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Special Graduate Schools
Graduate School of International Studies
Department of International Development Cooperation
3. Theses(Master)
THE 2008 GLOBAL FINANCIAL CRISIS AND ECONOMIC GROWTH IN CAMEROON: A COMPARATIVE STUDY OF THE IMPACT OF FRENCH AND CHINESE ODA AND FOREIGN DIRECT INVESTMENTS IN CAMEROON BETWEEN 2008 TO 2015.
- Author(s)
- AYUKEGBA, LOUIS PHILLIPE OBELE
- Advisor
- Ian Watson
- Department
- 국제대학원 NGO학과
- Publisher
- Graduate School of International Studies Ajou University
- Publication Year
- 2017-02
- Language
- eng
- Alternative Abstract
- ABSTRACT When the world witnessed a global financial crisis in 2008, it was initially thought that the effects of the crisis will be limited to the financial power houses of the west, sparing most developing countries especially those in Sub Saharan Africa. But as time went on, it became evident that the crisis was not going to be a western affair, but indeed a global one. Amidst the financial hardship and uncertainty that many donor countries were facing during the crisis, there was also the issue of dealing with foreign development assistance and foreign direct investments. In a bid to resolve the crisis at home, many donor countries were thus forced to reduce their foreign aid and investments, leaving recipient countries to depend more on internal revenue in order to pursue their economic development agendas. Cameroon is one of those countries which was affected by the crisis both internally, through the fall in prices of its export commodities, and externally through the reduction of official development assistance and foreign direct investments from donors and foreign partners. However, unlike some other countries in the Sub Saharan Africa region, Cameroon’s economy recovered faster from the crisis than expected. This recovery can be attributed to many factors such as measures taken by the government and investments which were made by foreign partners such as France and China. The contribution of both France and China to the economic recovery and growth of Cameroon after the crisis however, have not been equal. In fact one will presume that France, being a former colonial master of Cameroon, with stronger economic and diplomatic ties than China, should have contributed more to this economic recovery. But the reverse is true as China who had just resumed active diplomatic ties with Cameroon in the year 2000 contributed more in the execution of major projects than France. It is the execution of these projects that helped the Cameroonian economy to recover from the crisis and maintain a steady growth unlike other countries in the region and elsewhere in the world. This active participation of China in Cameroon’s economic platform, its official development assistance and foreign direct investment policies, coupled with France’s recent foreign policy towards Cameroon is the reason why the government of Cameroon has been leaning more towards China than France in terms of foreign development partnership.
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