The ADB attempts to rescue Cameroon from inflation
The African Development Bank on July 15th 2022 approved an F CFA 41.324 billion loan to Cameroon to facilitate agricultural production and counter the effects of the Russio- Ukrainian war. The money will be used to purchase 1720 tons of rice grains, 130 tons of sorhgo seed, 2500 tons of maize seeds, 1.2 million palm kennel seeds and 67 tons of wheat seed among others.
Going by the National Institute of Statistics, Cameroon witnessed an inflation rate of 4.4% during the first semester of the year 2022 due to the rise and scarcity of raw materials at continental level.
This is however not the first time the African Development Bank is coming to the rescue of Cameroon. In December 2021 the ADB granted a loan worth F CFA 22.2 billion to Cameroon to rearrange the city of Yaounde and improve on the livelihood of the population. The money also had to serve in the construction of a proper drainage system to avert floods.
