This article assesses the performance of small-scale manufacturing enterprises during the process of structural adjustment in Cameroon. It seeks to determine whether all segments of the industrial sector have been similarly affected by down-scaling, or whether some categories have adapted better to the liberalization of trade and regulatory parameters. Survey results show that a large segment of the manufacturing sector, mostly larger-scale units originally established within a highly subsidized and protected economic environment, is experiencing difficulty in adapting to liberalization measures. On the other hand, small-scale enterprises, which did not benefit from the same kind of protection as their larger counterparts, are experiencing growth. However, if current trends are maintained, the vitality of the small-scale sector will probably not be sufficient to prevent deindustrialization of the country.