President Biya’s Promise Of Economic Growth: A reality of Myth?
While many have waited for an open television speech by President Paul Biya to further address the issues on ground in Cameroon, the president has recently not dared to appear on screen but made most of his declarations on Social media. July 15, 2017 the president revealed his plan to increase economic growth in Cameroon in the drafting of the 2018 State Budget. His prescription of a number of elements to optimize certain expenses has been received with mixed feelings across the national territory.
Mr. Biya made mention of the fact that the 2018 budget must take into account the national and international economic climate and measures for promoting exclusive economic growth, creating jobs in order to improve the standard of living and wellbeing of Cameroonians.
One is forced to anxiously wait for these talks to be made action. Would this be a myth or reality?
It is expedient to note that Cameroon has an employment rate of 30% while that of underemployment stands at 70%. CIA World Fact book reports show that Cameroons economy suffers from factors that often impact underdeveloped countries such as stagnant per capita income, a relative inequitable distribution of income, a top heavy civil service, endemic corruption, continuing inefficiencies of a large parastatal system in key sectors and a generally unfavorable climate for business enterprise.
Since 1990, the government has embarked on IMF and World Bank projects designed to spur business investment and increase agricultural efficiency but the results of these actions have been seemingly low. At a time when more work than talk is needed, Cameroonians have a raised expectation to his every move.
Note here that Cameroon devotes significant resources to several large infrastructures like the deep sea port in Kribi and Lom Pangar hydropower project and the government continues to seek foreign investment to improve inadequacies, create job and improve its economic footprints but its unfavorable business environment remains a significant deterrent to these foreign investment.
Will President Biyas new economic policies his 2018 adoption budget satisfy the needs of the hungry Cameroonians? Would healing the economic situation restore an all-round stability and deter any occurrence of instability? These are questions which run through political minds as we keep hands crossed to his every move.
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