Cameroon - The economy (Vol. 1 of 2) : Main report

Tni r CnDY R ERESTRICTED rILl COPY Report No. AF-15a This report was prepared for use within the Bank and its affiliated organizations. They do not accept responsibility for its accuracy or completeness. The report may not be published nor may it be quoted as representing their views. INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT INTERNATIONAL DEVELOPMENT ASSOCIATION THE ECONOMY OF THE FEDERAL REPUBLIC OF CAMEROON Volume I Main Report April 8, 1964 Department of Operations Africa  CONVERSION RATES 50 C FAF = 1 French franc 1 CFAF = 0. 4 U.S. 247 CFAF 1 $ U.S. 1 million CFAF = 4, 051 $ U.S. 1 E 1 US$ 1950 - August 31, 1957: CFAF 492 175 August 31, 1957 - Dec. 31, 1958: CFAF 590 210 after December 31, 1958: CFAF 685 247  THE ECONOMY OF CAMEROON Table of Contents Volwae I - MIain Report Page No. BASIC DATA IAPS OF RAINFALL, POPULATION, EXPORT PRODUCTS AND TRANSPORTATION NETWORK SUNMNARY AND CONCLUSIONS ... ..... . .. .. ..... i I. THE COUNTRY AND ITS PEOPLE . . . . . 1 A. Geography and Climate . . . . . . . . . . . . . . 1 B. Population . . . . . . . . . . . . . . . . . . . 1 C. Political Background . . . . . . . . . . . . . . 2 II. STRUCTURE AND PERFORMANCE OF THE ECONOI-lY . . . . . . 5 A. Structure of the Economy . . . . . . . . . . 5 B. Principal Economic Sectors . . . . . . . . . . . 8 Agriculture . . . . . . . . . . . . . . . . . 8 Livestocktuin . . . . . . . . . . . . . . . . 11 Fishing . . . . a . . . . . . . . . . . . . 11 ForestryPbiA iisrto .... ........ 11 B-aening e . . . . . . . . . . . . . . . . . 12 Manufacturing DE.P.TLA IN.... 12 Power . *......... 14 Transportation and Co2munications 14 Education * ... 15 Public Administration . . . . . . . . . . . . 16 III. TRADE AND PAg2ENTS . . . . . . . . . . . . . . . . . 17 A. External Trade and Payments . . . . . . . . . . . 17 B. Trade Relations ........ .......a 19 IV. FINANCE AND DEVELOR'ENT PLANNINIG .......... 21 A. Money and Credit . . . . . . . . . . . . . . 21 B. The Budget . . . . . . . . . . . . . . . . 22 C. Development Planning . . . . . . .. . 24 V. ECONOMIC PROSPECTS . . .. . . . . . . . . . . . . . 27 Capacity to Carry Debt . . . . . . . . . . . . . 30  THE ECONOMY OF CAMEROON Table of Contents Volume II - Appendices Page No. I. TRANSPORTATION 1 II. TRADE POLICIES 8 III. INVESTMENT POLICY 12 IV. PRODUCTION, M4RKETING AND PROSPECTS OF PRINCIPAL EXPORT CROPS 14 V. STATISTICAL APPEFiDIX 26 Table No. Land use in Cameroon 1 Estimates of the Total and llorking Population 2 Estimated Distribution of Employed Population 3 Gross Domestic Product by Industry of Origin 4 Use of Resources 5 Financing of Gross Domestic Capital Formation 6 Indicators of Economic Growth and Standard of Living for East Cameroon 7 Retail Price Index for European Consumers in Douala 8 Production of Principal Farm Crops 9 Production and Export of Commercial Crops in East Cameroon 10 Production and Export of Commercial Crops in 'West Cameroon 11 Forestry Production 12 Power 13 Road Transport - Number of Licensed Vehicles 14 Railway Traffic Statistics 15 Port Movements and Cargo Loaded and Unloaded 16 Airport Movements 17 Foreign Trade 18a Indices of Trade 18b Exports of Principal Commodities from East Cameroon 19 Exports of Principal Commodities from West Cameroon 20 Exports of Principal Commodities from the Federation 21 Average FOB Prices of Export Products 22 Estimate of Financial Gain to Cameroon from protected and guaranteed prices in French market 23 Sales of Cameroon Development Corporation of Export Products 24 Composition of Imports 25 Average CIF Prices of Import Products in East Cameroon 26 Tonnage of Imports of Selected Commodities in East Cameroon 27 Commodity Trade Balance by Currency Area for East Cameroon 28 Commodity Trade Balance by Currency Area for West Cameroon 29 Principal Trading Partners for Export of Principal Commo- dities from East Cameroon 30  V. STATISTICAL APPENDIX (Cont'd.) Table No. Balance of Payments of East Cameroon 31 Money Supply 32 Assets and Liabilities of Central Bank in Cameroon - Balance of Operation Account and Other External Assets of Central Bank 33 Deposits 34 Loans and Advances to the Economy 35 Industrial Classification of Short and Medium Term Loans and Advances Declared 36 Loans by the "Caisse Centrale de Coop6ration Economique" 37 Loans Granted by the "Banque Camerounaise de D6veloppement" 38 Banque Camerounaise de D6veloppement -Loans Outstanding and Loans in Default 39 Consolidated Revenue and Expenditure of Federal and Federated Governments of Cameroon 4o Consolidated Revenue and Expenditure of Federal and Federated Governments of Cameroon -Percentage by Category 41 Consolidated Capital Account for Federal and Federated Governments of Cameroon 42 Comparative Expenditure of Federal and Federated Governments of Cameroon 43 Estimate of Public Debt Outstanding 441 Investment under the FIDES Plan 1947-1959 45 First Development Plan of Republic of Cameroon 1961-1965 46 Foreign Aid Commitments 47 Export and Import Trends 1960-1967 48  CAMEROON Basic Data - 1962 East West Federation 2 Area (thousand km ) 432.0 43.5 475.5 (thousand square miles) 166.8 16.8 183.6 Population: (estimated) (million) 3.3 0.9 4.2 Natural Increase (%) .. 1-1.5 Population of '0Jorking Age (million) 2.0 0.5 2.5 WIage Earners (thousands) 155 45 200 School Enrollment (% of children of school age) 64 51 59 Gross Domestic Product (Estimates 1959) Total GDP (billion CFAF) 99.0 11.0 110.0 Rate of Growth of GDP 1951-1959: about 4% per year; of GDP per capita about 2.55% per year. GDP/Capita (CFAF) 31,000 12,000 27,000 (Dollars) 125 50 110 Money GDP /(CapitEa) (CFA.F) 21,000 9,000 17,000 Gross Fixed Investment (% of GDP) l0.4 Origin of GDP (%) Agriculture 50 67 51 Industries 9 ., 8 Administration 8 26 10 Services 33 7 31 External Trade Exports (Billion CFAF) 25.5 4.4 29.9 Imports (Billion CFAF) 25.1 3.2 28.3 Balance (Billion CFAF) +o,4 +1.2 +1.6 Balance of Payments: Estimate of Current Balance of Payments with the Non-Franc Zone (billion CFAF) -2,5 .. Change in Reserves (billion CFAF) .. .. +1,7 Estimate of external reserves (at 31 Dec.1962) (3.7) (1.5) 5.2  Basic Data (Continued) East West Federation Co:parative 3xpenditure of Federal and Federated Governments 1962-1963 (billions CFAF) Federal Ordinary 14.1 6.0 1.7 21.8 Equipment 1.5 0.5 0.3 2.3 Federal Subvention to Federated States (incl. above) 2.6 Government Finances 1963/1964 Consolidated Expenditure of Federal and Federated Governments (billion CFAF) 22.3 Consolidated Receipts of Federal and Federated Govrernments (billion CFA.F) 22.3 Consolidated Capital Expenditure of Federal and Federated Governments (billion CFAF) 5.4 French Government Subvention for Equipment Budget (billion CFAF) 1.0 External Public Debt, June 1963 (billion CFAF) 11.1  MAP I '\