This sector, dominated by small and very small units, is enabling the country to continue on its path towards emergence.
The National Development Strategy 2020-2030 (NDS30) places small and medium-sized enterprises (SMEs) and small and medium-sized industries (SMIs) at the heart of its policy to promote decent employment. These play a key role in economic and social concerns, because of the job potential they offer. In 2021, the number of businesses operating in Cameroon was esti[1]mated at 324,899, including 324,250 SMEs. Most of their activities were in the tertiary sector.
In reality, 99.8% of Cameroon’s economic fabric is made up of SMEs, 79.32% of which are very small enterprises (VSEs), 19.43% small enterprises (SEs) and 1.25% medium-sized enterprises (MEs). Broken down by sector of activity, 84.2% of these actors of our pro[1]ductive fabric are in the tertiary sec[1]tor, 15.63% in the secondary sector and just 0.17% in the primary sector. Overall, these companies also include production and processing units, that is, industries on a more or less small scale. Given that one of the major challenges facing Cameroon as it strives to emerge by 2035 is the structural transformation of its economy, the private sector, dominated by SMEs, is a major stakeholder in this dynamic. As Achille Bassilekin III, Minister for Small and Medium-sized Enterprises, Social Economy and Handicrafts, stated, “despite their fragility and high mortality rate, SMEs contribute to the creation of wealth and jobs.
Their effectiveness depends not only on their financial capacity, the skills of their developers and market opportunities, but also on the quality of the public policies defined for them”. This is why, in his opinion, in view of the NDS30 objectives in terms of industrialisation, “it is urgent to support our various targets, so that they promote the change in structure of Cameroon economy in line with the standards of emerging countries by 2030”. At present, the tertiary sector is predominant and dominated by fragile SMEs operating in the provision of services and various supplies. The primary and secondary sectors need to be revitalised in order to increase local production of raw materials and encourage the processing of products in favour of the “import/substitution mix and export promotion”.
High demand It should be stressed that Cameroon’s economic environment has not been the most favourable in recent years, with the persistence of a number of external crises (soaring international commodity prices, the Covid-19 pandemic, the conflict between Russia and Ukraine) and internal crises (the ravages of the Islamist sect Boko Haram in the Far-North, tensions in the North-West and South-West).
As a result, there is widespread inflation resulting from the rise in the main mass consumption goods and high demand for agricultural raw mate[1]rials in the sub-region. In a context of results-based ma[1]nagement, it is important to have a mechanism for monitoring and evaluating the performance of public policies in order to better support our targets, so that they can effectively play their role as a catalyst for the structural transformation of the economy.
In order to maintain the momentum of the reforms undertaken under the 2017-2020 programme and capitalise on the gains made, the Cameroonian authorities have sought and obtained approval from the International Monetary Fund (IMF) for a new Economic and Financial Programme (EFP) sup[1]ported by the Extended Credit Facility (ECF) and the Extended Fund Facility (EFF) for the 2021-2024 period. In this respect, the authorities intend to reduce obstacles to private sector development, accelerate public finance management reforms, conti[1]nue to broaden the non-oil revenue base, improve the efficiency of public investment spending, strengthen the performance management of public enterprises and enhance the sustainability of public debt.
«In a context of results-based management, it is important to have a mechanism for monitoring and evaluating the performance of public policies in order to better support our targets, so that they can effectively play their role as a catalyst for the structural transformation of the economy.»
By Jocelyne NDOUYOU-MOULIOM
Source : Emerging Cameroon
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