Private Sector : Another Seven Years For Offshoots

As Cameroon opens a new chapter in its leadership with President Paul Biya clinching his 8th mandate which he has placed on the theme “Greatness Hope”, the private sector is also bracing up to a new beginning. If the slogan of the 8th mandate is anything to go by, then the private sector which is an essential pillar of the country’s economic development, has every reason to hope for a new impetus.  The private sector in Cameroon is dominated by Small and Medium-sized Enterprises (SMEs) and constitute a major player in the dynamics of the national economy constituting 99.8 per cent of the country’s economic fabric. The National Development Strategy 2020-2030, a blueprint for the nations development, has recognized the importance of the private sector contribution in its structural transformation of the economy. 
It therefore goes without saying that the private sector is a cornerstone for the growth of the economy. In doing so, they depend not only on their financial capacity, the skills of promoters, market opportunities, but more on the quality of public policies defined. The policies which should be contained in reforms, would aim at making Cameroon attractive to private investors. The National Development Strategy has earmarked key sectors such as agro-industry, infrastructure, public works, telecoms, energy, healthcare etc.  
Over the past years, the government has put up efforts to involve and promote the private sector in achieving its Vision 2035. For the current financial year, government allocated FCFA 14 billion as subsidies for businesses. The private sector businesses were allocated about FCFA 7.5 billion as government support. Other initiatives such as the simplification of procedures for the creation of businesses in “One –stop-shops” centres with 72 hours, the enactment of new investment promotion laws which provides several fiscal incentives are glaring reforms already put in place.  
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