Balance of payments – A session of the National Balance of Payments Technical Committee was held on 19 December 2024

A session of the National Balance of Payments Technical Committee was held on December 19th, 2024 at the Mont Febe Hotel in Yaounde. It was devoted, on the one hand, to the examination and validation of the results of the balance of payments and the overall external position for the year 2023, and on the other hand, to the presentation of the estimates of the balance of payments for the year 2024. The work was chaired by Joseph TEDOU, Director General of the National Institute of Statistics (INS), personal representative of the Minister of Finance.

Regarding the results themselves, it is noted that in 2023, the current account is in deficit by 1,221.1 billion, or 4.1% of GDP. This deficit is worsening by 279.9 billion compared to 2022 where it is located at 941.2 billion or 3.4% of GDP. This deficit situation is explained by the strong dependence of our economy on imports of goods and services, which are not offset by exports. If we can understand a high level of imports of capital goods in view of the level of industrialization of Cameroon, we must question that of food products and other basic necessities that the country can produce. All things that justify, if it were still necessary, the import substitution policy advocated by the Head of State. This policy is not limited to food products. It also extends to the pharmaceutical industry and other industries.