Economic Resilience : Gov’ts Frontline Role

The government of Cameroon on every situation has instituted a series of stringent measures to step up economic resilience and stay afloat by ensuring that its citizens have access to basic necessities whatever the cost. The Head of State, President Paul Biya in his 2023 New Year message to the nation on December 31, 2022 lauded the country’s efforts to maintain economic resilience in the face of the exogenous shocks that have come to add to the security challenges that are draining much resources in the North West, South West and Far North Regions. 
Just at the time Cameroon, like other countries in the world were resuming economic recovery from the distortions caused by the Covid-19 pandemic, the armed conflict between Russia and Ukraine broke out. The conflict has disastrous consequences in the global market supply chains of consumer products such as grain, crude oil and gas. Cameroon being part of the global world has not been spared of these consequences.
The proactive and prompt reaction of government in the face of these external shocks have made Cameroon’s economy stay alive with strives towards noticeable staggering growth. President Paul Biya in his message buttressed this affirmation when he said that Cameroon has been able to adapt to the international environment. He stated that for the just-ended year 2022, an approximately 3.8 per cent uptick in growth rate has been recorded as against 3.6 per cent in 2021. Economic resilience continued to be recorded in the domain of inflation which the Head of State said has been maintained well below the global average. The country has also succeeded to ensure that access to inputs is secured thereby helping to maintain production activities and to mitigate insecurity risks.
The country’s economic performance is not an accident, but the result of a well-designed policy.  Faced with unpredictable shocks, government continued with the policy of increased tax and customs facilities granted under the post Covid-19 recovery plan.  In this direction, substantial subsidies have been accorded to businessmen in sensitive sectors to sustain the economy’s viability and competitiveness. Government has been making extra efforts to ensure the steady supply of petroleum products and cooking gas in the domestic market. The Head of State disclosed that in 2022, the public treasury subsidized fuel at nearly FCFA 700 billion and cooking gas at FCFA 75 billion. The fight against speculative behaviours and the fraudulent exports of staple products have been intensified and effor...