40 Years of Biya: What’s the Economic Reality in Cameroon? [Business Africa]
Cameroon's presidential election is occurring amid significant economic uncertainty. Economic activity has slowed as many citizens reduce spending due to fears of post-election instability. The country has been led by Paul Biya since 1982, and it…
Cameroon's presidential election is occurring amid significant economic uncertainty. Economic activity has slowed as many citizens reduce spending due to fears of post-election instability. The country has been led by Paul Biya since 1982, and it currently faces a severe economic crisis affecting industries, distribution, and small businesses.
Economist Eugène Nyambal notes that the election underscores the country's economic challenges, emphasizing the need for policy changes to restore economic growth. Key measures include promoting meritocracy, addressing high living costs, and supporting the private sector to diversify the economy.
The October election is critical, with the next administration needing to tackle high unemployment among the youth, who constitute over 60% of the population.
Economic activity has slowed as many citizens reduce spending due to fears of post-election instability.
Madagascar is experiencing a political crisis that is exacerbating an already dire economic situation. Political uncertainty is affecting economic activities, with reports of looting and a significant drop in retail and tourism activities. The country faces challenges as more than 75% of the population lives below the poverty line, and the majority of the economy is informal.
The European Union has pledged €11.5 billion to support South Africa's energy transition, infrastructure modernization, and health sector improvements. This investment aims to reduce South Africa's reliance on coal, which currently accounts for nearly 85% of the country's electricity supply. The initiative includes developing renewable energy capacities, upgrading the power grid, and enhancing energy storage solutions.
As trade tensions with the United States rise, this EU investment positions South Africa as a key partner in Africa's green transition. The cooperation between the EU and South Africa will be highlighted at the upcoming G20 summit in Johannesburg.
Based on reporting by Africanews.
