On May 2, 2014, the Standard and Poor’s (S&P) rating agency announced that it has determined Cameroon’s long-term and short-term rating in foreign exchange and local currency to be B/B, with a stable outlook for the future. “The scores reflect our view of the weakness of Cameroon’s governance and institutions, a low per capita income and significant need for external financing,” stated S&P in a press release.

On the positive side, the agency noted Cameroon’s low level of public debt since the country received debt relief within the framework of the HIPC initiative, as well as Cameroon’s new membership in Central African Economic and Monetary Community (CEMAC).

S&P also noted that Cameroon’s deficit reached 3.9% of GDP in 2013 and expects the deficit to rise to 4% in 2014 before gradually declining to 3.5% in 2017.

On the other hand, the agency has projected approximately 3% growth in GDP per annum between 2014 and 2017, due in particular to the rise in public investment, a rebound in oil production and increased gas production. It warns, however, that the country’s strong dependence on the hydrocarbon fuel sector, which contributes over a quarter of the State’s revenue, could make it vulnerable to a downturn in international prices.

S&P finds that the political risks surrounding the next presidential elections in 2018 also affected the Cameroon’s score.