The Path So Far Covered

It is no longer news that the 2008-2009 world-wide financial melt down had far-reaching consequences on the world’s economies; Cameroon not left out. In order to respond to the worrying situation and forestall any recurrence - at least in the near future - government came up with a white paper on economic growth/or wealth creation and employment, the Growth and Employment Strategy Paper, (DSCE).

Since the start of its implementation in 2010, the paper has recorded some remarkable successes. According to the Minister of Economy, Planning and Regional Development, Louis Paul Motaze, the launch last year of some major infrastructure projects is intended to help jump start the economy to an annual average growth rate of 5.5 per cent from 2010 to 2020. This is up from last year’s 3 per cent. Also, underemployment is expected to be brought down from 75.8 per cent to 50 per cent by 2020, while all United Nations Millennium Development Goals, MDGs are expected to be met by 2010.

All is almost set for the imminent take-off of construction work on the hydro electricity projects of Lom Pangar, Memve’ele, Mekin as well as the Kribi Thermal Plant. In the area of production, various forms of government assistance are being offered to boost cocoa, coffee, cotton, fishery, rice, maize and banana output. All in response to President Biya’s concern that Cameroonians tend to consume what they do not produce. In order to add value to the country’s wood, an agreement has been signed with the World Bank to ensure wood processing in the country instead of exporting logs as was the case in the past. The agreement also aims at promoting tourism and ecotourism through the development of sites.

On the other hand, the bulldozing of the site of the Kribi Deep Seaport and Industrial Complex Project began in 2010. The first set of people whose property was demolished in the exercise has already been compensated. Funding for this major industrial project has already been secured.

As support to local business, government, in partnership with the European Union, EU, and the United Nations Industrial Development Organisation is providing support to enable them upgrade the standards and quality of their products and services in order to become more competitive at the international level. Apart from laying the foundation stone for economic growth and job creation, the National Community-driven Participatory Development Programme, PNDP in 2010 spent FCFA 2.5 billion on 63 community projects such as running water, classrooms and health centres. To alleviate poverty in the Far North Region, the Chari-Logone Development Project was launched in February 2010.

Other wealth and job creation projects include the beginning of construction work on the laying of an optical fibre for telecommunication purposes, road construction, setting up of a tractor assembly plant in Ebolowa to boost agricultural production, etc. All these projects and initiatives are expected to create thousands of jobs and wealth as well as contribute to economic growth; in order to spare the country further economic and financial hiccups, as experienced in 2008.

Kimeng Hilton NDUKONG