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Cameroon indebted at 37.3% of GDP.
Cameroon indebted at 37.3% of GDP.
The amount of debts contracted by Cameroon to finance development projects keeps mounting, but experts say the debt is still sustainable.
As at 31 December 2019, Cameroon’s debt burden stood at 37.3 percent of its GDP. But this rate of indebtedness, according to Moh Sylvester Tanghongo, Director General of the Directorate of Treasury, Financial and Monetary Cooperation (DGTFMC), is far below the CEMAC norm of 70 percent.
That perhaps justifies why the state is going again to the capital market to mobilise some 220 billion FCFA beginning April 8, to finance development projects.
In an interview with Cameroon Tribune, the treasury DG announced that 45 billion out of the global amount would be devoted to the war against COVID-19 which has created a lot of uncertainty within the world economies and the financial markets. Only certified commercial banks who are competent in such operations are concerned with the announced bond issuance. Individuals interested only have to contact their banks.