Yaounde, 31 December 2022
# HEAD OF STATE'S 2022 END OF YEAR AND 2023 NEW YEAR MESSAGE TO THE NATION
2
Fellow Cameroonians, My Dear Compatriots,
As the year 2022 draws to a close, I believe it is appropriate to review the ground we have covered as a Nation, before looking to the New Year with confidence and determination.
You must have noted that in 2022, our country, like so many others, continued to face exogenous shocks.
Just as the global economy was beginning to recover from the distortions triggered by the Covid-19 pandemic, an armed conflict broke out between Russia and Ukraine in Eastern Europe.
The war between these two great countries has caused far-reaching disruptions in global market supply chains of consumer products, such as grain, crude oil and gas.
The ensuing global trade system dysfunctions also led to shortages in some manufactured goods and other staple products, as well as widespread price hikes.
I am prompted by the dire consequences of the war on the economies of countries, particularly developing countries, and the suffering inflicted on innocent civilian populations, to reaffirm the importance of peace and dialogue in conflict resolution.
My Dear Compatriots,
Despite this challenging context, our economy was able to adapt to the international environment, once
3
again demonstrating resilience, with an approximately 3.8% uptick in the growth rate as against 3.6% in 2021.
Inflation remained reasonable, well below the global average. Access to inputs was secured, thus helping to maintain production activities and to mitigate food insecurity risks. All of this was made possible thanks to the stringent measures implemented by the Government.
Thus, besides increased tax and customs facilities granted under the post-COVID-19 recovery plan, substantial subsidies were accorded businesses in sensitive sectors, to sustain our economy's viability and competitiveness.
The fight against speculative behaviours and fraudulent exports of staple products was intensified. Encouraging strides were also made to ramp up local production, curb our dependence on imports and promote "Made in Cameroon" products.
The Government will continue to pay special attention to the coordinated implementation of the Import-Substitution Policy, and to leveraging opportunities afforded by the African Continental Free Trade Area.
Similarly, our social inclusion policy will be continued through better sharing of the fruits of growth. To this end, social safety net programmes targeting underprivileged social segments will be extended to a greater number of beneficiaries in all ten Regions.
In order to diversify State revenue sources, I authorized the implementation of three large-scale
4
projects aimed at developing our mining potential, structuring our economy and creating jobs.
I would like to dwell on this for a moment.
Although our subsoil is endowed with mineral resources, the non-oil mining sector accounts for merely 1% of gross domestic product. Developing solid mineral mining will provide us with substitutes for our dwindling hydrocarbon stocks, and additional financial resources which can be used to finance our investments.