Yaoundé (National Times)-The Head of State, Paul Biya, has stated that the country will rely on international financial institutions for more loans in order to modernise its agricultural sector.
The statement from President Paul Biya is in line with the recent loans given to the Government to boast the agricultural sector which is dwindling as a result of neglect and the on-going crisis in the North West and South West Regions.
“We will need to increasingly resort to financial institutions that apply more accessible concessional lending rates,” Biya stated.
The Cameroon’s agricultural sector has deeply be affected by the on-going crisis in the two English-speaking Regions as most agro-industrial companies like Cameroon Development Corporation (CDC), PAMOL and other agricultural smallholder schemes have all been shut down in these Regions.
In his speech, the Head of State reiterated the need for the modernisation of the agricultural sectors so as to achieve economic growth.
“I will want to recall that one of our priority should be the modernisation of our agriculture by meeting it production and diversification targets, we have to provide it with the technical resources”.
To Biya, to achieve this agricultural modernisation, there is the need to accelerate the processing of agricultural commodities in order to give them value and to reduce the country imports of goods and services.
The President, however, regretted the slow pace of projects aimed at accelerating the growth of the country’s economy as compared to the other countries of the same standard.
“It is inadmissible that our projects should take much more time to mature than the countries of a comparable nature of development”.
It should be noted that the International Monetary Fund (IMF) in its recent outing had praised the resilient nature of the Cameroon economy and urged the Government to invest more on agriculture so as to achieve economic growth.