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Cameroon

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The Republic of Cameroon is an average-sized country located in the heart of Africa bordering Equatorial Guinea, Gabon, the Republic of the Congo, Central African Republic, Chad and Nigeria; it is the central center for trading goods and services around the world (WTO, 2013). Its population size equals to 22.25 million people and grows at a rate of 5.5 percent every year (GDP); unfortunately the World Economic Forum has ranked the country’s competitiveness at 116 with a value of 3.66 (WEF, 2014, p.69). Cameroon has a significant amount of agricultural areas perfect for farming, ample water resources and rainfall, and forests to improve its economic condition. In addition, the country has favorable commodity economies which employ over 60% of the workforce; the workforce contributes 22% to the GDP (WTO, 2013). Not only that, Cameroon has an unpretentious supply of oil resources; fortunately, the country faces the same serious problems of poverty and underdevelopment similar to other low growth countries. The issues include a sluggish per capita income, inequitable distribution of income, corruption, and unfavorable climate fluctuations not fit for business entities.
According to the Central Intelligence Agency (2014), the Cameroonian government joins forces with the International Monetary Fund and World Bank utilizing programs designed to boost their low growth economy by improving business investments, agriculture efficiency, trade, and reducing poverty. Cameroon's ranking in the Global Competitive Index slows that it is developing at a slower rate compared to the top ranked countries. With that in mind, Cameroon must attract more investments and perform other strategies to improve not only its inadequate infrastructure, but its business environment, trade (imports and exports), and poverty level to improve the economy and accelerate the growth rate. Plus, the country is in dire need of a real improvement in their infrastructure, business climate, and governance; implementing the following plan will help the country lessen poverty. It is easy to see that Cameroon has an overflowing abundance of potential the government just needs to tap into this potential utilizing the right steps. Since the country continues to grow at a rate of nearly 6 percent every year; there are some helpful steps that can be taken for the country to achieve economic gains across all segments of society and all sectors of the economy (Amin, 2008). Then again it requires some intense and long-term economic strategies to improve the competitiveness and economic efficiency of the country. In order to notice any benefits the government will first have to design policies that would create and generate employment opportunities for those in poverty to join the workforce. Doing so will not only drastically lower or eliminate poverty but increase the country’s per capita income (Amin, 2008).
Second, the socioeconomic activities in the country need to function properly in order for the improvements to work; this means that restructuring, strengthening and changing how the government functions in the country would definitely increase the equality in the country. This means removing corruption, provide equality in income to all households, and create and implement growth strategies so the country can grow and sustain development. According to Amin (2008), “strategies that significantly improve income distribution and generate equitable growth patterns must be identified and analyzed” (p. 402). Analyzing strategies will provide stability, long-term growth, competitiveness in domestic and global areas, and strengthen the infrastructure of the country. Cameroon’s government can increase resources, improve productivity by enrich the education of the workforce and the people. Furthermore, the country can continue to expand and advance its non-oil sector by transforming the way the country trade products by diversifying its exports. Third, the government plays a significant role in boosting the economy of the country; sustainable growth can be obtained by reducing capital accumulation and to do so the country must design and develop a strategy to implement that will increase productivity on a domestic level. Research conducted by World Economic Forum shows that one of the major problems facing Cameroon is the low productivity level of the economy; low productivity levels cause the people to become deprived (WEF, 2014). In order to correct this problem the country will again have to educate and train the workers on the significance of its production in the workforce. In addition, the country can utilize the bigger and faster assembly line tools and motivate the employees to be creative about working in the country. As previously mentioned, the infrastructure of the country needs to be restructured; doing so will also improve productivity levels in the country. In conclusion, the World Economic Forum ranked Cameroon 116th on the Global Competitive List of 2014-2015; the country is in dire need of long-term growth. Provided are three steps that will not only increase the economy’s GDP but lessen or even eradicate poverty in the country. Implementing strategies to create a workforce full of vibrate workers, improving the infrastructure and government of the country and improving productivity on a domestic level will move the country from the lowest ranking country to the top of the list.
References
Amin, A. A. (2008). Developing a sustainable economy in Cameroon, Dakar, Senegal: Council for the Development of Social Science Research in Africa
Central Intelligence Agency. (2014, June 22). Africa: Cameroon. Retrieved from https://www.cia.gov/library/publications/the-world-factbook/geos/cm.html
World Economic Forum. (2014). Insight report: The global competitiveness report 2014-2015 [Adobe Digital Edition version]. Retrieved from http://www.weforum.org/reports/global-competitiveness-report-2014-2015
World Trade Organization. (2013, July). Trade policy review: Cameroon, Congo, Gabon, Central African Republic and Chad (Document WT/TPR/G/285), pp. 85-179. Retrieved from https://www.wto.org/english/tratop_e/tpr_e/tp385_e.htm

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