Yaoundé - 26 February 2024 -

Euro down 19% against US dollar, Cameroon’s debt up CFA573bn

Euro down 19% against US dollar, Cameroon’s debt up CFA573bn
  • Comments   -   Thursday, 10 November 2022 15:44

(Business in Cameroon) - Between September 2021 and September 2022, the Euro lost 19% of its value against the US dollar. Richard Evina Obam, the Director General of the Autonomous Amortization Fund (CAA) who reported the information, said this euro devaluation has propelled Cameroon’s public debt.

"(...) As a result of this situation, the stock of external public debt recorded an increase of CFA245 billion month-on-month, CFA480 billion quarter-on-quarter, and CFA573 billion year-on-year," the CAA DG explained in an interview with Cameroon Tribune. Based on these statistics and due to the change in the euro-dollar parity, the stock of Cameroon's public debt increased by CFA47.7 billion on average each month between September 2021 and September 2022.

Since the FCFA is pegged to the Euro at a fixed parity, on July 6, 2022, for example, the FCFA reached its lowest level against the dollar in over 25 years. On that day, the currency traded at CFA640.1 per dollar (+10% since the beginning of 2022), according to the Xe.com platform. Currently, Cameroon’s debt stands at CFA12,374 billion, including CFA8,204 billion in external debt. The remaining is made of CFA3,222 billion of domestic debt (not impacted by the euro-dollar parity), CFA937 billion of public enterprise debt, and CFA10 billion of debt for decentralized local authorities, etc.

Brice R. Mbodiam

For over two months, households and businesses across seven of Cameroon's ten regions connected to the Southern Interconnected Grid (RIS) have been...
To facilitate the import of 190,000 tons of rice from India in March and April 2024, the Cameroon Government has offered a special incentive to importers...
The National Institute of Statistics recently issued a statement, providing data on Cameroon’s trade exchanges in 2022. According to the document,...
Cameroon experienced a "spectacular" surge in revenues from liquefied natural gas (LNG) exports in 2022, data from the national stats agency INS showed....

Mags frontpage

Business in Cameroon n110: April 2022

Covid-19, war in Europe: Some Cameroonian firms will suffer

Albert Zeufack: “Today, the most important market is in Asia”

Investir au Cameroun n120: Avril 2022

Covid-19, guerre en Europe : des entreprises camerounaises vont souffrir

Albert Zeufack: « Le marché le plus important aujourd’hui, c’est l’Asie »