World Bank sees Growth in 2015 above 5%
The World Bank has projected Cameroon’s economic growth rate for the 2015 fiscal yearat a 5.1 %. The announcement was made public recently in Yaounde by World Bank officials as they presented their report on the Global Economic Prospects for 2015.
They project an overall improvement even though there are fears of some hurdles along the way. While the World Bank projects a 5.1 % economic growth rate, the Government of Cameroon projects 6.2 % this 2015. World Bank officials say the increased growth in developing countries is due to several factors including the drop in fuel prices and the settling of problems that shook several major emerging markets.
In the meantime, the President of the World Bank Group, Jim Yong Kim called on coun…
Ruling Party wins first-ever Senate Elections
It is official: The party of Cameroon’s entrenched ruler Paul Biya won 56 of the 70 contested seats in the nation’s first-ever senatorial election, the Supreme Court announced. Supreme Court President Alexis Dipanda Mouelle said Monday that Biya’s Cameroon Peoples’ Democratic Party scored 73 percent of the vote, winning seats in eight of the country’s 10 administrative regions. The opposition Social Democratic Front received 17 percent, with 14 seats in just two regions. The opposition claimed vote-rigging but international observers said instances of vote-buying and intimidation were too few to change the overall outcome of the ballot. According to the constitution, the 80-year-old Biya, in power since 1982, gets to appoint the remainin…
Exploration Licenses up on Auction
Cameroon is auctioning off exploration licences for three offshore and two onshore oil blocks, an official at the country’s state oil company said on Tuesday. The central African state is trying to reverse a decline in crude oil production, which averaged just over 70,000 barrels per day in 2012 from a 1977 peak of 185,000 bpd. “We believe and are hopeful that these (blocks) will significantly raise production,” said Simon Tamfu, National Hydrocarbons Corporation’s exploration manager. He said the blocks were put up for auction in January and that companies had until mid-June to submit their proposals. He declined to say which companies had so far expressed interest. The blocks include the shallow water Lungahe, Bomana, and Dissoni lease…