In an interview he granted the news agency Ecofin, Dieudonné Essomba, Cameroonian certified statistician and economist, provides his overview of the State’s budget and explains why the current economic boom experienced in Côte d’Ivoire cannot be reproduced in Cameroon:
“Due to the recent achievements Côte d’Ivoire has showed, some naively believe that Cameroon, which is seen as Côte d’Ivoire’s twin, should adopt a more Côte d’Ivoire-like style of governance to improve its situation. This school of thoughts is absolutely wrong considering that the major factor to take into consideration here is the external flexibility or the foreign exchange availability. In respect to this, Côte d’Ivoire’s condition is substantially better than Cameroon’s. Its export revenues are 2.5 times greater than ours. The Ivorian diaspora is highly active and its transfers represent 10% of external revenues while this statistic in our country is below the 1%.
Tourism and hospitality which are also sources of external revenues are more developed in Côte d’Ivoire whereas in Cameroon, they are weak and poorly valorized. Moreover, Cameroonians are not very hospitable and often associate foreigners to thieves coming to steal their riches.
As a result of these, Côte d’Ivoire has a potential for generating foreign currencies which is three times greater than that of Cameroon and equally, a purchasing power for external goods three times greater.
In terms of expenditures, Cameroon here again, has numerous drawbacks. First is its consumption style which is exaggeratedly extravagant. For example, it is no secret that Cameroon, an overall average country, is the biggest importer of liquors in Africa! In Africa, South Africa and Northern Africa included, Cameroon is the one having the director with the most furnished car park! This compulsive drive to spend lavishly has led to a rejection of local products. In Côte d’Ivoire, while Ministers and even Heads of State appear in traditional outfits, our executives for their parts parade in the latest and most expensive Parisian designer costumes. Finally, Abidjan’s industrial fabric is way more diversified which in turn alleviate their imports in basic goods.
All these factors give Côte d’Ivoire more flexibility than Cameroon.
Also, it can be said that Côte d’Ivoire benefits from a rebound-growth effect. Indeed, after the war it went through, its previously dwindled production abilities are now springing out impressively in times of peace.
Truth is, comparing Cameroon to Côte d’Ivoire is like comparing a family head that earns 100,000 FCFA and wanders from a bar to another, to another that earns 300,000 FCFA and quietly spends his nights at home. Despite significant similarities, the two countries cannot be compared and Côte d’Ivoire is going to keep progressing over a long time whilst Cameroon is close to choking.”
avec agenceecofin
