Ekué Kpodar had a farewell audience with Prime Minister Philemon Yang on August 24.
The resilience of Cameroon’s economy to the food and financial crises remain virtues that outgoing Resident Representative for Cameroon of the International Monetary Fund (IMF) Ekué Kpodar is taking back to Washington as he officially ends his mission to the country. Mr Ekué on Friday August 24 bid farewell to Prime Minister, Head of Government, Philemon Yang in an audience that also gave them the opportunity to review achievements made during Ekué’s three-year stay in Cameroon.
He said the present four to five per cent economic growth rate was not enough to transform the country into an emerging economy by 2035. The IMF official however, noted that improvements had been made, stating the country could do better given its rich potentials that can take the economy to seven per cent growth rate.
Improvements
The head of the IMF mission to Cameroon said the institution has observed progress in the country’s financial management, notably in the banking sector. The setting up of a treasury management system, reducing delays in government payment to suppliers has been greatly appreciated. Though improvements have been made in the banking sector, “there are still a few ailing ones and there is need to strengthen banking supervision,” Ekué hinted.
Recommendations
For the country to witness better recovery process, the IMF official spoke of the need to maintain macro-economic stability as being indispensable. He therefore emphasised quality spending as a springboard to growth and a key requirement to safeguard financial management. He stressed the need to plan ahead of time and to have value for government spending. More importantly, “the need to continue to improve the business climate and governance remain important issues to attract investors and to attain higher growth,” Togolese born Ekué noted. He encouraged government to sustain ongoing efforts so that the country could take a leap forward and also have a more inclusive investment code.
