Oyogist has Learned that a recent report by the National Technical Committee on Balance of Payments shows that Cameroon so far has been able to attract 341.3 billion FCFA (about 680 million US dollars) in direct foreign investments during the year 2020.
This is a drop of about 185 billion FCFA (about 370 US dollars) as compared to 2019 during which the country attracted 527 billion FCFA (about 1 billion US dollars) in direct foreign investments.
The National Technical Committee on the Balance of Payments attributed the drop to the coronavirus pandemic.
Recall the first positive coronavirus case in Cameroon was recorded in March 2020.
The pandemic has constrained international investment companies to suspend their investments worldwide thereby reducing the movement of direct foreign investments.
According to a document published by the United Nations Conference on Trade and Development (UNCTAD),
“Between 2000 and 2014, Cameroon captured 2,750 billion FCFA of direct foreign investments, with 1,850 billion FCFA coming from China. This represents 67 per cent of direct foreign investments coming to Cameroon,”
“The rest of direct foreign investments came from France, the United States, and Nigeria.” it read.
