AN ASSESSMENT OF ECONOMIC POLICIES AND THEIR EFFECT ON POLITICAL STABILITY  IN CAMEROON

CHAPTER ONE

INTRODUCTION

Background of the study

Cameroon, situated in the region of Central Africa, has seen a multifaceted interaction of economic and political forces subsequent to its attainment of independence in 1960. Throughout the years, the nation has enacted several economic measures with the objective of promoting expansion, progress, and steadiness (Akinsola & Odhiambo, 2017). Nevertheless, the efficacy of these policies in attaining their desired goals and their influence on political stability continues to be a topic of contention and examination. The complicated and diverse nature of the link between economic policy and political stability is evident. Economic policies include a diverse array of measures, including fiscal, monetary, trade, and industrial policy, among other components. These policies have an impact on several parameters, including levels of employment, distribution of income, rates of inflation, and total economic growth. Consequently, the policies' influence on socioeconomic circumstances might have substantial consequences for political stability (Alhassan, Reddy & Duppati, 2021). 

The long-term prosperity and well-being of a country are contingent upon the presence of political stability. It creates a favourable atmosphere for investment, promotes political engagement, and nurtures social unity. In contrast, instability may result in ambiguity, turmoil, and perhaps even hostility, which can undermine endeavours towards economic expansion and progress (Awdeh & Hamadi, 2019). 

Cameroon has encountered a multitude of issues pertaining to the domains of economic governance and political stability. The economy of the nation relies mostly on the sectors of oil, agriculture, and forestry, which are vulnerable to external disturbances and variations in global markets. Moreover, the persistence of sustainable economic development has been impeded by many challenges, including corruption, insufficient infrastructure, and little diversification (Baklouti & Boujelbene, 2020). Cameroon has seen political difficulties stemming from factors such as ethnic diversity, governance challenges, and disputed electoral processes. Social dissatisfaction and demonstrations in certain areas have been influenced by factors such as the concentration of power, restricted political liberties, and accusations of human rights violations. In Cameroon, there exists a symbiotic link between economic policy and political stability. The allocation of resources, job opportunities, and access to basic services are influenced by economic policies, which in turn have an impact on political stability (Baltagi, 2021). On the other hand, the impact of political stability on economic policy is contingent upon the government's capacity to enact reforms, attract investments, and follow plans for long-term growth. Hence, it is vital to comprehend the influence of economic policies on political stability in order to formulate efficient governance and development frameworks. 

In light of this context, it is crucial to comprehend the correlation between economic policies and political stability in Cameroon (Barugahara, 2015). A thorough examination of historical and contemporary economic policies, their execution, and their consequences in relation to economic performance and political implications is necessary. Furthermore, it is important to take into account several elements, including governance systems, institutional capability, and external pressures, while evaluating the interconnection between economics and politics.

1.2 Statement of the problem

Similar to several emerging countries, Cameroon has the complex challenge of balancing economic policy with political stability. Throughout the course of time, the nation has enacted a range of economic strategies with the objective of promoting economic expansion, advancement, and the mitigation of poverty (Bowdler & Malik, 2017). Nevertheless, the efficacy of these measures in guaranteeing political stability continues to be a topic of contention and apprehension. Cameroon persists in encountering obstacles pertaining to political instability, corruption, and governance concerns, despite endeavours to enhance economic development via policy interventions such as structural adjustment programmes, trade liberalisation, and investment incentives. It is essential to do a thorough assessment of the correlation between these economic measures and their influence on the overall political stability in Cameroon (Hinnebusch, 2015). 

There are significant inquiries that emerge over the degree to which economic policies have either facilitated or hindered political stability in Cameroon. Do these policies promote inclusive economic development and fair allocation of resources, or do they worsen socio-economic inequalities and contribute to dissatisfaction among marginalised communities? Additionally, this inquiry seeks to examine the interplay between several elements, including corruption, governance quality, and foreign economic impacts, and their impact on domestic policies in shaping political stability. 

The primary objective of this study is to fill the existing knowledge gaps by investigating the relationship between economic policies and political stability in Cameroon (Hossain, 2015). This research aims to provide insights into the intricate dynamics at play by providing a thorough investigation of historical and contemporary economic plans, their implementation procedures, and their impact on the political atmosphere (Jannils, 2021). The primary objective of this study is to provide policymakers, stakeholders, and the international community with valuable insights on the obstacles and possibilities for advancing sustainable development and political stability in Cameroon.

1.3 Objective of the study

The broad objective of the study is to assess economic policies and their effect on political Stability  in Cameroon. The specific objectives is as follows

Investigate the various economic policies implemented in Cameroon

Determine the relationship between economic policies and political stability in Cameroon

Analyze the effect of economic policies on political Stability  in Cameroon

Determine factors influencing the effective implementation of economic policies in Cameroon. 

1.4 Research questions

The following questions have been prepared to guide the study

What are the various economic policies implemented in Cameroon?

Is there a relationship between economic policies and political stability in Cameroon?

What are the effect of economic policies on political Stability  in Cameroon?

What are the factors influencing the effective implementation of economic policies in Cameroon.?

1.5 Significance of the study

The findings of the study is significant to the following

Policymakers: Understanding how economic policies impact political stability can provide insights into the formulation and implementation of policies. Policymakers can use these insights to design more effective policies that promote both economic development and political stability in Cameroon.

Academia: findings of the study will be significant to the academic community as it will contribute to the existing literature

1.6 Scope of the study

The study focuses on assessing economic policies and their effect on political Stability  in Cameroon. Empirically, the study will investigate the various economic policies implemented in Cameroon, determine the relationship between economic policies and political stability in Cameroon, analyze the effect of economic policies on political Stability  in Cameroon and determine factors influencing the effective implementation of economic policies in Cameroon. 

1.7 Limitation of the study

Like in every human endeavour, the researchers encountered slight constraints while carrying out the study. Insufficient funds tend to impede the efficiency of the researcher in sourcing for the relevant materials, literature, or information and in the process of data collection (internet, questionnaire, and interview), which is why the researcher resorted to a moderate choice of sample size. More so, the researcher will simultaneously engage in this study with other academic work. As a result, the amount of time spent on research will be reduced.

1.8 Definition of terms

Economic Policies: These refer to the strategies, measures, and actions implemented by the government or relevant authorities to regulate and influence economic activities within a country. 

Political Stability: Political stability denotes the state of a nation where the government functions effectively, and there is a general absence of political turmoil, unrest, or instability.