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Sub Saharan Africa

Cameroon

 Flag of Cameroon

Map of Cameroon Last reviewed: 7 January 2008

Country information

ECONOMY

Basic Economic Facts

GDP: US$16.5bn (2006 est)
GDP growth: 3.8% (2006 est)
Inflation: 5.1% (2006)
Major Industries: Crude Oil, timber, cocoa, coffee, aluminium, rubber
Major trading partners: France, Italy, Nigeria, Spain, Germany, United States.
Exchange rate: 1 Euro = CFA 655.957 (fixed).

Cameroon has for decades relied on agriculture and timber for its export earnings, including extensive cocoa and rubber plantations in the south of the country. Petroleum has been exported from the 1970s and now accounts for 49% of export earnings. However, production has now levelled off at around 85,000 bpd, despite some new but small production sites coming on stream. Exploration for new off-shore reserves continues, but unless new discoveries are made, current reserves could be depleted within a decade.

While Cameroon’s agricultural exports are subject to the vagaries of the international market, exchange rate stability and manageable inflation rates are maintained through its membership of the Franc Zone. Cameroon is currently just over half way through its current 3-year Poverty Reduction and Growth Programme negotiated with the IMF.

Cameroon became heavily indebted in the 1980s. In October 2000 the country became eligible for debt relief under the Heavily Indebted Poor Countries Initiative (HIPC). HIPC completion point was achieved in May 2006 after several lengthy delays. These delays were due to concerns over the Government of Cameroon’s financial management which have been partly addressed by a series of reform drives, including moves against corruption. Achievement of HIPC has led to significant debt relief, including £106m cancellation of bilateral debt from the UK Government.

International Monetary Fund (IMF)

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Contacts

Cameroon

Address:

High Commission for the Republic of Cameroon
84 Holland Park
London
W11 3SB

Telephone:

(020) 7727 0771

Fax:

(020) 7792 9353

Email: hicom@cameroonhicom.co.uk

Office hours:

Mon–Fri: 0900–1600

Website: www.cameroonhicom.co.uk