(Business in Cameroon) - The turnover of companies operating in Cameroon grew 17.7% in 2022, against 9.6% in 2021, the National Institute of Statistics reveals in its briefing note of businesses’ financial situation published on May 24, 2023. This is the largest increase in this indicator in 7 years. It is also the first time it is recording double-digit growth over the 7 years. 

According to the INS, companies are showing "resilience" in an international and national context marked by "generalized inflationary pressures, following the Russian-Ukrainian conflict and the increase in the cost of maritime freight,  the rise in the prices of major commodities, especially crude oil and the appreciation of the dollar ... "   

The stellar performance in such an unfavorable context is mainly attributable to the performance in a few industries. These are notably the wholesale and retail trade, vehicle repair, oil, and energy product extraction, finance and insurance, information and telecommunications, as well as the cocoa, coffee, tea, and sugar industries. 

Above all, oil extraction was the main driver. According to INS data, turnover in this sector jumped by 69.8% during the period under review. This exponential growth is due to the cumulative effect of the appreciation of the dollar and the surge in oil prices on international markets, following the economic impacts of the Russian-Ukrainian conflict.

The second contributor to business resilience in Cameroon in 2022 was the finance and insurance industry, which recorded a 39.3% growth over the period. This was due to  "the increase in volumes of public securities, the repayment of domestic debt, and the financing and densification of foreign trade operations (purchase and sale of foreign currency).”

Let’s note that the briefing note was based on 1,069 statistical and fiscal declarations (DSF) provided by companies representative of the national economic fabric and classified by the branch of activity.

BRM