In a welcome announcement, Cameroon’s Minister of Finance, Louis-Paul Motaze, has shared optimistic news regarding the country’s economic outlook. Speaking at a recent event, Motaze revealed that Cameroon is on track to achieve significant economic growth, with projections indicating a growth rate of 4.1 percent by the end of 2024.
Economic Growth Projections
Motaze highlighted that despite the slow economic growth experienced in 2022 and 2023, the country’s economy is expected to stabilize and accelerate in the coming years. The projected growth rate of 4.1 percent for 2024 is attributed to the good performance of the forestry and logging sector, as well as the dynamism of the service sector. The Minister expressed confidence that the economy will continue to improve, with growth expected to reach 4.4 percent by 2025.
Inflation and Budget Deficit
The Minister also addressed concerns about inflation, which stood at 7.4 percent in 2023. He assured that inflation is projected to fall to 6.3 percent in 2024 and further decrease to 4.3 percent by 2025, thanks to the continued tightening of monetary policy by the Bank of Central African States (BEAC). Additionally, the budget deficit is expected to improve, with projections indicating a reduction to 0.5 percent in 2024 and 0.2 percent in 2025.
Government Initiatives
Motaze emphasized the government’s commitment to implementing tax reforms and rationalizing public spending to support economic growth. He also mentioned the importance of increasing domestic gas production and benefiting from higher world commodity prices to drive economic development
Louis-Paul Motaze Announces Last-Minute Economic Boost for Cameroonians
