The amount coming in from within and without CEMAC, moved from FCFA 181.1 billion in 2009 to FCFA 218.7 billion in 2013.

Cash flow from Cameroonians based abroad and its contribution to socio-economic development in Cameroon has been on a steady rise over the years. Information from the Department of General Affairs, notably Division of Balance of Payment, of the Ministry of Finance, shows that their contribution has moved from FCFA 181.1 billion in 2009 to FCFA 218.7 billion in 2013. The money flows in from within and without the Central African Economic and Monetary Community (CEMAC).

While the CEMAC zone in 2013 contributed 38 per cent to the cash flow, France came second with 27 per cent, USA, 15 per cent and 20 per cent for the rest of the world. According to the Head of Division of the Balance of Payment in the Department of Economic Affairs of the Ministry of Finance, Djoufack Yves Martin, the money flows in, in two channels: One formal and the other informal.

The formal circuit comprises transfers through Western Union, Moneygram and other international electronic money transfer structures. Meanwhile, the informal circuit involves people travelling with liquid cash into the country either to carry out charity works or pump into one investment project or the other.

Mr. Djoufack disclosed that while the international money transfer agencies furnish government with statistics on the volume of the cash flow, for the formal circuit, information on other currency sources come from BEAC, given that it is where all money ends and it is usually placed according to its country of origin. He said whether from the formal or informal circuit, the money is usually destined either for gifts from the donors or to brothers, sisters or friends of the sender for the financing of one investment project or the other.

Statistics on the evolution of the cash flow in the past five years vis-à-vis its contribution to the country’s Gross Domestic Product (GDP) show that GDP has moved from FCFA 11, 040.33 billion in 2009 to FCFA 14, 607.5 billion in 2013 with contributions from cash flows from the Diaspora representing between 1.64 per cent to 1.5 per cent within the same period.

Efforts, sources say, are being stepped up to encourage the Diaspora in augmenting the volume of money sent, especially through the formal circuit and in innovative fund-raising systems of the State (treasury bonds) to finance projects for sustainable socio-economic development.