The economy of Cameroon was one of the most prosperous in Africa for a quarter of a century after independence. The drop in commodity prices for its principal exports ¨C petroleum, cocoa, coffee, and cotton ¨C in the mid-1980s, combined with an overvalued currency and economic mismanagement, led to a decade-long recession.
How did Cameroon become an oil-producing country?
Cameroon became an oil-producing country in 1977. Claiming to want to make reserves for difficult times, the authorities manage "off-budget" oil revenues in total opacity (the funds are placed in Paris, Switzerland and New York accounts). Several billion dollars are thus diverted to the benefit of oil companies and regime officials.
Why did Cameroon increase its tax base in 2018?
[ 17 ] In 2018, Cameroon’s financial system is being requested by the International Monetary Fund (IMF) to increase its tax base to cover the losses from the North-West and South-West Cameroon’s regions instabilities, the loss of oil revenue, the failure to deliver on port facilities, and the decline in oil production from mature oil fields.
Which countries invest in Cameroon?
France is Cameroon’s main trading partner and source of private investment and foreign aid. Cameroon has an investment guaranty agreement and a bilateral accord with the United States. USA investment in Cameroon is about $1 million, most of it in the oil sector. Inflation has been brought back under control.