2023 SBEC Annual Report

Download report

Executive Summary

Cameroon is recognized as the economic behemoth of the Central African Economic and Monetary Community (CEMAC). The country underlines a diverse economy with considerable growth potential. However, it, at the same time, also confronts challenges such as high poverty rates, limited access to financing, and inadequate socio-economic and physical infrastructure, all of which stand in the way of the development of nation’s entrepreneurial ecosystem. The report explores the entrepreneurial landscape and economic development in Cameroon, with a particular focus on the contribution of women and youth to entrepreneurship. The objective of this study is to offer insights that can inform policy decisions aimed at promoting sustainable economic development in line with global goals and Africa 2063 agenda objectives and goals. The report also employs a detailed approach that integrates literature review with multiple linear regression analysis based on local conditions. Data was collected from various sources, including government reports, surveys, and databases, among others. The regression analysis also provides valuable insights into the relationships among different variables derived from the World Development Indicators (2022) and its impact on economic growth and sustainable development. The findings indicate that youth entrepreneurship, net migration, terms of trade, and poverty rates significantly influence economic growth and sustainable development. In contrast, female entrepreneurship and urban population size exhibit positive but statistically insignificant effects on economic growth.

These results go on to suggest that implementing targeted policies could enhance the role of entrepreneurship in promoting economic development. Furthermore, youth entrepreneurship emerges as a critical driver of economic growth in Cameroon. However, the positive yet statistically insignificant impact of female entrepreneurship underscores the need for increased support in the area. Additionally, net migration and terms of trade are suggestive of significantly affecting the economic development. To further rev up entrepreneurship and stimulate economic development in Cameroon, a variety of strategic initiatives are being proposed. Key actions include enhancing business management skills through targeted training and networking opportunities, implementing land reforms to ensure secure tenure, and establishing partnerships with microfinance institutions to improve access to capital. Additionally, developing agricultural information systems, expanding vocational training programs for youth (both male and female), and promoting community dialogues form the critical components of this strategy. Other measures involve implementing youth empowerment programs, revising educational curricula to incorporate entrepreneurship education, creating market platforms, promoting youth cooperatives, improving rural infrastructure, and strengthening market linkages—all of which are essential for fostering entrepreneurial growth. In addition, the research highlights the need and significance of a strong entrepreneurship ecosystem for economic development in Cameroon. By implementing the strategies as proposed, policymakers can support fostering an environment that underpins entrepreneurial growth, driving economic development and enhancing livelihoods for well-being of the people at large.