Economic Status of Cameroon
Cameroon is a nation that is found in central Africa. It is the 53rd largest state and received its independence in 1960. The pioneer ruler of Cameroon is Ahmadou Ahidjo but later Paul Biya replaced him. This nation incorporates plenty of natural resources that accounts for its wealth. They include minerals, forestry and farming sector.
The availability of natural resources has fostered development in this country. This is clear when it boosts its trade activities in central Africa. However, the economy in Cameroon depends on exports that are hugely affected by changes in global expenses. A number of issues affect its economy and they include poor control of natural resources. Other factors are high rates of corruption, poverty and bad investment strategies (Francis, 2001).
According to a report that was released by World Bank in previous three years, Cameroon is the most corrupt state. This makes it hard for foreigners to invest in the country. In addition, a large number of its citizens earn low income. As a result, this subjects majority of the population to poor health systems and education. Increase in literary levels has rendered majority of the population in Cameroon to be homeless. As a result, this has increased social discrimination that is clear when there is a gap between the rich and the poor.
The unemployment levels also contribute to poor status of the economy. This is because citizens cannot afford meals hence leads to starvation. In Cameroon, poverty is also attributed to biasness in allocating natural resources. This is because of corrupt activities that make leaders in politics to take a large quantity of wealth. To eradicate poverty, the Cameroon administration has enhanced collaborations with International Monetary Fund. They also formulate projects that develop foreign investments and enhance growth in the economy. The vision of Cameroon government in 2035 is to reduce poverty and empower it citizens to progress.
Global Edge. (2013). Cameroon: Economy. Retrieved from http://globaledge.msu.edu/countries/cameroon/economy
Francis, T. (2001). The causes and impact of poverty on sustainable development in Africa. Retrieved from http://ged.u-bordeaux4.fr/SCTAZOACHA.pdf
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