THE MACROECONOMIC DRIVERS OF PUBLIC DEBT IN THE GAMBIA: EVIDENCE FROM AN ARDL COINTEGRATION ANALYSIS

Abstract

Cameroon, a member of the Community of Central African States (CEMAC), underwent significant financial reforms in the 1990s, prompted by the economic and banking crisis of the late 1980s and the pressures of the International Monetary Fund (IMF) as part of the structural adjustment program (SAP). These reforms aimed to create more efficient, resilient, and expansive financial systems, with proponents anticipating economic benefits through enhanced bank efficiency and effectiveness in resource mobilization and allocation. Key measures included governance enhancements, risk management improvements, and financial deregulation, alongside bank restructuring and capitalization strengthening to bolster banking soundness. As a result, the banking industry in Cameroon has witnessed substantial structural and institutional changes over the past decades, reshaping the governance landscape for banks operating within the country.