According to the association of big business operators in Cameroon (Gicam), Cameroon has all what it takes to be a middle-income economy by 2035. It adds that there are business opportunities which if embraced; the country could hit a double-digit growth rate by 2020. In the June edition of its quarterly magazine, Gicam presents a special report on the performance of the country’s economy in the past years, regional and international economic prospects as well as gives investment guidelines to attain the desired growth objectives.
To surmount the challenges in the international scene and focus on the growth vision, Gicam’s President, André Fotso, in a seven-page article says coherent and inclusive reforms are absolutely needed. He notes for example, the urgent need to ease the business climate so as to boost sustainable private investment.
Growth Rate
Cameroon, Gicam notes, has been progressing in its growth and to continue on the upward trend, there is need to gain at least a point each year to hope for double-digit growth by 2020 and emergence by 2035. This entails injecting an average of FCFA 2,200 billion yearly and creating jobs in non-petroleum sectors of the economy. Gicam advocates an increment in private investment to about 19.5 per cent. This entails making the conditions favourable for swelling private investments from the current FCFA 200 billion to over FCFA 520 billion per annum. Government, the magazine holds, therefore needs to put in place incisive investment measures in logging, agriculture, ICTs, tourism as well as means to process agricultural and mining products.
State’s Credibility
Gicam prays government to respect engagements made; notably, payment of internal debts and public contracts on time as well as others to rekindle the confidence of private development partners in the State. It states that the country’s tax system is not investment-friendly as it absorbs over 49 per cent of the returns of enterprises. Therefore, Mr Fotso advocates the putting in place of fiscal measures contained in the country’s investment charter as well as the drawing up and promulgation of sector by sector codes. Reforming the procedure for the award of public contracts, supporting small and medium-size enterprises and industries, modernising agriculture as well as developing the tourism sector, boosting exports and accelerating development of infrastructure, curbing illicit trade, intensifying public/private sector dialogue, constitute some of the wishes of Gicam packaged in the magazine.
