Janet Yellen chats with Cameroon's Alamine Ousmane Mey before the start of the International Monetary and Financial Committee (IMFC) meeting, as part of the IMF and World Bank's 2017 Annual Spring Meetings, in Washington, U.S., April 22, 2017. REUTERS/Mike Theiler/File Photo

Cameroon aims to boost export revenues, rejoin AGOA – minister

WASHINGTON, April 10 (Reuters) – Cameroon is working to boost export revenues to fend off a potential debt crisis and has relaunched talks with the U.S. to rejoin Washington’s flagship trade initiative with Africa, its economy minister said on Monday.

The economic fallout from the COVID-19 pandemic and the subsequent global shocks provoked by the war in Ukraine have hit African countries hard, denting economic growth and aggravating their sovereign debt positions.

The International Monetary Fund (IMF) forecasts that Cameroon, a Central African oil producer, will record 4.3% economic growth this year after it slumped to 0.5% in 2020.

The Fund has classified Cameroon as being at high risk of debt distress, though in its most recent review of the country’s loan programme it stated that, with active fiscal reforms and management, the debt could be sustainable.

“Our debt service coverage from exports needs to be improved. That’s the reason why we are ranked in a high risk debt distress position,” said Alamine Ousmane Mey, Cameroon’s minister of economy, planning and regional development.

He was speaking at an event organised by the Atlantic Council think tank on the sidelines of the IMF and World Bank’s Spring Meetings in Washington.

“We’re working to be able to improve our exports through import substitution policies to reduce imports, produce more and export more. This will give us better room for debt service coverage,” he said.

Cameroon has also relaunched talks with the U.S. to end its suspension from the Africa Growth and Opportunities Act (AGOA) initiative, which grants qualifying African countries tariff-free access to the U.S. market.

Former President Donald Trump suspended Cameroon from the programme in late 2019 over “persistent gross violations of internationally recognised human rights” by Cameroonian security forces.

Since 2017, factions of secessionist militias have been battling government troops in the majority Francophone country’s two English-speaking regions. The conflict has killed thousands and displaced nearly 800,000 people.

“All the issues that have been raised, we’re working on in a very transparent open manner to be able to iron them out and solve the problems,” Mey said, referring to the talks with U.S. officials to rejoin AGOA.

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6 comments

  1. when a country want to grow,it looks where sustained growth and the market is.there are three billion people between china,india and ruissia.that is where the market is today and in the future.europe america live on credit.no sustained growth is possible selling to them.

  2. LRC was kicked out of AGOA in 2019 because of “persistent gross violations of internationally recognised human rights” by Cameroonian security forces.
    However, the violation of human rights in 2023 BY LRC is worser than in 2019. That notwithstanding, LRC is daydreaming of rejoining AGOA.
    WONDERS SHALL NEVER END!!!!!!

    • **** THE ILLEGAL OCCUPATION OF SC BY LRC ****

      A. Northern ZONE

      Governor = Francophone
      SDO Mezam = Francophone
      SDO Momo = Francophone
      SDO Bui = Francophone
      SDO Boyo = Francophone
      Head of the military = Francophone
      Head of the police = Francophone
      Head of the Gendarmes = Francophone
      Head of t he treasury = Francophone
      Procureur General = Francophone
      Etc

      B. Southern ZONE

      Governor = Francophone
      SDO Fako = Francophone
      SDO Meme = Francophone
      SDO Manyu = Francophone
      SDO Ndian = Francophone
      Head of the military = Francophone
      Head of the police = Francophone
      Head of the Gendarmes = Francophone
      Head of the treasury = Francophone
      Procureur General = Francophone
      Etc

      CONCLUSION

      The invaders from LRC will sooner than later be kicked out from SC DEAD OR ALIVE

    • **** PROPHECIES 100% FULFILLED ****

      PROPHECY 1:

      “Now that the anglophones are asking for federalism you people are refusing, there would be a time you people would be begging for this federalism and the anglophones would be asking for a complete separation.” (Balla, A., 2016)

      PROPHECY 2:

      “ When the people shall rise even if you take the French military and add to yours, you will not stop them” (Wirba, j., 2016)

  3. The french Cameroon dictatorship regime can continue to fool some gullible people in 2023 with these pictures of signing cpdm members bank deals because the majority of empoverished cameroonian citizen born under this regime has neverseen any real development,good payable jobs,improvement in their daily lives or infrastructures in their communities, towns village in the entire cameroon. What ever deal these people sign is a farce because cameroon is a failed state, every deal goes into the pockets of those few crooks who run the country, the entire cameroon republic regime has never been able to provide it’s citizens with basic,effective human necessities,so what are all these ghosts deals about?