The timber industry has been the hardest hit sector in Cameroon’s economy in the global downturn.
A report by the country’s Chamber of Commerce said timber exports fell by 200,000 tons last year and further declines were expected as demand for hardwood remained slack.
Losses for the timber sector were put at £210m, half of all losses reported by industry in a survey of 40 companies by the Cameroon Chamber of Commerce.
Forestry and wildlife minister Elvis Ngolle Ngolle says the government is working with other members of the Central African Economic Community to respond to the financial crisis. “We have a more or less integrated approach to responding to the world financial crisis. We want to make sure that what is good for Cameroon is good for all the others in the sub-region.”
