Housing Finance in Cameroon

Macroeconomic Overview

Cameroon is a country located in Central and West Africa and along the Atlantic Ocean. It is bordered to the northeast by Chad; to the west and north by Nigeria; the east by Central African Republic; and to the south by Equatorial Guinea, Gabon and the Republic of the Congo. Two of its border regions in the northwest and southwest are English-speaking, while the rest of the country is French speaking. The currency in Cameroon is Central African CFA franc.[1] With a population of close to 25 million, covering 475 440 km . The country is rich in natural resources, which includes agricultural products like cocoa, coffee, cotton, maize and cassava, oil, gas, minerals and high-value species of timber.

Cameroon has a yearly population growth rate of 2.59 percent in 2020 as against 2.62 percent in 2019. With a population density of 56 per Km² (145 people per m²), Cameroon is now 56.3 percent urbanized (14 941 523 people in 2020) as against 55.7 percent in 2019.[2] The country is classified as one of the world’s least developed countries[3] and is considered a lower middle income country. Despite this, Cameroon has recorded fairly robust Gross Domestic product (GDP) growth for the past five years. The country’s GDP is supported by improved electricity supply from new hydroelectric dams and the start of natural gas production from a new liquefied natural gas offshore terminal.[4]

The GDP per capita income (on yearly basis) in Cameroon was CFA884 981.8 (US$1 514.6) as at 2019 and has been estimated to be aroundCFA907 857.2 (US$1 553.75) in 2020.[5] Also, Cameroon GDP per capita based on Purchasing Power Parity (PPP) increased substantially by 3.27 percent between 2018 and 2019. GDP per capita based on PPP was reported to be CFA2 310 909.25 (US$3 955) in 2019 compared to CFA2 237 871.7 (US$3830) in 2018.[6] Over the last 20 years, Cameroon’s economy has been commodity dependent with oil accounting for over 50 percent of total exports. Agriculture employs more than 50 percent of its workforce.

In the fourth quarter of 2019, the economy grew 3.8 percent as against 3.6 percent growth in fourth quarter 2018. Mining and construction was majorly responsible for the growth in the secondary sector which was 5.1 percent as against 4.5 percent in the third quarter of 2019.[7] The economic growth of the country is on an annual average of 4.7 percent, resulting in the demand for new infrastructures to be built.[8] In Cameroon housing finance accounts for less than one percent of GDP. This is low compared to other developing countries like Thailand, Chile, Malaysia, Costa Rica, etc. where outstanding mortgage loans to GDP varies between 15 and 36 percent.[9] Inflation rates in Cameroon was reported to be 2.45 percent in 2019 and estimated to be 2.8 percent in 2020.[10]

As at the 31^st of December, 2019 Cameroon had 418 accredited microfinance institutions (MFI) operating.[11] There are 15 commercial banks, 26 insurance companies, a state pension fund, and a state-owned mortgage bank, as well as non-banking financial establishments.[12] The unified standard exchange of Central African Economic and Monetary Community (CEMAC) is now officially hosted by Douala. This begun in July 2019, combining into one what were previously two exchanges.[13]

 

 

[1] Travel tables (2020). Cost of living and prices in Cameroon, prices of food, rent, shopping, etc. Updated Sep. 2020. https://traveltables.com/country/cameroon/cost-of-living. (Accessed: 17 September 2020).

[2]Worldometer (2020). Cameroon Population. https://www.worldometers.info/world-population/cameroon-population/ (Accessed: 14 September 2020).

[3]Plecher, H. (2020a). Cameroon- gross domestic product (GDP) per capita 2024 | Statista. https://www.statista.com/statistics/446675/gross-domestic-product-gdp-per-capita-in-cameroon/ (Accessed: 14 September 2020).

[4] The Heritage Foundation (2020). 2020 Index of Economic Freedom. Cameroon Economy: Population, GDP, Inflation, Business, Trade, FDI, Corruption. https://www.heritage.org/index/country/cameroon?version=429. (Accessed: 15 September 2020).

[5]Plecher, H. (2020a). Cameroon- gross domestic product (GDP) per capita 2024 | Statista. https://www.statista.com/statistics/446675/gross-domestic-product-gdp-per-capita-in-cameroon/ (Accessed: 14 September 2020).

[6] World Data Atlas. Cameroon – Gross domestic product per capita based on purchasing-power-parity in current prices. https://knoema.com/atlas/Cameroon/GDP-per-capita-based-on-PPP. (Accessed: 21 September 2020).

[7] Trading Economics (2020b). Cameroon GDP Annual Growth Rate | 2003-2019 Data | 2020-2022 Forecast | Historical. https://tradingeconomics.com/cameroon/gdp-growth-annual (Accessed: 14 September 2020).

[8] Real Estate Assets Managers Africa (2019) Real Estate Market In Cameroon Is Alive & Well. https://www.amsafrica-realestate.com/real-estate-market-in-cameroon-is-alive-well/ (Accessed: 18 September 2020).

[9] Bah, E. M. et al. (2018) ‘Housing Finance in Africa’, in Housing Market Dynamics in Africa. Palgrave Macmillan UK. https://link.springer.com/content/pdf/10.1057%2F978-1-137-59792-2.pdf. (Accessed: 18 September 2020). Pg. 61.

[10] Statista. Cameroon- inflation rate from 1984 to 2021. https://www.statista.com/statistics/446717/inflation-rate-in-cameroon/ (Accessed: 14 September 2020).

[11] Business in Cameroon (2020). Cameroon: Microfinance institutions performed better YoY in 2019 (Ministry of Finance). https://www.businessincameroon.com/finance/0204-10159-cameroon-microfinance-institutions-performed-better-yoy-in-2019-ministry-of-finance  (Accessed: 15 September 2020).

[12]U.S. Department of State (2020). 2020 Investment Climate statements: Cameroon. https://www.state.gov/reports/2020-investment-climate-statements/cameroon/(Accessed: 14 September 2020).

[13] CAHF (2019). Housing Finance in Cameroon. https://housingfinanceafrica.org/countries/cameroon/ (Accessed: 23 September 2020).

Access to Finance

Access to finance is limited particularly for retail and small and medium enterprises (SMEs) because of the domination of Cameroon’s financial system by foreign commercial banks. These banks prefer lending to government, multinationals and large businesses. Some commercial banks provide mortgage loans. The geographic distribution of bank branches is highly tilted towards the main urban and semi-urban centres, with most of the semi-urban and rural areas having limited access to formal banking facilities.

Less than five percent of Cameroon citizens have access to a bank account.[1] There is however an operational service known as Mobile Money (MM). MM is a service which permits customers to gain access to financial services using cellular devices, by dialling Unstructured Supplementary Service Data (USSD) codes. Four significant platforms for mobile money services (MMS) in Cameroon include, MTN Mobile Money, Orange Mobile Money, Express Union Mobile Money and the recently launched Nextel Possa. Some of the services offered by MM includes the transferring of funds between bank accounts and mobile money accounts; sending and receiving of money transfers; money withdrawals; money deposits; visa card facility; etc.  With the introduction of innovative technology, MMS now contribute 73 percent of the total variance in the turnover of the SMEs in Douala.[2]

A state housing bank, Crédit Foncier du Cameroon (CFC) plays a principal role in the mortgage sector. The CFC has advantage over local commercial banks because it receives a salary levied tax thereby having access to long term funding. This mechanism allows it to grant long-term loans (for as long as 30 years) at subsidized rates (approximately seven percent). Considering the extremely limited volume of credits it grants and the difficulties CFC faces, households’ options for financing housing are limited. Furthermore, the CFC currently only supports the financing needs of the upper income class making it difficult for the development of a robust mortgage sector.[3]

The banking sector is highly concentrated and dominated by foreign commercial banks which hold more than 50 percent of total financial system assets. The capitalization of small domestic banks is well below the average of banks in the CEMAC region.  Domestic banks’ profits are approximately two percent compared to 20 percent for foreign banks. This puts the domestic banks in a much weaker position. The outcome is that most banks hold large amounts of excess reserves as a percentage of deposits and therefore have a huge amount of unutilized liquidity.

The International Bank of Cameroon for Savings and Credit (BICEC) provides two Housing Microfinance Market (HMF) products in Cameroon. These are Land purchase; and Home construction/acquisition. The tenure and interest rate of these loans are seven years and seven percent, respectively. The age limit for borrowers are between 18 and 55 years.[4] Further, unsecured loans are provided to customers that are salary earners by Cameroon’s La Régionale d’Epargne et de Crédit. These loans have five years maturities and are cheaper than microcredits but with conditions that are almost the same with that of traditional mortgages.[5]

 

 

[1] Talom, F. S. G. and Tengeh, R. K. (2020) ‘The impact of mobile money on the financial performance of the SMEs in douala, Cameroon’. https://www.mdpi.com/2071-1050/12/1/183/pdf (Accessed: 16 September 2020). Pg. 1.

[2]Talom, F. S. G. and Tengeh, R. K. (2020) ‘The impact of mobile money on the financial performance of the SMEs in douala, Cameroon’. https://www.mdpi.com/2071-1050/12/1/183/pdf (Accessed: 16 September 2020). Pg. 1.

[3] World Bank Group (2020). Housing Finance in the CEMAC Region: Current Status, Opportunities, and a Way Forward for Affordable Housing: Current Status, Opportunities, and a Way Forward for Affordable Housing (English). http://documents.worldbank.org/curated/en/584141591021152632/Current-Status-Opportunities-and-a-Way-Forward-for-Affordable-Housing. (Accessed: 16 September 2020). Pg. 78.

[4] Bah, E. M. et al. (2018) ‘Housing Finance in Africa’, in Housing Market Dynamics in Africa. Palgrave Macmillan UK. https://link.springer.com/content/pdf/10.1057%2F978-1-137-59792-2.pdf. (Accessed: 18 September 2020). Pg. 66

[5] Bah, E. M. et al. (2018) ‘Housing Finance in Africa’, in Housing Market Dynamics in Africa. Palgrave Macmillan UK. https://link.springer.com/content/pdf/10.1057%2F978-1-137-59792-2.pdf. (Accessed: 18 September 2020). Pg. 84.

Affordability

 

The unemployment rate in Cameroon decreased to 3.30 percent in 2019 from 3.40 percent in 2018 and is estimated to be around 3.2 percent in 2020.[1] The population below the poverty line in Cameroon was 37.5 percent in 2014; 40 percent in 2018 and was estimated to be around 30 percent in 2019.[2] According to the World Bank collection of development indicators, income poverty in Cameroon was reported at 0.66667 in 2019.[3] GINI index was 39.8 percent in 2018 and Human Development Index (HDI) value for 2018 is 0.563. This puts Cameroon in the medium human development category, positioning it at 150 out of 189 countries and territories.

Cameroon’s HDI value increased from 0.445 to 0.563 between 1990 and 2018, an increase of 26.4 percent.[4] Approximately 90 percent of jobs in Cameroon are informal. Accounting for nearly a quarter of total employment, the informal sector is the main source of non-agricultural employment (half of non-agricultural employment).[5] The formal private sector is not well developed and employs only a small percentage of the labour force. Through its agencies and parastatals, the government is the largest formal sector employer in Cameroon.

In Cameroon, the average gross earning for most salary people is CFA2 093 298 (US$3 583.6).[6] From the growing diaspora population, most families receive monthly remittances whose inflows continue to increase. Remittances as percentage of GDP for 2019 in Cameroon are 0.86 percent.[7] Primarily, these remittances are used to fund projects for those in the diaspora (which often includes housing construction) and for the basic needs of families. The cost of newly built house of size 104 square meter is CFA18 000 000 (USD30 821). Typical rental price for same type of house is CFA125 000 (USD213.9).[8] Meanwhile, there are no subsidies tied to housing which are not related to mortgage.[9] Other basic services like heating, cooling, refuse disposal, electricity and water supply for 85m² residential apartment would cost 47500.00 CFA (US$81.3) per month.[10]

To increase access to funding, variants of the contractual savings for housing (CSH) scheme have been developed in Cameroon. The CSH plan is a contractual agreement between a financial institution and a customer that grants the customer the right to acquire a privileged mortgage after a minimum saving period.[1]

[1] Bah, E. M. et al. (2018) ‘Housing Finance in Africa’, in Housing Market Dynamics in Africa. Palgrave Macmillan UK. https://link.springer.com/content/pdf/10.1057%2F978-1-137-59792-2.pdf. (Accessed: 18 September 2020).Pg. 70.

[1] Trading Economics (2020c) Cameroon Unemployment Rate | 1991-2019 Data | 2020-2022 Forecast | Historical | Chart. https://tradingeconomics.com/cameroon/unemployment-rate (Accessed: 16 September 2020).

[2] Index mundi (2019) Cameroon – Population below poverty line – Historical Data Graphs per Year. https://www.indexmundi.com/g/g.aspx?c=cm&v=69 (Accessed: 16 September 2020).

[3] Trading Economics (2020a) Cameroon – Income Poverty – 1997-2019 Data | 2020 Forecast. https://tradingeconomics.com/cameroon/income-poverty-wb-data.html.  (Accessed: 16 September 2020).

[4]UNITED NATIONS DEVELOPMENT PROGRAMME ‘Human Development Report: Human Development Data (1980-2018). http://hdr.undp.org/en/data. (Accessed: 16 September 2020).

[5] Raoul, E. E. and Zenobia, T. (2020) ‘Informal Economy and Economic Growth in Cameroon’. https://www.researchgate.net/publication/341905555_Informal_Economy_And_Economic_Growth_In_Cameroon. (Accessed: 16 September 2020). Pg. 518.

[6] Average Salary Survey (2020). Cameroon | 2019/20 Average Salary Survey. https://www.averagesalarysurvey.com/cameroon. (Accessed: 16 September 2020).

[7] The Global Economy (2020). Cameroon: Remittances, percent of GDP. https://www.theglobaleconomy.com/Cameroon/remittances_percent_GDP/ (Accessed: 16 September 2020).

[8] Cameroon Real Estate Corporation,Ngane Alain, Yaounde.12-August-2020.

[9] Cameroon Real Estate Corporation Head office Yaounde at Avenue Independence-Hippodrome.Mr Ngane Alaine,Manager of real estate Corporation.13-August-2020,Data was collected.

[10] Numebo (2020). Cost of Living in Cameroon. https://www.numbeo.com/cost-of-living/country_result.jsp?country=Cameroon(Accessed: 17 September 2020).

Housing Supply

Despite the intervention of the government to curb the housing problem which is largely the exorbitant prices of housing/building supplies in the country, Cameroon’s housing challenge still remain. The cost of a 1 bedroom apartment in city centre is CFA97 333.33 (US$166.6), cost of one bedroom outside of centre is CFA55 000 (US$94.1), cost of 3 bedrooms in city centre is CFA 308 437.5 (US$527.9), while cost of 3 bedrooms outside of centre is CFA170 625 (US$292).[1] For new households in the urban and semi-urban areas, a shift from ownership towards rentals occurs as the rate of urbanization increases and as the middle class grows.

Relentlessly, in its efforts to deliver social housing, the government has entered into partnership investment agreements and has also signed memorandums of understanding (MOU) with various foreign bodies and companies, a number of which involve direct foreign investment (DFI).  On July 14, 2020, the government handed over house keys to 32 beneficiaries who had completed their payment for low cost residential apartment. This project is part of an MOU for the construction of 10 000 social homes that was signed by the Qatari Haba Business Group and the Cameroonian Government. The houses are located in a secure and accessible area. The government has promised to deliver more keys to the subscribers, upon completion of housing payment and in line with the executed MOU with Qatari Haba Business Group. Also, in line with this project, the government has promised to continue its construction by developing 4.500 collective residential apartment in Douala and Yaounde. Additionally, 50 individual housing units will be developed in Kribi, Edea, Dschang, Bangangte, Soa, Limbe, Sangmelima, chief towns of Douala and Yaounde, and other cities.[2]

[1]Numebo (2020). Cost of Living in Cameroon. https://www.numbeo.com/cost-of-living/country_result.jsp?country=Cameroon(Accessed: 17 September 2020).

[2] Allafrica (2020). Cameroon: Low Cost Housing – 32 Owners Receive Keys. https://allafrica.com/stories/202007160338.html. (Accessed: 08 October 2020).

Property Markets

Economic growth of Cameroon crumbled by three percent due to COVID-19 effect. This crash in the economy ultimately affected the real estate market.  As a result of the pandemic, many people lost their jobs and could not access bank loans. To meet up their urgent monetary needs, many people sold their properties at less than the value. This fall in prices with fewer creditworthy buyers made the real estate market crash by approximately 30 percent. In addition, Cameroon is also experiencing a decline in its equities market and this has even made it more difficult for many real estate companies to overcome the crisis. The outcome is that many real estate investors in these kinds of complicated situation sell their properties at lower price to recover money.[1]

In Cameroon, the majority of land is considered National land which is administered by the State for the “public good” and held under customary law. This includes all unregistered land that is not managed by the state and is occupied or used by rural communities. Only a relatively small percentage of Cameroonians have registered their land rights. Today, most pieces of land in Cameroon are still held and managed informally through local tenure arrangements. These local arrangements are a combination of statutory and customary tenure rules which form a complex and sometimes, flexible set of rules that creates uncertainty, promotes land conflicts and hinders local development.[2]

Land titles are the only legal means of holding land rights. It is possible to obtain ownership rights over land in the private domain of the State, it however, requires that land be registered, and a development plan be drafted as well. Title on land effectively occupied and used before 1974 can be applied for. At present, communities and individuals are not permitted to apply for title on lands that are not effectively occupied and used. They are allowed to continue fishing and other activities on vacant land. This opportunity is however not guaranteed as the state can evict communities from these lands and reallocate them.

Globally, in the World Bank’s Doing Business Report 2020, Cameroon is ranked at 175 in the ranking of 190 economies on the ease of registering property.[3] The small number of land certificates and titles can be attributed to several factors, which prompted the Cameroon government in 2005 to simplify the titling procedures. The government reduced the number of steps and departments involved in the process of reviewing and approving a request to title land and established a timeline for processing applications. Another improvement ushered in by the 2005 reform was the creation of a single agency within Ministry of State Property and Land Tenure (MINDAF) to handle most services concerned with the titling process.

According to MINDAF, only 125 000 title deeds were issued between 1884 and 2008 (approximately 1 000 titles per year on average).[4] Property tax is payable annually with or without an ownership certificate or an administrative or judicial order issued on real estate in Cameroon

Tax is charged at 0.1 percent of the assessed property value. Properties exempted from real property tax are those belonging to sporting bodies’, associations, clubs, or accredited properties intended for sports and sports facilities.[1]

 

The real estate market in Cameroon is thriving. Rate of returns are attractive in certain areas as Yaounde and Douala with a Return on Investment (ROI) ranging from 7 to 10 percent. Specifically, city office rent in these areas get an ROI rate of 10 percent while commercial rents and residential rents get 8.57 and 7.5 percent respectively.[2]

[1] PricewaterhouseCoopers (2020) Cameroon, Republic of – Corporate – Other taxes. https://taxsummaries.pwc.com/republic-of-cameroon/corporate/other-taxes. (Accessed: 18 September 2020).

[2] Real Estate Assets Managers Africa (2019) Real Estate Market In Cameroon Is Alive & Well. https://www.amsafrica-realestate.com/real-estate-market-in-cameroon-is-alive-well/(Accessed: 18 September 2020).

[1] KB SAP consulting (2020). Covid-19: Impacts and scenarios on the Cameroonian real estate market. https://www.kedibuild-consulting.com/index.php/component/k2/item/20-covid-19-impacts-et-scenarii-sur-le-marche-immobilier-camerounais.html. (Accessed: 08 October 2020).

[2] Focus on Land in Africa (2010). Brief: Land Registration in Cameroon. http://www.focusonland.com/folal/en/countries/brief-land-registration-in-cameroon/(Accessed: 17 September 2020).

[3] World Bank (2020). Economy profile Cameroon. https://www.doingbusiness.org/content/dam/doingBusiness/country/c/cameroon/CMR.pdf. (Accessed: 21 September 2020). Pg. 4.

[4] AFRICAN DEVELOPMENT BANK (2009). Cameroon – Diagnostic Study for Modernization of the Lands and Surveys Sectors. https://www.afdb.org/fileadmin/uploads/afdb/Documents/Project-and-Operations/Cameroon_Etude%20sur%20le%20cadastre_english_001.pdf. (Accessed: 18 September 2020). Pg.23.

Policy and Regulation

Cameroon undergoes an intense right-to-land dualism between modern and customary/traditional rights due to its French and British colonial heritage. In the Muslim regions, principles of Islamic law have also been incorporated into customary law.[1] Through Decree No. 2005/178 of 27 May 2005, the institutional framework for the implementation of land legislation was put in place. Thereafter, the Ministry of State Property and Land Tenure, was established as well as Decree No. 2005/481 of 16 December 2005.[2]

Currently, the main regulatory tool in terms of planning in the country, are embedded in the following decrees/laws:

• Decree No. 2008/0737/PM lays down rules for safety, hygiene and sanitation that are applicable to construction works;
• Decree No. 2008/0736/PM for revising and drawing up town planning documents and lays down the conditions for doing so;
• Decree No.2008/0738/PM organizes procedures and processes for land-use;
• Decree No. 2008/0740/PM sets rules on penalties in the event of breach of town planning rules; and
• 2008/0739/PM lays down construction and land-use rules.[3]

In Cameroon, land is classified as private, public or national by formal law. Lands owned by individuals, groups, corporate entities or the State are called Private lands. These lands must be titled and registered.  Public land includes the waterways, sea side, roads and parks that are held by the State for the benefit of the people of Cameroon. All other land which includes grazing land, land held by communities under customary law, most unoccupied land and informal settlements is classified as national land. Use or rights to national land can be allocated by the State to individuals or groups or such land be converted into State public or private property.[4]

 

[1]Majale, M. and Mougoue, B. (2015). ‘Stocktaking of the Housing Sector in Sub-Saharan AfricaPart 2: Cameroon. https://collaboration.worldbank.org/content/usergenerated/asi/cloud/attachments/sites/collaboration-for-development/en/groups/affordable-housing-ksb-c4d/documents/jcr:content/content/primary/blog/stocktaking_of_theh-zW03/Cameroon%20Case%20Study-Revised.v2.pdf. (Accessed: 22 September 2020).

Pg.33.

[2]Majale, M. and Mougoue, B. (2015). ‘Stocktaking of the Housing Sector in Sub-Saharan AfricaPart 2: Cameroon. https://collaboration.worldbank.org/content/usergenerated/asi/cloud/attachments/sites/collaboration-for-development/en/groups/affordable-housing-ksb-c4d/documents/jcr:content/content/primary/blog/stocktaking_of_theh-zW03/Cameroon%20Case%20Study-Revised.v2.pdf. (Accessed: 22 September 2020). Pg.33.

[3]Tene, C. B., Omer, S. and Mempouo, B. (2017). ‘Towards a coherent implementation of safe building laws and regulations in Cameroon: Law, governance and institutional imperatives. https://www.ajol.info/index.php/jsdlp/article/view/163325. (Accessed: 22 September 2020). Pg. 92.

[4]Majale, M. and Mougoue, B. (2015). ‘Stocktaking of the Housing Sector in Sub-Saharan AfricaPart 2: Cameroon. https://collaboration.worldbank.org/content/usergenerated/asi/cloud/attachments/sites/collaboration-for-development/en/groups/affordable-housing-ksb-c4d/documents/jcr:content/content/primary/blog/stocktaking_of_theh-zW03/Cameroon%20Case%20Study-Revised.v2.pdf.(Accessed: 22 September 2020).Pg.34.

Opportunities

Cameroon can be a good option for foreign investors as the economic growth of the country is on the average of 4.7 percent every year, resulting in the demand for new infrastructures to be built.

The wholesale funds made available by the African Development Bank (ADB); growing middle and upper classes; strong local partnerships; increasing capital inflows from the diaspora and international investors; increased local investment; better legislation and reforms; and  access to finance, makes the country a fertile ground for investors.

Developers in the aspects of rental housing, affordable housing, luxury residential and housing finance providers can leverage on the existing challenge of providing housing for the growing and urbanizing population. If thoroughly investigated, this could be an opportunity as almost half of the population lives in informal dwellings and settlements.

Availability of data on housing finance

Mortgage data were obtained from the World Bank and Housing Market Dynamics in Africa by Bah, et al, 2018. Land transaction statistics and economic data were obtained from Worldometer, Trading economics, U.S. Department of state and travel tables.

In Cameroon, the National Institute of Statistics (NIS) and the Bank of Central African States (BEAC) are set up for data management at the socio-economic levels and banking levels respectively. However, both organisations have not been able to make data available publicly. It would help if there is a lot of interaction and engagement between the NIS and BEAC to make data public especially as it concerns housing data.

As with the findings from previous years, there has not been any significant improvement in data management from the registry of various federal agencies.  The activity reports of Ministry of Urban Development and Housing (MINDUH) services are still partial and unpublished. Many of the institutions are still not cooperative when it comes to data sharing.

COVID Response

Cameroon recorded the first COVID-19 confirmed case on the 6th of March, 2020 in Yaoundé. Cameroonian Prime Minister Joseph Dion Ngute closed schools, universities and training centres on 17 March 2020.On 18 March 2020, the country closed its land, air and sea borders.

To cushion the effects of the pandemic, Cameroon reduced its monetary policy rate by 25 basis points (bps) to 3.25 percent; a decrease of the Marginal Lending Facility rate by 100 bps to 5 percent from BEAC as well as macro financial aids from the Commission Bancaire de l’Afrique Centrale (COBAC). Furthermore, the BEAC also decided to resume liquidity injections into the system with longer maturity, of up to one year.

However, there has not been any specific incentives recorded as it concerns direct palliative on housing during the lockdown.

Additional Sources

WorldData.info (2019) Inflation rates in Cameroon. https://www.worlddata.info/africa/cameroon/inflation-rates.php(Accessed: 14 September 2020).

Africa.com (2018) Cameroon: Land and Property Rights. https://africa.com/cameroon-land-and-property-rights/ (Accessed: 17 September 2020).

Websites

World data www.worlddata.info

Statista www.statista.com

Heritage https://www.heritage.org

The Global Economy https://www.theglobaleconomy.com

The Central Bank of West African States (French: Banque Centrale des États de l’Afrique de l’Ouest) www.bceao.int

African Development Bank www.afdb.org

WAEMU Affordable Housing Finance www.worldbank.org