Cameroon Govt Allocates 422 billion FCFA for Agricultural Sector Development
By Amos Fofung
The government of Cameroon has allocated some 422 billion Frs CFA to boast food and livestock production and availability across the country. The funds will be allocated to the development of the agricultural sector mainly in rural areas, for the years 2023-2025.
Agriculture is the mainstay of Cameroon’s economy, engaging an estimated 70 percent of the economically active population and accounting for an estimated 80 percent of the primary sector’s contribution to the country’s GDP. It also provides 1/3 of foreign exchange earnings and 15 percent of the country’s budgetary resources.
The allocated amount will be used to operationalize the import-substitution support fund and to effectively carry out the General Census of Agriculture and Livestock. The government also intends to continue improving production basins and modernizing infrastructure and equipment for the production, processing, and marketing of agricultural products.
According to the Minister of Minister of Economy, Planning & Regional Development, Alamine Ousmane Mey, the funds also seek to support the country’s major agricultural production units, which are: the Cameroon Development Corporation (CDC), Pamol Plantations Plc (Pamol); the Company for the Expansion and Modernization of Rice Cultivation of Yagoua (Semry), and the Cotton Development Company (Sodecoton).
Of the 422 billion FCFA, allocations have been made for the construction, rehabilitation, and equipment of units, marketing, and processing of cattle and Livestock Infrastructure Development Project.
Cameroon will also acquire equipment for the operationalization of milk centers, and the construction of slaughter areas in the municipalities with resources transferred to the Decentralized Territorial Collectivities.