Cameroon seeks to rejoin AGOA amid slowing export revenues

Cameroon is seeking to rejoin the US’s commerce initiative for Africa, because the nation works to spice up export revenues amid falling overseas alternate earnings.

Cameroon’s financial system minister Alamine Ousmane Mey stated his nation has began talks with Washington for admission again into Africa Progress and Alternatives Act (AGOA), which grants African international locations tariff-free entry to the U.S. market.

The fallout from the Covid-19 pandemic, and world shocks triggered by the battle in Ukraine have hit Cameroon onerous, denting financial progress and undermined its capability to repay debt.

The Worldwide Financial Fund (IMF) forecasts that Cameroon, a Central African oil producer, will document 4.3% financial progress this 12 months.

The Fund has categorized Cameroon as being at excessive danger of debt misery. However, the Fund added, that Yaounde’s debt might nonetheless be sustainable with with sound fiscal reforms and administration.

In 2019, the US kicked Cameroon out of the AGOA program for rights violations by safety forces within the restive southwest and northwest areas.