[ 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.
How much cotton does Cameroon produce?
In 2018, Cameroon produced: 249,000 tons of cotton. In addition to smaller productions of other agricultural products, such as coffee (33,000 tons) and natural rubber (55,000 tons). [ 16 ] Cameroon’s financial system is the largest in the CEMAC region. Access to financial services is limited, particularly for SMEs.
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 was Cameroon a poor country?
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.