If the 2010 draft report of the level of implementation of the Growth and Employment Strategy Paper (GESP) is anything to go by, then the country is on a good footing in its long-term drive to becoming an emerging economy by 2035. According to a first year draft report of the implementation of the development plan, the country went beyond its projected economic growth rate of 3.1 to hit 3.3.

Members of the technical inter-ministerial follow-up committee of the GESP met at the Yaounde Hilton Hotel yesterday April 19 to examine the draft report and make corrections for onward transmission to hierarchy. Speaking during the ceremony, the Secretary General in the supervisory ministry, the Ministry of the Economy, Planning and Regional Development, Paul Tasong who doubles as the Chairman of the inter-ministerial technical committee, rejoiced that the country’s growth was on course. “One year after the adoption of the GESP, we can only say that the implementation has been quite satisfactory. This is because as a ten-year development plan, it is difficult in the first year to come out with concrete achievements. But what we see as we are evaluating the implementation is that our global objective which was to ensure sufficient economic growth in the country to sustain government’s efforts towards development is on course”, he said. The projected economic growth rate for 2010, he added, was 3.1 per cent and at the end of the year, the established rate of economic growth was 3.3 per cent. “This is good when you look at it against the backdrop of an international environment which is more and more difficult to master”, Mr Tasong stressed.

According to the 50-page draft report, over eight giant and growth-induced projects benefited some FCFA 75.7 billion last year, estimated at 15 per cent of the entire public investment budget for 2010. These included among others, the Lom Pangar hydroelectric plant, Kribi Deep Seaport, 3200-km national optical fibre backbone project, second bridge on River Wouri and the Kribi Gas plant. The signing of some conventions between government and its development partners, the successful issuing of government treasury bonds through which FCFA 200 billion was harvested in less than two weeks and concerted efforts to boost the mining, infrastructure and agricultural sectors, were some of the high points, according to the report, that kept the economy on the good footing.

To Mr Tasong, the way forward is to continue to pursue the objectives of economic growth so as to continue on an upward trend. The adjustments and recommendations made on the report at yesterday’s ceremony will be integrated by the technical committee and the document submitted to hierarchy for approval.