CAMEROON IS GAINING GROUNDS FINANCIALLY

Cameroon is a great country. This is a statement that is more of a myth in the Cameroon territory itself. At least it has been so but I think the tides are changing. Since the last world cup (QATAR 2022) were Cameroon was first referred to as the “Cameroon continent”, it has known one breakthrough after the other. Nonetheless, we want to focus on the finances.

Just to be sure we are on the same page, we are aware of the major changes going on in the educational sector in the nation. If you are not updated on that aspect, check out our blogs on presidential decrees on secondary schools. And ministerial decrees relating to that from the Cameroon minister of secondary education PhD PAULINE NALOVA LYONGA.

Back to why we are here. Yes, Cameroon is gaining heights financially. With the current war going on in Ukraine, every single country is battling inflation. Be it cost push or demand pull, inflation is damaging economies. On the 19th of May 2023 (19/05/2023) at exactly 8:00 PM, central African time, the president of the republic, His Excellency President PAUL BIYA, head of armed forces said in his speech to the republic was sure to make us understand based on statistical data that the rate of inflation in Cameroon was far less than that in the United States of America, USA (highly venerated by Cameroonians). A lot of Cameroonians laughed at this statement. Especially among the adult and aging population.

His Excellency President Paul Biya.

“The statement was funny and at the same time annoying”, some said. This was because they could barely accept the efficiency of the nation. Furthermore, some Cameroonians can barely believe anything coming from the Cameroon government any longer, I give them credit. Notwithstanding, some young Cameroonians like myself still see potential in this nation and I implore young and younger Cameroonians not to lose hope. What you are about to learn about our economy is a great feat and accomplishment for us. Though I can’t ascertain if it is also for the African continent at large.

The national neighbour to the west, Nigeria has dominated over Cameroon in that aspect, Currency value for a long time. Nonetheless, the tides have changed. As of the 14th of July 2023 (14/07/2023), the Cameroon currency also the Central African franc (FCFA) has gained momentum over the Nigerian Naira (NGN).

Yearly graph comparison.

Yearly graph of naira – fcfa

Notice how the Nigerian Naira (NGN) was more than double the Central African Franc by the year 2019 but begins to fall slowly till a drastic decent in 2023. The above graph shows yearly details but let’s see what a more precise one can say. The graph below will be monthly, so we can see when exactly the miracle took place.

Monthly comparison 2023

(Monthly graph of naira – fcfa)

The one year graph below, shows us a monotonous fall of the Nigerian Naira compared to the Central African Franc. Notice that the slope is almost perfectly vertical somewhere around May. At the time of our study, 6:00 A.M, 14th July, 2023 (14/07/2023), the Nigerian Naira: Central African Franc conversion ratio was 1:0.7. We could easily conclude that the Nigerian Naira is the one depreciating in value but that will be too rash as the curtain is changing in the same manner with others. Let’s check out other conversion graphs below:

Ghana Cedi - fcfa

(Ghana cedi – fcfa)

The Ghana Cedi : FCFA conversion ration saw its peak in the last five (5) years in 2018 with a value of about 1:125 (in favour of the Ghana Cedi) but has fallen monotonously to its minimum in 2022 and now in 2023 has a value of 1:50 (in favour of the Ghana Cedi).

Chinese Yuan - fcfa

(Chinese Yuan – fcfa)

The Chinese Yuan : FCFA conversion ration saw its peak in the last five (5) years in 2022 with a value of about 1:95 (in favour of the Chinese Yuan) but has fallen monotonously to almost its minimum 2023 and has a value of 1:82 (in favour of the Chinese Yuan).

USD - FCFA