Cameroon Economy
Cameroon (01/05)
ECONOMY ... Economy ... [Read More]
United States Embassy Cameroon: Mrs. Marquardt donates books on the International Education week
Another opportunity for Cameroon is the African Growth and Opportunity Act, known as AGOA. As most of you know, AGOA allows eligible African nations to trade with the United States duty-free and with no quota limits in an effort to develop industry and agriculture for export. AGOA already has made a tremendous difference in Cameroon’s economy. Trade before AGOA amounted to about 59 million dollars per year. Since AGOA which began in 2000, that trade has increased to over 318 million dollars in the last year. One example of the positive impact of AGOA is with the sale of cocoa to the U.S., which in the past 10 years, has increased eighteen-fold. While AGOA has been a positive factor in Cameroon’s growth, I am, frankly, not yet satisfied that it has had the impact it should. Accordingly, in the months ahead, you have my full support for spreading the word aggressively, and for suggesting ways to address whatever obstacles might arise, in order to more closely link our economy and C ... [Read More]
United States Embassy Cameroon: Commercial Services
Ministry of Economy and Finance ... [Read More]
Cameroon
The majority of the population of approximately 16.3 million resided in rural areas; agriculture accounted for 24 percent of gross domestic product. Real gross domestic product growth has averaged 4 to 5 percent annually with approximately 2 percent inflation. However, a rather large parastatal sector, excessive public-sector employment, and the Government's inability to deregulate the economy inhibited private investment and further economic recovery. Widespread corruption within the business sector and the Government also impeded growth. Members of the Beti ethnic group, including the Bulu subgroup, figured prominently in the Government, civil service, and the management of state-owned businesses. ... [Read More]
US Embassy Cameroon: Ambassador's Speeches
Rather than writing a blank check, however, the agreement conditions further debt reduction on whether the IMF approves a second and third year arrangement under the Poverty Reduction and Growth Facility and payment of other rescheduled arrears. The agreement also holds out the possibility of further reduction of debt beyond the $24.6 million, if Cameroon manages its economy well and develops good poverty reduction measures. It's up to you to live up to this promise. ... [Read More]
United States Embassy Cameroon: Commercial Services
This is an open trade fair that brings together economic actors from all over the Republic and beyond in all sectors of the economy. Over the years it has been operated more as a sales outlet for many companies. The fair ground is segmented into various sector: Industry and Manufacturing; Banks, insurance, other service providers; international consultants; arts and crafts; etc. ... [Read More]
US Embassy Cameroon: Ambassador's Interviews
How important do you think Africa as a whole can continue to be in U.S. foreign policy in a globalizing economy? ... [Read More]
Cameroon
The CCTU was a member of the Organization of African Trade Unions and the International Confederation of Free Trade Unions. The USLC was a member of the Organization of African Trade Unions.b. The Right to Organize and Bargain CollectivelyThe law provides for collective bargaining between workers and management as well as between labor federations and business associations in each sector of the economy; however, no formal collective bargaining negotiations have taken place since 1996. When labor disputes arose, the Government chose the labor union with which it would negotiate, selectively excluding some labor representatives. Once agreements were negotiated, there was no mechanism to enforce implementation; some agreements between the Government and labor unions were ignored by the Government subsequent to negotiation.The Labor Code explicitly recognizes workers' right to ... [Read More]
US Embassy Cameroon: Ambassador's Speeches
While we have tabloids in the United States and newspapers that present only the opinions of people from the far-right or from the far-left of the political spectrum, or just create stories for what they believe has some entertainment value, these are not credible media; their journalists are not the reporters that most people look to for information on how to vote, or learn about what their government is doing, or how the economy is going and everyone knows that. On major issues our citizens look to the established media for facts they can count on in forming their opinions. In Cameroon, the independent media is flourishing. Look around this room and you will see those in greatest attendance are from independent media organizations. And as anyone would expect with a new democracy still finding its footing there are problems that must be overcome. ... [Read More]
Cameroon
On August 22, police arrested and detained journalist George Baongla allegedly for publishing false news in the August 14th issue of "Le Dementi," a minor French-language opposition publication. In the article, he linked the Minister of Economy and Finance to an embezzlement case without citing sources. It was unknown whether they had been charged or released by year's end. ... The country's population of approximately 15 million had a recorded mean per capita gross national product (GNP) of approximately $607 (455,250 CFA francs). The majority of the population is rural, and agriculture accounts for 25 percent of GNP. Principal exports include timber, coffee, cocoa, cotton, bananas, and rubber. Economic growth has continued over the past 5 years, despite decreases in world prices for the country's major primary product exports. Over the past 4 years, GNP growth has averaged 4 to 5 percent annually; however, economic recovery continued to be inhibited by a large inefficient parastatal sector, excessive public sector employment, and the Government's inability to deregulate the economy to attract more investment. Widespread corruption in government and business also impedes growth. Members of the Beti and Bulu ethnic groups dominate the civil service and the management of state-owned businesses. The Government also continued to receive substantial assistance fr ... [Read More]
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