Cameroon member of OHADA
Economy and infrastructure
Cameroon's per capita GDP (Purchasing power parity) was estimated as US$3,700 in 2017. Major export markets include the Netherlands, France, China, Belgium, Italy, Algeria, and Malaysia.Cameroon has had a decade of strong economic performance, with GDP growing at an average of 4% per year. During the 2004–2008 period, public debt was reduced from over 60% of GDP to 10% and official reserves quadrupled to over US$3 billion. Cameroon is part of the Bank of Central African States (of which it is the dominant economy), the Customs and Economic Union of Central Africa (UDEAC) and the Organization for the Harmonization of Business Law in Africa (OHADA). Its currency is the CFA franc.Unemployment was estimated at 3.38% in 2019, and 23.8% of the population was living below the international poverty threshold of US$1.90 a day in 2014. Since the late 1980s, Cameroon has been following programmes advocated by the World Bank and International Monetary Fund (IMF) to reduce poverty, privatise industries, and increase economic growth. The government has taken measures to encourage tourism in the country.An estimated 70% of the population farms, and agriculture comprised an estimated 16.7% of GDP in 2017. Most agriculture is done at the subsistence scale by local farmers using simple tools. They sell their surplus produce, and some maintain separate fields for commercial use. Urban centres are particularly reliant on peasant agriculture for their foodstuffs. Soils and climate on the coast encourage extensive commercial cultivation of bananas, cocoa, oil palms, rubber, and tea. Inland on the South Cameroon Plateau, cash crops include coffee, sugar, and tobacco. Coffee is a major cash crop in the western highlands, and in the north, natural conditions favour crops such as cotton, groundnuts, and rice. Production of Fairtrade cotton was initiated in Cameroon in 2004.
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