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Cameroon, officially the Republic of Cameroon, is a country in west-central Africa. It is bordered by Nigeria to the west and north; Chad to the northeast; the Central African Republic to the east; and Equatorial Guinea, Gabon and the Republic of the Congo to the south. Its coastline lies on the Bight of Biafra, part of the Gulf of Guinea and the Atlantic Ocean. Due to its strategic position at the crossroads between West Africa and Central Africa, it has been categorized as being in both camps. Its nearly 27 million people speak 250 native languages.
At the crossroads of West Africa and Central Africa, the territory of what is now Cameroon has seen human habitation since some time in the Middle Paleolithic, likely no later than 130,000 years ago. The earliest discovered archaeological evidence of humans dates from around 30,000 years ago at Shum Laka. The Bamenda highlands in western Cameroon near the border with Nigeria are the most likely origin for the Bantu peoples, whose language and culture came to dominate most of central and southern Africa between 1000 BCE and 1000 CE.
The economy of Cameroon was one of the most prosperous in Africa for a quarter of a century after independence. The drop in commodity prices for its principal exports – petroleum, cocoa, coffee, and cotton – in the mid-1980s, combined with an overvalued currency and economic mismanagement, led to a decade-long recession. Real per capita GDP fell by more than 60% from 1986 to 1994. The current account and fiscal deficits widened, and foreign debt grew. Yet because of its oil reserves and favorable agricultural conditions, Cameroon still has one of the best-endowed primary commodity economies in sub-Saharan Africa.
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Since independence, corruption has been more than prevalent in Cameroon. In fact, corruption has become pervasive and has affected all sectors of the government and civil society including the executive, judiciary, police, and even the private sector. The main causes being a deep lack of political will to fight corruption and neopatrimonialism. Other causes include; personal interests and absence of duty conscience, weak judiciary and almost nonexistent opposition in the legislative, nepotism and favouritism, ineffective system of accountability, among others.
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The 1976 sterling crisis was a currency crisis in the United Kingdom. Inflation, a balance of payments deficit, a public spending deficit, and the 1973 oil crisis were contributors.
This article discusses the economic history of Sudan.
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References
- ↑ "Cameroon Hit by Global Economic Crisis" . Retrieved 30 October 2016.
- 1 2 3 "Cameroon Overview of economy, Information about Overview of economy in Cameroon" . Retrieved 30 October 2016.
- ↑ DeLancey and DeLancey 104.
- ↑ Quoted in DeLancey and DeLancey 104.
- ↑ DeLancey and DeLancey 105.