It is no news that the Cameroon economy has witnessed continues drop in economic growth from 2015 till date owing to the fall in prices of raw material like oil and cocoa as well as security challenges in the Far North, East, North West and South West Regions of the country. In order to seek ways to render the economy more resilient, the Minister of the Economy, Planning and Regional Development, Louis Paul Motaze, rounded up a two-day consultation meeting in Douala with actors in the private sector, meant to explore ways of diversifying the economy and enhance local processing.
Though some 17 recommendations were taken during the end of the two-day MINEPAT-Private sector consultation in the areas of financing private initiatives, laying down criteria for selecting national champions and the presentation of preliminary results on RGE2 (Second General Census of Enterprises) among others, the recommendations were not adopted. At the end of the two-day brainstorming that was also supposed to draw up a roadmap, the Minister went through each resolution and proposed modifications, stating that brainstorming will continue in Yaounde in order to come out with more clear-cut recommendations. He reiterated there is an economic contraction and that they were in Douala to seek measures to come out of the disturbing situation. He still cautioned the way out is the diversification of the economy. “We need to have many competitive sectors, produce more and consume more of our raw materials in a favourable business climate in order to create wealth,” he insisted.
The private sector is the mainstay of the economy and the Minister counts on them to do more. “We always have to thank the private sector. It is because of them that there is the resilience the Head of State is talking about. We count on you and we will continue to help the private sector, give them useful information in order to attain our objective; walk hand-in-hand for a robust economy,” he concluded.