The World Factbook CIA
Economy of Cameroon
Because of its modest oil resources and favorable agricultural conditions, Cameroon has one of the best-endowed primary commodity economies in sub-Saharan Africa. Still, it faces many of the serious problems confronting other underdeveloped countries, such as stagnant per capita income, a relatively inequitable distribution of income, a top-heavy civil service, endemic corruption, and a generally unfavorable climate for business enterprise. Since 1990, the government has embarked on various IMF and World Bank programs designed to spur business investment, increase efficiency in agriculture, improve trade, and recapitalize the nation’s banks.
Reforms in Cameroon
The IMF is pressing for more reforms, including increased budget transparency, privatization, and poverty reduction programs. Subsidies for electricity, food, and fuel have strained the budget. New mining projects — in diamonds, for example — have attracted foreign investment, but large ventures will take time to develop.
Cameroon’s business environment — one of the world’s worst — is a deterrent to foreign investment. It is our goal and mission to tackle this reality and perception as viewed particularly by the western world and culture.
It is our intent to tackle this at two levels:
- Businesses in Cameroon; Education and training into a more westernized culture and methodology in conducting business.
- Students; Educating our next generations into a more ethical business environment.
CamAid effects changes in Cameroon
CamAid has been established to effect changes in the Cameroon society by educating and training existing businesses, and their next generation — the Cameroon youth — into bringing the general commercial thought, and action process into evolving into a more focused-centric workforce that develops the country’s thinking into a more ethical culture.
CamAid’s objective is to:
- Encourage growth and funding opportunities in the country by stimulating society, and the ethical culture in which organizations in the Cameroon conduct business.
- Educate both the Cameroon business sector and the youth who will form the next generation of the Cameroon business sector, into the culture which is acknowledged by most western countries-and particularly in the US, and the western world — the correct and ethical manner in which to conduct business, and hence the standards that need to be achieved by businesses doing business with each other.