Since September 18, 2019, public institutions in charge of the development of Cameroon’s exports, the private sector as well as technical and financial partners have been analysing the updated strategy elaborated by 2ACD and Quarein Group to boost exports toward Nigeria and CEEAC countries.
According to Isaac Tamba, director of the economy and public investments’ planning at the ministry of economy, the updated strategy should provide a solid base to support the development of the country’s exports.
He explained that Cameroon has decided to turn towards Nigeria and CEEAC markets because its economy is still recording large trade deficits. In 2018, this deficit rose by XAF265.9 billion (22.8%) year to year to reach XAF1438.3 billion.
“This is contrary to forecasts made in the Growth and Employment Strategy Paper,” the official said. According to that paper, between 2010-2012, the trade balance deficit should stand around 1.3% of GDP and the account surplus should be around 1.46% between 2013 and 2020, Isaac Tamba added.
Olomo Ateke Engelbert, head of economic policies at the ministry of economy, indicated that the updated strategy would highlight products the concerned countries need so that the private sector can start implementing the strategy.
Let’s note that the private sector via the GICAM, has advocated for an economic partnership with Nigeria. It used to plead for the formalization of exchanges between Nigeria and Cameroon. As it explains, Cameroon would have much to gain by trading with this giant hosting more than 150 million residents, with which it shares 1,500 kilometres of border. The Democratic Republic of Congo (81 million residents) is also one of the countries with which the private sector wants Cameroon to sign an economic partnership.