Cameroon — Business
Statistics
• GDP: US$25 billion (2008).
• Main exports: Crude oil and petroleum products, timber, cocoa, aluminum and coffee.
• Main imports: Machinery, electrical and transport equipment, and food products.
• Main trade partners: France, Italy, Nigeria, Spain, China.
Economy
Because of consistent agricultural performance and the growth of its modest oil industry, Cameroon has enjoyed broad economic success since independence, although it is vulnerable to changes in world commodity prices.
The main agricultural products are cocoa, coffee, palm oil, wood and rubber. There are some offshore oil deposits, and sizeable but largely unexploited deposits of iron ore, copper, uranium and other metals. Hydro-electric projects supply most of the country's energy, while oil and gas are largely exported.
During the 1990s, the government opened up much of the economy to competition. Since then, an IMF structural adjustment program has set the ground rules for the country's economic policy. Cameroon became eligible for debt relief under the Heavily Indebted Poor Countries Initiative (HIPC) in 2000, which meant significant relief from debt upon completion in 2006. Since 2002, Douala has hosted one of sub-Saharan Africa's few stock exchanges.
The main hindrances to Cameroon's further economic development include corruption, inefficiency and an excess of red tape. The IMF continues to press for reform in all these areas, and for privatization of key institutions and services, as a means to poverty reduction.
Business Etiquette
Office hours: Mon-Fri 0730-1700.
Government office hours: Mon-Fri 0730-1530.
Business Contacts
Chambre de Commerce, d'Industrie, des Mines et de l'Artisanat du Cameroun
PO Box 4011, Douala
Tel: 32 42 98 81.
Website: www.ccima.net
