Fitch Ratings confirmed on May 26, 2023, the default rating of Cameroon's long-term currency (IDR) issuers at “B” with a stable outlook.

The default rating of Cameroon's long-term currency issuers “B” (IDR) reflects the relatively diverse economy that underlies resilient growth, and the moderate level of public debt compared to its peers. Fitch estimates that the cash-based budget deficit fell to 1.4% of GDP in 2022 from 2.6% in 2021 (commitment base 1.1%; 2.2% in 2021). Fitch forecasts GDP growth of 4.0% in 2023 and 4.2% in 2024, compared with an estimate of 3.7% in 2022. As oil production declines, growth will be driven by export-oriented industries, including agriculture and forestry