释放喀麦隆的增长：缓解金融部门的限制，缩小基础设施差距（英）

Unlocking Growth inCameroon: EasingFinancial SectorConstraints and ClosingInfrastructure Gaps Andrea Carolina Atencio De Leon,Sampawende Jules Tapsoba,Céline Thévenot,and Du Prince Tchakote SIP/2026/030 IMF Selected Issues Papers are prepared by IMF staff asbackground documentation for periodic consultations withmember countries.It is based on the information available atthe time it was completed onMarch 9, 2026. This paper is alsopublished separately as IMF Country Report No26/82. 2026APR IMFSelected IssuesPaper African Department Unlocking Growth in Cameroon: Easing Financial Sector Constraints and Closing Infrastructure GapsPrepared by Andrea Atencio De León,SampawendeJules Tapsoba, Céline Thévenot, and Du Prince Tchakote Authorized for distribution by Christine DieterichApril2026 IMF Selected Issues Papersare prepared by IMF staff as background documentation for periodicconsultations with member countries.It is based on the information available at the time it wascompleted onMarch 9, 2026. This paper is also published separately as IMF Country Report No26/82. ABSTRACT:Cameroon’s growth has been consistently below expectations and reflects structural constraintsthat limit private-sector development, including a shallow financial system, sizeable infrastructure gaps, andweak public investment efficiency. Access to finance and underdeveloped infrastructure are increasinglybinding obstacles, keeping firms small and productivity low. Using firm-level evidence, cross-countrybenchmarks, and a panel regression for 88 economies, this Selected Issues Paper (SIP) documents theseconstraints and finds that, conditional on the model and historical cross-country relationships, closingCameroon’s gaps in financial development and infrastructure relative to the sample average is associated withsubstantially higher long-term income per capita—on the order of 28 percent. It also finds that even at currentlevels, improvements in efficiency could generate additional gains. The SIP outlines priority reforms to deepenfinancial intermediation, strengthen investment planning and execution, and accelerate infrastructure delivery tosupport Cameroon’s convergence toward peer economies under the National Development Strategy 2030. RECOMMENDED CITATION:Atencio De Leon, Andrea; Jules Tapsoba; Céline Thévenot; and Du PrinceTchakote. 2026.Unlocking Growth in Cameroon: Easing Financial Sector Constraints and ClosingInfrastructure Gaps.IMF Selected Issues Paper SIP/2026/030. Unlocking Growth inCameroon: EasingFinancial SectorConstraints and ClosingInfrastructure Gaps Cameroon Prepared by Andrea Carolina Atencio De Leon,SampawendeJulesTapsoba, Céline Thévenot, and Du Prince Tchakote CAMEROON SELECTED ISSUES ApprovedBythe AfricanDepartment Prepared ByAndreaAtencioDe Leon,SampawendeJulesTapsoba,Céline ThévenotandDu Prince Tchakote CONTENTS A. Introduction __________________________________________________________________________2B.FinancialSector Constraints Limit Access toFinance ________________________________4C.Lagging Infrastructure and InvestmentEfficency ____________________________________7D.Estimating Growth Gains from Financial and Infrastructure Improvements_________10E.Policy Advice________________________________________________________________________13F. Conclusion __________________________________________________________________________ 17 FIGURES 1.Size Distribution of Private Businesses in 2024__________________________________________22.Biggest Obstacle Faced by Firms_____________________________________________________33.Financial Development in Cameroon and Peers 1990–2020__________________________44.Domestic Credit to Private Sector____________________________________________________55.Characteristics of Banking Lending__________________________________________________66.Access to Electricity in Rural and Urban Areas_______________________________________87.Rural Access Index and GDP per Capita, 2018________________________________________88.Capital Spending _____________________________________________________________________99.CapitalExpenditure Planned and Executed __________________________________________ 910.Predicted versus Realized GDP per Capita in 2024________________________________13 TABLE 1.Regression Results: Financial Development, Infrastructure, and Income per Capita_12 ANNEX 1.List of Countries Included in the Model____________________________________________19 References____________________________________________________________________________18 UNLOCKING GROWTH INCAMEROON: EASINGFINANCIAL SECTOR CONSTRAINTS AND CLOSINGINFRASTRUCTURE GAPS1 Cameroon’sgrowth has been consistently below expectations andreflects structural constraintsthat limit private-sector development, including a shallow financial system, sizeableinfrastructure gaps, and weak public investment efficiency. Access to finance andunderdevelopedinfrastructureare increasingly binding obstacles, keeping firms s