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Central Africa; The African Country With The Most Diversified Economy, Dethrones Cameroon

Thanks to several outward locations and many national groups, this Central African country has a variety of activities in the forestry and agricultural sectors, hydrocarbons, industry around beverages, candy, oil mill , soap, milling, aluminum, cement, metallurgy, primary wood processing, etc.

 

Cameroon was among the largest economies in Africa in the 1980s. For almost 20 years, this country has recorded real growth rates of around 7%. However, in the following years, a drop in coffee, cocoa and oil prices led to a sharp recession, and therefore a deterioration of the terms of trade.

This is followed by a crisis that will lead to the devaluation of the F CFA. in 1994. Immediately, stabilization and structural adjustment programs and economic recovery measures will be put in place by the Cameroonian government.
At the end of 2006, Cameroon crossed the completion point of the Heavily Indebted Poor Countries (HIPC) initiative, which aims to reorient funds from debt relief to financing development projects. This completion point, which had been postponed earlier in August 2004, provided the country with $ 3.475 billion in debt forgiveness from Paris Club creditors and private (London Club) and multilateral creditors.
As part of a strategy of diversification of its economy currently dominated by oil, Cameroon has embarked on a policy aimed at reducing its dependence on the hydrocarbon sector. Making Cameroon an emerging economy by 2035 is the goal of this program.
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