Cameroon’s Chief Executive, Paul Biya has begun a new seven year mandate with the aspiration of reviving economic growth.
The President of the Republic told the Cameroonian people that the new seven-year term will be that of “Great Opportunities”.
The term of office is coming after the country’s economy had been adversely impacted by the global economic and financial crisis, as well as, falling commodity prices.
The challenges notwithstanding, Cameroon has continued implementing structural reforms and have taken measures to improve the fiscal situation.
President Paul Biya said, “Our “resilience” was hailed by the IMF with which we concluded, in 2017, an economic and financial programme backed by an “extended credit facility”. It is clear that these efforts account for our progressive return to growth.”
He assured the nation that Cameroon’s institutions are ensuring the sustainability of external debt.
The stabilised economy resulted in a fresh impetus given to major infrastructure projects in the areas of power generation, drinking water supply and road construction.
The head of State is banking on the consolidation of these achievements, while exploring new avenues to make gain from all the opportunities offered by an ever-changing world.
To achieve the set goals, President Paul Biya has outlined the country’s roadmap as follows:
– Pursue structural reforms to consolidate fiscal balance and bolster our debt sustainability. A healthy financial situation is a sine qua non for economic and, hence, investment attractiveness.
Pay attention to ongoing changes taking place on the world scene and which are bound to have an impact on our country. Protectionist and even isolationist tendencies are gaining ground. These trends portray the obvious risk of a destabilizing effect on many countries, particularly developing countries.
Strive to develop the sectors of the economy that could significantly reduce imports of goods and services in order to balance chronic trade deficit.
-Stage a veritable “agricultural revolution” by modernizing our production tools and further processing our agricultural products. This should be accompanied by the acquisition of new equipment and the construction of warehouses and access roads. Our status as breadbasket of Central Africa could thus be consolidated.
Ensure the implementation of the Industrialization Master Plan as a major priority project during the seven-year term.
The hydropower dams and plants constructed should generate stable and sufficient power supply require for industry and agriculture.
Exploit all the available sites and rivers in order to transform Cameroon into a major electricity producer on the continent.
Progressively provide rural areas with solar energy plants.
Continue to develop transport infrastructure (roads, ports, airports) to boost the economy and facilitate communication with our neighbours.
President Paul Biya in his inaugural address indicated that “the ultimate goal of democracy is to provide the greatest number of people with the best living conditions possible and real equal opportunities, I will continue to devote all my efforts to:
– fostering economic growth that creates jobs, particularly for youths, and which can increase purchasing power;
– promoting the role of women in our society;
– facilitating the social integration of youths by further developing our educational system at all levels and focusing on professionalization.”