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REPUBLIC OF CAMEROON Peace-Work-Fatherland
MINISTRY OF FINANCE
# 2021 FINANCE LAW
# REPORT ON THE NATION'S ECONOMIC, SOCIAL AND FINANCIAL SITUATION AND OUTLOOK
2020 FISCAL YEAR
Current and previous versions of this report are available in english and french on the following websites : www.minfi.gov.cm www.dgb.cm
2021 FINANCE LAW
# Table of contents
List of tables v List of graphs vii Boxes ix
# CHAPTER 1: OVERVIEW 1
1.1. Global Economic Environment 1 1.2. Recent Trends in Cameroon's Economy 3 1.2.1 Growth and prices 3 1.2.2 Relations with the rest of the world 5 1.2.3 Currency and financing of the economy 6 1.2.4 Public finances 8 1.2.5 Social sectors 9 1.2.6 Structural and institutional reforms 11 1.3. Macroeconomic and Budgetary Outlook for the 2020-2023 period 14 1.3.1 Macroeconomic situation during the 2020-2023 period. 14 1.3.2 Macroeconomic Outlook for 2021-2023 15 1.3.3 2021-2023 Budget outlook 16 1.3.4 Budgetary constraints and risks for 2021 16
# CHAPTER 2: PRODUCTION 19
2.1 Primary Sector 19 2.1.1 Agriculture 19 2.1.2 Livestock breeding, fishing and fish farming 24 2.1.3 Forestry and wildlife subsector 28 2.1.4 Environment and nature protection 31 2.1.5 Research and innovation 31 2.2 Secondary Sector 32 2.2.1 Manufacturing industries 32 2.2.2 Extractive Industries 35 2.2.3 Electricity generation and distribution 37 2.2.4 Production and distribution of water and sanitation. 38 2.2.5 Public works and civil engineering 38 2.3 Tertiary sector 41 2.3.1 Trade 42 2.3.2 Tourism 43 2.3.3 Transport 44 2.3.4 Telecommunications 47 2.3.5 SMEs, social economy and handicrafts 48
# CHAPTER 3: DEMAND, PRICES AND COMPETITIVENESS 49
3.1 Analysis of demand components 49 3.1.1 Domestic demand 49
REPORT ON THE NATION'S ECONOMIC, SOCIAL AND FINANCIAL SITUATION AND OUTLOOK
MINISTRY OF FINANCE
3.1.2 External demand 51
3.2 Prices 55 3.2.1 Final household consumer price 55 3.2.2 Global competitiveness 57
# CHAPTER 4: FINANCING OF THE ECONOMY 59
4.1 Monetary Policy 59 4.1.1 Refinancing policy 59
4.2 Money Market Operations 60 4.1.2 Interest rate steering policy 60 4.2.1 Money market conventional operations 61 4.2.2 Twenty-four hour marginal lending facility 61 4.2.3 Twenty-four hour marginal lending facility 62 4.2.4 Interbank market 62
4.3 Statutory reserves policy 62
4.4 Situation monétaire 62 4.4.1 Money supply counterparts 63 4.4.2 Money supply. 65
4.5 Banking Sector 65 4.5.1 Balance sheet total 66 4.5.2 Customer deposits 66 4.5.3 Customer credits 67 4.5.4 Prudential ratios 68 4.5.5 Electronic money. 68
4.6 Microfinance 69 4.6.1 Distribution of MFIs by category 69 4.6.2 Geographic coverage 70 4.6.3 Trends in overall balance sheets 70 4.6.4 Deposits trends 70 4.6.5 Credit trends 71 4.6.6 Performance trends 71 4.6.7 Compliance with prudential ratios 72
4.7 Financial Institutions 72
4.8 Insurance 73
4.9 Stock Market 74 4.9.1 Share market 74 4.9.2 Bond market. 76
4.10 Government Securities Transactions 77 4.11 Strategy for financing the economy over the period 2020-2023 78
# CHAPTER 5: EXTERNAL SECTOR 79
REPORT ON THE NATION'S ECONOMIC, SOCIAL AND FINANCIAL SITUATION AND OUTLOOK
2021 FINANCE LAW
5.1 External Trade 79 5.1.1 Trade balance 79 5.1.2 Geographical orientation of trade 83