Cameroon aims to increase budget by more than 13% in 2015 - CNBC Africa

Cameroon aims to increase budget by more than 13% in 2015

Western Africa

by Reuters 0

Cameroon's 2015 budget will increase by more than 13 per cent from this year. PHOTO: Getty Images

The government expects economic growth to accelerate to 6.3 per cent, Prime Minister Philemon Yang said on Tuesday.

Presenting the draft budget to parliament, Yang said it would have a total value of 3.746 trillion CFA francs (7 billion US dollars). The growth prediction is a step up from this year's expected 5.8 per cent, with 2015 inflation forecast at 3 per cent.

Cameroon is an oil producer in the Gulf of Guinea and the world's fifth largest cocoa producer. It also acts as the Central African region's bread basket, supplying food to Chad, Congo Republic, Gabon and Central African Republic.

Public investment will increase to 1.15 trillion CFA francs next year from 1 trillion CFA francs this year, according to the budget presentation.

Revenues are projected to increase to 3.342 trillion CFA francs, up nearly 14 per cent from 2014, partly on expectations of increased oil royalties. Cameroon also plans to issue 320 billion CFA francs in bonds in 2015, compared with 280 billion CFA francs this year.

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