2022 economic recap
In 2023, Cameroon government officials will have a total of F CFA 6,345.1 billion to handle economic, societal, political, health and even cultural happenings in all ten regions – a 4% increase on the F CFA 6,30.4 billion used in 2022.
2022, has had its own fair share of economic sagas with the most prominent being the lines 64 and 94 blow. An audit from the supreme state audit revealed over F CFA500 billion was spent between 2010-2021 representing 12% of general expenditure. Unknown and unregistered foreign missions were reported and persons and documents at the ministry of economy and that of finance were quizzed.
Amidst the line saga, the boss of Vision 4, a private TV station in Cameroon with branches abroad came under spyglass. Jean Pierre Amougou Belinga was accused of owing taxes of about F CFA30 billion whereas we learnt, he was a beneficiary of the line 64 money, which enabled him create the television station, alongside Adrien Kemogne of Canal 24. The back and forth between the boss of vision 4 and the director of taxation is still pending as Cameroonians have been left in the limbo.
Another financial spiel in 2022, is the Glencore scandal. Officials of the Swiss company confessed they bribed the some directors at National Hydrocarbons and National Oil Refinery with the sum of F CFA7 billion to secure improper advantages to obtain and retain business deals. So far, only SONARA has refuted the accusation but the multinational company has been found guilty.
Inflation in Cameroon was placed at 3% as prices of basic commodities skyrocketed. Even a packet of sugar now costs F CFA1,000 from the F CFA 700 it cost before. Feeding in households has been challenging but the finance minister assured all is under control. The 0.2% tax on all financial transactions has not been lifted either.
In 2022, the city of Bamenda in the North West region, welcomed a gas plant. The F CFA5.6 billion project on a 6-hectare piece of land is to be constructed within 2 years to curb domestic gas shortage. Meanwhile Cameroon is among the countries to benefit from the USD 55 billion President Joe Biden promised African countries at the US-Africa summit for a period of 3 years.
