701.3 billion CFA francs. This is the amount of revenue collected in Cameroon’s territory in the first quarter of 2017. According to the progress report on the implementation of the 2017 budget of the State, these revenues are down by 5.2% (a little more Of CFAF 38 billion in total) compared to the same period in 2016, when they peaked at CFAF 739.7 billion.
According to the Ministry of Finance, this underperformance is largely attributable to the decline in the collection of various taxes by customs and tax administrations.
As a result of an overall slowdown in the local economy, these two entities were only able to officially collect CFAF 617.4 billion at the end of March 2017 against a budget estimate of 716.7 billion Cfa, which shows a gap of 99.3 billion CFA francs. Over the same period, in 2016, the country’s tax and customs revenues amounted to 685.5 billion CFA francs, ie 68.9 billion CFA francs more than the envelope collected this year during the period under review.
In spite of a gloomy international situation, compared to previous years, oil revenues grew by 54.8% in the first quarter of 2017 (CFA 27 billion in absolute terms) , due to the small improvement observed on the world prices of the black gold at the beginning of the year.
In order to cope with the financial difficulties imposed by the decline in world crude oil prices, Cameroon’s largest export product (40%), with a 25% contribution to public revenues, and expenditure incurred in the fight against Boko Haram in the Far North region, the Cameroonian government has just concluded a three-year program with the International Monetary Fund.
The program, with a loan of CFAF 390 billion to be released over a three-year period, will formally enable structural reforms aimed at restoring the country’s fiscal sustainability and boosting economic growth through the private sector.