Economy

Cameroon's per-capita GDP was estimated as US$2,421 in 2005, high for an African country. Major export markets include France, the Netherlands, Belgium, Spain and the United States. Cameroon is part of the Banque des Etats de l'Afrique Centrale and the Customs and Economic Union of Central Africa (UDEAC). Its currency is the CFA franc.

Red tape, high taxes and endemic corruption have kept the private sector underdeveloped. Unemployment was estimated at 30% in 2001, and about 48% of the population was living below the poverty threshold in 2000. The minimum age of employment is 14 years, although children often help with farming or work as domestics and street vendors before that age. Involuntary labour is illegal, although prisoners may be forced to work for private individuals or the government. Since 1997, Cameroon has been following programmes advocated by the International Monetary Fund (IMF) to reduce poverty, privatise industries and increase economic growth. Tourism is a growing sector, particularly in the coastal area, around Mount Cameroon, and in the north.

Non-Industrial Production

Cameroon's natural resources are better suited to agriculture and forestry than to industry. An estimated 70% of the population farms, and agriculture comprised an estimated 44.8% of GDP in 2005. Most agriculture is done at the subsistence scale by local farmers using simple tools. Farmers sell surplus and may maintain separate fields for commercial exploitation. 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. Over-reliance on agricultural exports makes Cameroon vulnerable to shifts in their prices.

Livestock are raised throughout the country, and cattle herding is a way of life for Fulani herders. Fishing employs some 5,000 people and provides 20,000 tons of seafood each year. Bushmeat, long a staple food for rural Cameroonians, is today a delicacy in the urban centres. Hunters can earn more than 550,000 francs CFA per year in meat sales, and unlike the price of cocoa and coffee, the price of bushmeat remains stable. The commercial bushmeat trade has now surpassed deforestation as the main threat to wildlife in Cameroon.

The southern rainforest has vast timber reserves, estimated to cover 37% of Cameroon's total land area. However, large areas of the forest are difficult to reach. Logging is largely handled by foreign-owned firms. Logging provides the government US$60 million a year, and laws mandate sustainable and safe exploitation of timber. Nevertheless, in practice, the industry is one of the least regulated in Cameroon.

Industry

Factory-based industry accounted for only an estimated 17% of GDP in 2005. More than 75% of Cameroon's industrial strength is located in Douala and Bonabéri. Cameroon possesses substantial mineral resources, but these are not extensively exploited. Petroleum exploitation has fallen since 1985, but this is still a big enough sector of the economy that dips in prices have a strong effect on Cameroon's economy. The southern rivers are obstructed by rapids and waterfalls, but these sites offer opportunities for hydroelectric development and supply most of Cameroon's energy. The Sanaga River powers the largest hydroelectric station, located at Edéa. The rest of Cameroon's energy comes from oil-powered thermal engines. Much of the country remains without reliable power supplies.