|Non-fillet Frozen Fish|
Cameroon (French: Cameroun), officially the Republic of Cameroon (French: République du Cameroun), is a country in Central Africa. Nigeria borders it to the west; Chad to the northeast; the Central African Republic to the east; and Equatorial Guinea, Gabon, and the Republic of the Congo to the south. Cameroon's coastline lies on the Bight of Bonny, part of the Gulf of Guinea and the Atlantic Ocean.
Cameroon is home to more than 1738 different linguistic groups. French and English are the official languages. The country is often referred to as "Africa in miniature" for its geological and cultural diversity. Natural features include beaches, deserts, mountains, rainforests, and savannas. The highest point at almost 4,100 meters (13,500 ft.) is Mount Cameroon in the Southwest Region of the country, and the largest cities in population-terms are Douala on the Wouri river, its economic capital, and main seaport, Yaoundé, its political capital, and Garoua. After independence, the newly united nation joined the Commonwealth of Nations, although the vast majority of its territories had previously been a German colony and, after World War I, a French mandate. The country is well known for its native styles of music, particularly makossa and bikutsi, and for its successful national football team.
Cameroon’s financial system is the largest in the CEMAC region. Access to financial services is limited, particularly for SMEs. Aside from a traditional tendency for banks to prefer dealing with large, established companies, determining factors are also found in interest rates for loans to SMEs being capped at 15 percent and being heavily taxed. As of 2006, bank loans to SMEs hardly reached 15 percent of total outstanding loans.
Less than 5 percent of Cameroonians have access to a bank account. While the microfinance sector is consequently becoming increasingly important, its development is hampered by a loose regulatory and supervisory framework for microfinance institutions (MFIs). The banking sector is highly concentrated and dominated by foreign commercial banks. 6 out of the 11 largest commercial banks are foreign-owned, and the three largest banks hold more than 50 percent of total financial system assets. While foreign banks generally display good solvency ratios, small domestic banks are in a much weaker position. Their capitalization is well below the average of banks in the CEMAC region and their profits are close to 2 percent, compared to 20 percent for foreign banks in the country. This is partially explained by the high levels of non-performing loans, which reached 12 percent in 2007, leading to most banks holding large amounts of excess reserves as a percentage of deposits and large levels of unutilized liquidity.
|Agriculture||Cocoa, coffee, cotton, bananas, rubber, palm oil, peanuts|
|Manufacture||Food processing?Textile?aluminum production, lumber|
|Services (Including financial)||47.9% (2015 estimate)|
|SONARA||Oil & Gas|
|TOTAL Cameroon||Oil & Gas|
|Non-fillet Frozen Fish|
The Douala Stock Exchange (DSX in abbreviation) is the official market for securities in Cameroon. It is located in Douala.
The origin of the market in Douala began in a project sponsored by CEMAC having to do with creating stock exchanges in Gabon and Cameroon. CEMAC is the abbreviation for Economic and Monetary Community of Central Africa.
The Douala Stock Exchange was created in December 2001. The first listing was Société des Eaux Minérales du Cameroun (SEMC), a subsidiary of the French company Castel Group.
DSX is owned by APECCAM, (the Credit Association of Cameroon); by Cameroonian corporate interests; and by the government. It is similarly governed:
Until 2006, its sole listing was (SEMC). Now it also includes Société Africaine Forestière et Agricole du Cameroun (SAFACAM) and SOCAPALM.
The Cameroonian economic crisis was a downturn in the economy of Cameroon from the mid-1980s to the early 2000s. The crisis resulted in rising prices in Cameroon, trade deficits, and loss of government revenue. The government of Cameroon acknowledged the crisis in 1987. Outside observers and critics blamed poor government stewardship of the economy. The government instead placed the blame on the fall of the prices of export commodities, particularly a steep drop in the price of petroleum. President Paul Biya announced that "all our export commodities fell at the same time."
Cameroon's trade partners, particularly France, Germany, and the United States, offered to help the country, but Cameroon balked at their condition that the country follow strict cost-cutting suggestions laid out by the International Monetary Fund (IMF). Instead, Cameroon formulated its own plan. Civil servants lost access to subsidized electricity, housing, and telephones; parts of the government's vehicle fleet were sold; older civil servants were forced into retirement; the official working schedule was changed; economic missions in foreign embassies from Cameroon were closed; and state and parastatal enterprises were privatized. The 1987–1988 budget reduced government spending by 18%, the first time in the country's history that the budget decreased.
The measures met with international approval, but violent crime rose as a result. Cameroon's plan also failed to rein in corruption. By October 1988, the intended effect was less than had been hoped, and Cameroon agreed to an IMF aid package worth $150 million and accepted a structural adjustment program (SAP) loan from the World Bank. The African Development Bank, France, Germany, and the United Kingdom loaned the government further funds. Cameroon has since focused on paying off its international debt and further restricting public salaries and pay rises to civil servants. Its economy had mostly recovered by the early 2000s.
Early inhabitants of the territory included the Sao civilization around Lake Chad and the Baka hunter-gatherers in the southeastern rainforest. Portuguese explorers reached the coast in the 15th century and named the area Rio dos Camarões (Shrimp River), which became Cameroon in English. Fulani soldiers founded the Adamawa Emirate in the north in the 19th century, and various ethnic groups of the west and northwest established powerful chiefdoms and fondoms. Cameroon became a German colony in 1884 known as Kamerun.
After World War I, the territory was divided between France and the United Kingdom as League of Nations mandates. The Union des Populations du Cameroun (UPC) political party advocated independence, but was outlawed by France in the 1950s. It waged war on French and UPC militant forces until 1971. In 1960, the French-administered part of Cameroon became independent as the Republic of Cameroun under President Ahmadou Ahidjo. The southern part of British Cameroons merged with it in 1961 to form the Federal Republic of Cameroon. The country was renamed the United Republic of Cameroon in 1972 and the Republic of Cameroon in 1984.
Cameroon enjoys relatively high political and social stability. This has permitted the development of agriculture, roads, railways, and large petroleum and timber industries. Nevertheless, large numbers of Cameroonians live in poverty as subsistence farmers. Power lies firmly in the hands of the authoritarian president since 1982, Paul Biya, and his Cameroon People's Democratic Movement party. The English-speaking territories of Cameroon have grown increasingly alienated from the government, and politicians from those regions have called for greater decentralization and even secession (for example: the Southern Cameroons National Council) of the former British-governed territories.
Alamine Ousmane Mey
(Minister of Finance)
The Central African CFA franc (French: franc CFA or simply franc, ISO 4217 code: XAF) is the currency of six independent states in central Africa: Cameroon, Central African Republic, Chad, Republic of the Congo, Equatorial Guinea and Gabon. These six countries have a combined population of 48.0 million people (as of 2014), and a combined GDP of US$88.2 billion (as of 2012).
CFA stands for Coopération financière en Afrique centrale ("Financial Cooperation in Central Africa"). It is issued by the BEAC (Banque des États de l'Afrique Centrale, "Bank of the Central African States"), located in Yaoundé, Cameroon, for the members of the CEMAC (Communauté Économique et Monétaire de l'Afrique Centrale, "Economic and Monetary Community of Central Africa"). The franc is nominally subdivided into 100 centimes but no centime denominations have been issued.
In several West African states, the West African CFA franc, which is of equal value to the Central African CFA franc, is in circulation.
The CFA franc was introduced to the French colonies in Equatorial Africa in 1945, replacing the French Equatorial African franc. The Equatorial African colonies and territories using the CFA franc were Chad, French Cameroun, French Congo, Gabon and Ubangi-Shari.
The currency continued in use when these colonies gained their independence. Equatorial Guinea, the only former Spanish colony in the zone, adopted the CFA franc in 1984, replacing the Equatorial Guinean ekwele at a rate of 1 franc = 4 bipkwele.
|National Song||"O Cameroun, Berceau de nos Ancêtres"|
|Currency||Central African CFA franc (XAF)|
|GDP / GDP Rank||76.948 Billion USD|
|GDP Growth Rate||5.9 Percent|
|GDP Per Captial||$3248.783 (PPP)|
< 1.0% Hindus
< 1.0% Buddhists
< 1.0% Jews
2.7% Other Religions
Cameroon Highlanders 31%
Equatorial Bantu 19%
President – Paul Biya[α]
Prime Minister – Joseph Ngute
|Website||Go to the web|
|Public Debt||32.823 Percent|
|Unemployment Rate||4.507 Percent|
|Labor Force (Occupation)||-|