The observation was made by Ms. Corinne Deléchat Head of IMF mission to Cameroon this 3rd November 2017 after a ten day visit which commenced on 24th October 2017.
The main purpose of the visit was to conduct discussions for the first review of a 3 year program supported by an Extended Credit Facility (ECF). approved in June 2017.
According to the IMF executive body, the first review which ends in December 2017 would enable the country to disburse a second set of Special Drawing Rights SDR of 82.8 million ( US$116.3 million).
Cameroon’s Ecomomic Growth report, according to the report, has experienced a drop from 4.7% to 4.5% in 2016; and from 4.5% to 3.7% in 2017.
As a result if this, inflation has dropped to 0.5 % with a total decrease of the GDP from 6.2 to 3.1% in 2017; a decrease which is poised to continue to 2.3 % in 2018 according to the IMF Representative Corinne Deléchat.
To remedy the situation, finance experts propose various measures to raise revenue this include:
-Widen the tax base, rationalize and enhance the quality of public spending.
– A strict priority on public investment, focusing on current infrastructure and related projects, and projects with high socioeconomic impact.
– A boost of the private sector investment and economic diversification to achieve a more inclusive growth.
The measures according to experts should be implemented without delay.
Irene Mbang Tata