Cameroon expects the economy to grow steadily in 2022, as domestic demand rebounds, but it would continue to provide fiscal stimulus to help accelerate the pace of the recovery, according to the country’s President Paul Biya.
“We have reason to be optimistic about economic recovery and an uptick in our growth rate to 4.2 percent in 2022, from 3.6 percent in 2021. This positive outlook is consistent with that of a global return to growth as announced by the relevant international bodies. Our country has the capacity to make the most of this situation,” Biya said in a televised address to the nation Friday evening.
The Central African nation has been able to withstand the adverse impacts of the COVID-19 pandemic on the economy thanks to the sustained mobilization of non-oil revenue, the implementation of domestic budget consolidation measures, and support from development partners.
“Fiscal reforms, particularly in the taxation and customs sectors, have boosted the country’s capacity to mobilize funds from the international financial market,” said Biya, adding that such reforms have enabled the country to invest substantially to complete first-generation transformational projects.
“The government must also continue discussions with the private sector to identify further measures that can be implemented. If we have to meet the growth challenge, we must strive to reduce our imports and increase the volume of our exports by boosting domestic production,” he said.
He urged citizens to observe COVID-19 preventive measures and get vaccinated in a bid to break the chain of contamination of the virus and return to normal life more speedily.