Economic Overview

With a strategic location that makes the country a natural gateway into the landlocked region of Central Africa (including Chad, Central African Republic, and northern Congo), Cameroon is undoubtedly an influential country in the economic and monetary community of the region. After the Covid-19 pandemic-led recession in 2020, GDP growth rebounded, supported by the non-oil sector recovery and the general global economic recovery and reached 3.8% in 2022 and 4% in 2023 (IMF). In 2024, economic expansion should be fueled by the increase in liquefied natural gas production and heightened mining output, while the decline in oil production will persist due to the maturation of existing oilfields. The IMF forecasts growth at 4.2% this year and 4.4% in 2025.

The fiscal improvements initiated in 2021 are expected to extend into 2024. The IMF-approved program, including an Extended Credit Facility (ECF) and an Extended Fund Facility (EFF) totaling USD 689.5 million over 3 years, is progressively being implemented by the government. This includes initiatives to broaden the tax base and boost revenue. A disbursement of USD 73.6 million was approved in July 2023, bringing the total disbursed amount to USD 493.6 million. Through measures such as reducing fuel subsidies (from 3.7% of GDP in 2022 to 2.6% in 2023) and other forthcoming actions, the program aims to free up budgetary resources for productive investments and social expenditures. Fitch Ratings estimated a budget deficit of 0.8% of GDP last year, which should remain broadly stable at 0.7% in 2024 and 0.8% in 2025. According to the IMF, the general government debt, inclusive of guarantees, arrears, and SONARA debt (equivalent to 2.6% of GDP), is anticipated to decline to 37.2% in 2025 from its level of 45.5% of GDP at the end of 2022, thanks to robust economic growth and moderate fiscal deficits. Inflationary pressures, primarily driven in 2023 by food prices and the reduction in fuel subsidies, resulting in a 15% increase in pump prices, are expected to slightly ease in 2024 due to the decline in global agricultural prices. However, inflation is projected to remain above the 3% target set by the BCEAC, despite the monetary tightening policy adopted by the latter (at 4.8% in 2024).

Despite the rather satisfying economic performances of the country, poverty affects nearly 40% of the population. The Covid-19 crisis increased the extreme poverty rate, which represents around a quarter of the population (World Bank). Because the poverty reduction rate is lagging behind the population growth rate, the overall number of poor in Cameroon increased, and poverty is increasingly concentrated in the North and Far North (World Bank). In 2022, the unemployment rate in the country stood at 3.8% (World Bank, ILO estimate). Nevertheless, according to a 2023 report from INS, the unemployment rate among young graduates (25 to 35 years) is 5 times higher than that of non-schooled individuals.

Foreign Trade

Cameroon is open to international trade, being a member of the Commonwealth, the CEMAC (Central African Economic and Monetary Community), the Economic Community of Central African States (ECCAS), and having signed the African Continental Free Trade Agreement. The ratio of trade to GDP is around 41% (World Bank, latest data available). Its main export commodities are crude oil (43.5% of total exports in 2022), liquefied natural gas (18.1%), and cocoa (9.1%). Mineral products accounted for 26.8% of total import expenditures, of which 21.4% was composed of fuels and lubricants, and 2.8% for clinker. Agricultural products represented 12.4% of imports, followed by machinery and electrical appliances (10.6% - data INS).

During the year 2022, the five main clients of Cameroon accounted for 62% of the country's total exports, according to data released by the National Institute of Statistics (INS). These countries are the Netherlands (26.8%), India (14.2%), France (9.9%), Spain (8.5%), and Italy (6%). As per imports, the main suppliers were China (15.8%), India (10.8%), France (8.2%), the Netherlands (3.6%), and South Korea (3.5%).

Cameroon's trade balance is structurally negative. According to WTO data, in 2022 Cameroon imported USD 7.8 billion worth of goods against USD 5.9 billion for exports. Service exports generated USD 1.8 billion while service imports amounted to USD 2.7 billion. The country’s trade balance was estimated to be in deficit by 2.7% of its GDP in 2022 (World Bank).

COVID-19 Country Response

Travel restrictions

Regularly updated travel information for all countries with regards to Covid-19 related entry regulations, flight bans, test and vaccines requirements is available on TravelDoc Infopage.
To find information about the current travel regulations, including health requirements, it is also advised to consult Travel Regulations Map provided and updated on a daily basis by IATA.

Import & export restrictions

A general overview of trade restrictions which were adopted by different countries during the COVID-19 pandemic is available on the International Trade Centre's COVID-19 Temporary Trade Measures webpage.

Economic recovery plan

For the general overview of the key economic policy responses to the COVID-19 pandemic (fiscal, monetary and macroeconomic) undertaken by the Cameroonian government, please consult the section dedicated to Cameroon in the IMF’s Policy Tracker platform.

Support plan for businesses

For an evaluation of impact of the Covid pandemic on SMEs and an inventory of country responses to foster SME resilience, refer to the OECD's SME Covid-19 Policy Responses document.
You can also consult the World Bank's Map of SME-Support Measures in Response to COVID-19.