Prosperity of Cameroon

In Mbembe and Roitman’s Figure of the Subject in Times of Crisis, Cameroon is described as a country that had economic stability until the 1980s. Mbembe and Roitman briefly tell of how the country believed in the wealth of their natural resources. However, they leave out that the country went into an economic depression during the 1980s because the price of some of their commodities such as oil and coffee dropped heavily (Britannica.com). To combat the economic downfall in Cameroon, the government became invested in the International Monetary Fund (IMF) [an organization that stabilizes currency exchanges rates] to help the economy grow again (Britannica.com). But out of the economic crisis in Cameroon, new social classes grew such as the middle class that gained more prosperity. Cameroon is known as one of the more stable countries in Africa. According to Mbembe and Roitman, the economic crisis unified Cameroon and also created the prosperity of the private sector. The main export for Cameroon is agricultural and forest products. The goods make up about of third of Cameroon’s economy. The country is also one of the world’s largest cocoa bean producers. With, the introduction of cotton in 1952, the cocoa bean economy went down some in Cameroon and the production of cotton still has a profound impact on the current economy (Britannica.com). The manufacturing economy grew heavily in the late 20th to early 2000s in Cameroon. The government in the 1990s decided to invest in privatization programs for the country (Britannica.com). In the late 1990s, the commercial banking sector became profitable and in 2003, a stock exchange was established in Douala. But for years the stock market did not have any companies listed (Britannica.com). Originally, Cameroon was a French colony and today France is still Cameroon’s main trading partner. Today, Cameroon still works to improve the economy for the future.

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Posted on October 23, 2014, in Uncategorized. Bookmark the permalink. Comments Off on Prosperity of Cameroon.

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