bakassi Peninsula.

In August, both countries reached a final agreement on Bakassi. After a series of meetings, it was decided that Bakassi should finally be transferred to Cameroon by September 15. Delegates from Nigeria and Cameroon met with a UN commission to discuss how the October 2002 verdict could be implemented. Cameroon’s delegation was led by Minister Amadou Ali, Nigeria’s Prince Bola Ajibola, while UNOWA (United Nations Organization for Western Africa) was led by Ahmedou Ould-Abdallah.

  • According to AllCityPopulation, the capital city of Cameroon is Yaoundé with a population of 3,822,000 (with suburbs, UN estimate 2019). Other major cities include Douala with a population of 3,536,000, Bamenda with a population of 514,000, Loum with a population of 472,000, Mbouda with a population of 455,000, Bafoussam with a population of 411,000 (with suburbs, UN estimate 2019).

In December 2004, Biya appointed a new government. Ephraim Inoni was appointed prime minister and has made his fight against corruption his main subject upon his accession. That same month, foreign investors had criticized the lack of transparency in the country’s public finances. for a year-round report from Transparency International, cf. which the use of corruption is widespread in Cameroon. In March of the following year, the government declared that widespread corruption in the Treasury had cost the country $ 2 million. US $ per month. About 500 officials were accused of putting money in their own pockets at to pay wages to non-existent employees. Prime Minister Inoni declared that those known guilty would face harsh penalties.

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