REPUBLIC OF CAMEROON Peace-Work-Fatherland
2023 FINANCIAL YEAR
NOVEMBER 2023
Current and previous versions of this report are available in French and English on the following websites:
www.minfi.gov.cm and www.dgb.cm
REPORT ON THE NATION'S ECONOMIC, SOCIAL AND FINANCIAL SITUATION AND PROSPECTS
TABLE OF CONTENTS
CHAPTER 1: OVERVIEW
1.1 International Economic Environment ... 13 1.1.1 Global economic growth ... 13 1.1.2 Global trade ... 14 1.1.3 Inflation and commodity prices ... 14 1.2 Recent Trends in the Cameroonian Economy ... 16 1.2.1 Growth and prices ... 16 1.2.2 Relations with the rest of the world ... 17 1.2.2.1 Competitiveness ... 17 1.2.2.2 External trade ... 18 1.2.3 Financial sector ... 19 1.2.4 Public finance ... 21 1.2.5 Social sectors ... 22 1.2.6 Structural and institutional reforms ... 24 1.3 National Macroeconomic and Budgetary Outlook for the 2023-2026 Period ... 26 1.3.1 2023 macroeconomic situation ... 26 1.3.2 2024-2026 macroeconomic outlook ... 27 1.3.3 Budget projections for the 2024-2026 period ... 28 1.3.4 Macroeconomic and budgetary constraints and risks in 2024 ... 29
CHAPTER 2: PRODUCTION
2.1 Primary sector ... 31 2.1.1 Agriculture ... 32 2.1.2 Livestock, Hunting, Fishing and Fish Farming ... 38 2.1.3 Forestry and wildlife sub-sector ... 43 2.1.4 Environment and nature protection ... 48 2.2 Secondary sector ... 49 2.2.1 Manufacturing industries ... 49 2.2.2 Extractive industries ... 52 2.2.3 Electricity production and distribution ... 55 2.2.4 Water production and distribution and sanitation ... 56 2.2.5 Public works and civil engineering ... 56 2.2.5.1 Public works and civil engineering ... 57 2.3 Tertiary sector ... 62 2.3.1 Trade and vehicle repair ... 63 2.3.2 Tourism ... 65 2.3.3 Transport, warehousing and communication ... 66 2.3.4 Information and telecommunications ... 69 2.3.5 SMEs, social economy and handicrafts ... 69
4 REPORT ON THE NATION'S ECONOMIC, SOCIAL AND FINANCIAL SITUATION AND PROSPECTS
CHAPTER 3: DEMAND, PRICES AND COMPETITIVENESS 71
3.1 Analysis of Demand Components 71 3.1.1 Domestic demand 71 3.1.2 External demand 75 3.2 Prices and Competitiveness 78 3.2.1 Final household consumer prices 78 3.2.2 Overall competitiveness of the economy 82
CHAPTER 4: FINANCIAL SECTOR 85
4.1 Monetary Policy 85 4.1.1 Refinancing operations 85 4.1.2 Interest rate steering policy 87 4.1.3 Reserve requirement policy 87 4.2 Monetary Situation 87 4.2.1 Money supply counterparts 88 4.2.2 Money supply 91 4.3 Banking Sector 91 4.3.1 Total balance sheet 92 4.3.2 Customer Deposits 92 4.3.3 Loans to customer 93 4.3.4 Prudential standards 95 4.3.5 Automatic teller machines and electronic money 95 4.4. Microfinance 96 4.4.1. Distribution of MFIs by category 96 4.4.2. Geographic coverage 97 4.4.3 Trends in balance sheet total 98 4.4.4 Deposit trends 99 4.4.5 Credit trends 99 4.4.6 Trends in non-performing loans 100 4.4.7 Cost of loans and weight of MFIs in the banking sector 100 4.5 Financial Institutions 100 4.6 Insurance 102 4.7. Financial Market 104 4.7.1 Stock market 104 4.7.2 Government securities transactions 105
CHAPTER 5: EXTERNAL SECTOR 107
5.1 External Trade in Goods 107 5.1.1 Trade trends 107