Cameroon has, according to the IMF, witnessed a "moderate economic growth under its current economic policies" in 2013. The news was broken in Cameroon on 4 July by Finance Minister Ousmane Alamine Mey, referring to an IMF executive board meeting that was held earlier in the week in the Cote d'Ivoire capital of Abidjan.
The IMF forecasts that Cameroon's real GDP growth will gradually increase to reach 5.5% by 2018, and said this would be bolstered by non-oil revenue, which should be supported by expected key public investment projects and that economic recovery strengthened in 2012 with growth reaching 4.4% when compared with the 4.2% in 2011, which reflects an increase in the value of oil exports.
The board noted that, following the decline in net income, the current account deficit widened from 2.9% of GDP in 2011 to 3.7% in 2012.
"Although Cameroon has had robust growth in the past few years, there has been little growth in per capita income, despite a relatively diversified and well-endowed economy," it said.
While acknowledging that the banking system had stabilised, the IMF says that only two out of the five commercial banks in financial distress appear to be in the process of re-establishing their financial soundness.
In commending the recovery of economic activity in a low inflation environment, the IMF also cautioned the Cameroonian government to redouble its efforts on fiscal, financial and structural reforms that are necessary to meet the country's growth potential.
For more news and expert analysis about Cameroon, please see Cameroon Politics & Security.
© 2013 Menas Associates
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