Fast-track Field Implementation!

Talks about Cameroon subduing incessant imports and channelling the huge but scarce resources spent on the goods to other productive sectors of the economy have been wide and loud. Call it Import Substitution as the government’s strategy is known, the desire for reduction or gradual abolition of exemptions on some products that are weighing on the trade balance, to encourage local production on a larger scale, appears salutary for a country blessed by nature but which paradoxically imports most of what she uses, even food to eat.
The decision taken from the 2021 Finance Law based on what government called its dwindling resources is the more relevant today with global crisis especially the raging war between Russia and Ukraine coupled with the yet-to-subside economically-damaging Covid-19 pandemic. While the pandemic still keeps most economies on their knees, the war obstructs imports like wheat, fertilizer, steel which mostly came from the wrangling countries.
Cameroon therefore needs to accelerate the implementation of the hope-raising policy, for the effects of the global challenges not to linger on for too long.  There is therefore no time to waste. Visionary actions are needed with clearly defined objectives in well outlined sectors.
Like President Paul Biya said on December 31, 2021 during his State-of-the-Nation’s address, “If we have to meet the growth challenge, we must strive to reduce our imports and increase the volume of our exports by boosting domestic production.” Obviously so as the state of affairs in the world for some time now which has effects on market supply and demand and evidently on people’s living conditions calls for a clear path on which each country moves. 
Cameroon’s dependence on the outside world even to feed the population with what can be produced at home makes the local economy insecure in the face of the slightest global hitch.  A country with huge agro-pastoral potentials like Cameroon needs not shiver each time importers raise concerns on their businesses or their supply nations clash, like Russia and Ukraine now. It even becomes worse now with the skyrocketing Dollar and Euro rates; Cameroon’s main import currencies. Carrying bags of FCFA to exchange for inconsequential Dollars or Euros is costing the State a lot. It is time to ...

Reactions

Comments

    List is empty.

Lead a Comment

Same category