The number of people living under the poverty line in Cameroon is estimated to have increased from 6.2 to nearly 7 million over the past three years. The statistics are contained in the World Bank’s 8th CEMAC Economic Barometer published last week.
Cameroon alone counts almost seven million people out of twenty who live in extreme poverty within the CEMAC sub-region. According to the World Bank, rising conflict and natural disasters have propelled rural-urban migration, increasing pressure on urban areas for jobs and services.
Experts in economy explain that the current economic state of Cameroon stems from the country’s dependence on foreign aids and loans. “Any keen expert following up the Cameroonian economy within the last three years will recognize that the classification of the World bank is something which is not really strange because the Cameroonian economy has been dependent on the foreign assistance and aid and has greatly been dependent on the foreign debt. The Cameroonian Government has really been a great customer of the World bank and the International Monetary Fund and the utilization of this loan is not really accounted for.” declared Polycarp Chenwie Talla, expert in economic science.
Apart from the above stated reasons, some economists have gone further to point out the rising inflation and the lack of investment as main causes of poverty in the country. “Cameroon ranked fourth does not mean that we are doing particularly well, because, after all, at least 30% of Cameroonians still live below $2.19 a day, and 37% of Cameroonians are considered to be living below the poverty line. So these statistics are not something that we should welcome or encourage. There are certain factors that have caused or increased the level of poverty in Cameroon. The first is macroeconomic instability. Also, inflation has risen recently” pointed the Director of the Cameroon Policy Economic Institute Henri Kouam.
The World Bank warns that if nothing is done, these vulnerabilities may intensify especially during this election year. A viewpoint strongly supported by Paul TAMFU, a program analyst at CEPI. He confirms that “despite all its potential, Cameroon is underperforming. With its vast resources and young population, Cameroon doesn’t deserve this place. Without urgent reforms, better governance and strong investment in people, the poverty trend may continue. There is still time to change the narrative” He explained.
It is worth noting that Cameroon’s economy has shown resilience in the face of external shocks compared to other CEMAC member countries. Nevertheless, multiple structural investments will definitely unleash its full potentials and reduce poverty.
