Cameroon

The national accounts of the National Institute of Statistics say the economy recovered moderately in 2024, with growth of 3.5% after 3.3% in 2023, in an uncertain international context. 28

The primary sector accelerated in 2024 to 3.6% after 2.3% in 2023, thanks to industrial and export agriculture (9.5%) and livestock (4.8%). The secondary sector stayed timid, growing 1.7% as hydrocarbon extraction declined, while the tertiary sector remained the main driver of growth at 4.2%, supported by information and communication services and financial services. 2930

On the demand side in 2024, final consumption rose 3.5% and investment rose 3.8%, driven by a strong recovery of public investment, while exports of goods and services fell 5.1% and imports fell 2.9%, according to the National Institute of Statistics. 31

With the accounts of the previous year, the National Institute of Statistics published a projection of growth of around 4% for 2025, and later estimated growth for 2025 at 3.5%. The gap between projection and estimate is a reminder that early growth figures are revised, and that anyone basing an economic decision on Cameroon should use the latest published figure and state its source and date. This is an analytical reading of the two published figures. Analysis1532

Real GDP grew 2.7% year on year in the fourth quarter of 2025, supported by the tertiary sector (2.0%) and the secondary sector (3.2%), while the primary sector grew 1.8%, according to the quarterly accounts of the National Institute of Statistics. 3334

The trade deficit widened in 2025 to 2,145.2 billion FCFA against 1,747.3 billion in 2024, an increase of 22.8%, according to the National Institute of Statistics. 35

The National Institute of Statistics attributes the deterioration of the trade balance in 2025 to a fall in export receipts of 168.1 billion FCFA (5.2%) combined with a 4.6% rise in import expenditure (229.8 billion FCFA). 36

The trade deficit narrowed in 2024 to 1,747.3 billion FCFA from 2,004.0 billion in 2023, a reduction of 12.8%, and the coverage of imports by exports rose from 59.9% to 65.1%, according to the National Institute of Statistics. 37

Imports totalled 4,999.4 billion FCFA in 2024. Mineral products accounted for 23.5% of import spending (fuels and lubricants 19.5%) and mechanical or electrical machinery and appliances for 15.7% (786.4 billion FCFA), according to the National Institute of Statistics. 3839

Export receipts reached 1,118 billion FCFA in the first quarter of 2025 against 826 billion a year earlier, according to the National Institute of Statistics, an increase due mainly to higher international prices while exported volumes stayed broadly stable. 40

In 2023 the European Union bought 51% of Cameroon's exports. Merchandise exports to it reached 1,524.6 billion FCFA, down 22% from 2022, dominated by crude oil (43%), cocoa beans (17%) and liquefied natural gas (15%). Imports from the Union were 1,323.5 billion FCFA, or 26.5% of total imports, according to the National Institute of Statistics. 44

Cameroon's exports to other African countries reached 379 billion FCFA in 2023 (+10.6%), or 12.7% of export receipts, and Chad was the leading African client with a share of 39.3%. Imports from Africa came to 476.2 billion FCFA, or 9.5% of total imports, according to the National Institute of Statistics. 43

In 2023 China was Cameroon's first supplier with 18.9% of imports, with a trade deficit of 714.3 billion FCFA against 602.6 billion the previous year. India was the third client with a 9.6% share and the second supplier with 11.6%, with a deficit of 291.4 billion FCFA, and 98.3% of exports to India were mining products, according to the National Institute of Statistics. 4546

The deficit in unrecorded trade with neighbouring countries was 50.72 billion FCFA in 2024, mainly from informal trade with Nigeria (a deficit of 111.73 billion), while Cameroon recorded a surplus with Chad (37.13 billion) and with the Central African Republic (23.3 billion), according to the National Institute of Statistics. 42

According to the World Bank, annual consumer price inflation was 3.4% in 2025, and the official exchange rate averaged 581.9 FCFA per US dollar. 5862

According to the World Bank, exports of goods and services were 13.1% of GDP in 2025 and imports 20.3%, while merchandise trade, covering goods only, was 24.6% of GDP. 3 sourcesSources545556

Net inflows of foreign direct investment were USD 888.2 million in 2024, according to the World Bank. 57

Total external debt stocks stood at USD 15.8 billion and total reserves including gold at USD 5.1 billion in 2024, according to the World Bank. 6061

The Ministry of Finance says the non-oil economy represents about 98% of activity, that Cameroon weighs about 44% of CEMAC GDP, and that growth stayed around 3.5% for the third consecutive year despite the decline in oil activity in 2025. These are government presentations to investors, not audited statistics. Announced124

Yaoundé was scheduled to host the fourteenth Ministerial Conference of the World Trade Organization from 26 to 29 March 2026, and on the occasion the Minister of Finance received the French minister for foreign trade on 25 March 2026, according to the Ministry of Finance. 134

Cameroonian customs collected budget revenue of 1,155.6 billion FCFA in 2025 (101.7% of target, up 9.4% on 2024), and the total reached 1,502.7 billion FCFA including non-budget revenue, according to the Ministry of Finance. 133

The Commission of the Economic and Monetary Community of Central Africa (CEMAC) is located in Bangui and says it has more than 30 years of experience in regional integration; the Bank of Central African States says it has guaranteed monetary integration and financial stability for its six member states for 50 years. 168169

The foreign trade result is sensitive to commodity prices: in the first quarter of 2025 export receipts rose because of international prices while exported volumes stayed broadly stable, cocoa beans became the leading export product with a 44.8% share, and the deficit then widened over the whole of 2025 after export receipts fell. The conclusion of this analytical reading is that anyone assessing the Cameroonian market needs to separate the price effect from the volume effect, and to look at diversification of products and markets, before building on any single year. Analysis4 sourcesSources35364041

The National Institute of Statistics stated that the growth rate of the economy in 2025 was estimated at 3.5%. Estimate15

The National Institute of Statistics stated that year-on-year inflation reached 3.4% in July 2026. 25

On 5 October 2026 Cameroon's Ministry of Finance announced the State's intention to make a complementary issue of USD 300 million on its existing international bonds. Announced18

The website of the Bank of Central African States states that Cameroon is one of its six member states, and that its headquarters is in Yaoundé. 1920

The World Bank database, based on the International Labour Organization model, estimates that 41.9% of workers in Cameroon are employed in agriculture in 2025. Estimate63

In 2023 agricultural land accounted for 20.9% of land area and forests covered 42.7% of it, according to the World Bank. 6465

Cocoa beans were the leading export product in the first quarter of 2025 with a 44.8% share (500.3 billion FCFA), followed by crude oil with 19% and liquefied natural gas with 10.9%, according to the National Institute of Statistics; cocoa benefited from the sharp rise in world prices. 4041

The National Hydrocarbons Corporation (SNH) is a public-capital company with the State as sole shareholder, created on 12 March 1980 and headquartered in Yaoundé; its mission is to manage the State's interests in the oil and gas sector and to market the State's share of national crude production. 163164

Fuel exports accounted for 54.1% of merchandise exports in 2023, according to the World Bank. 59

An international market consultation on the rehabilitation and modernisation of the National Refining Company (SONARA) was held in June 2026 and drew 167 participants. The Ministry of Finance estimated national demand at 2.1 million tonnes of petroleum products a year and the projected capacity of the refinery at 3.5 million tonnes. The consultation gauges market interest and is not a contract award, and these are planning figures, not an existing operating capacity. Announced128129

Refining at Limbé stopped after the fire of 31 May 2019. The Ministry of Finance says the State restructured the company's debt and defined a public-private partnership framework, and that the project is heading for a Design-Build-Finance-Maintain (DBFM) model. 130

According to the National Institute of Statistics, total turnover excluding tax of a sample of 1,129 enterprises representing 88% of turnover and 75% of permanent jobs rose 12.7% in 2024 against only 0.9% in 2023, with increases of 15.5% in the secondary sector and 11.2% in the tertiary sector, and value added rose 6.8%. 4748

Traffic in Cameroon's ports (Douala, Kribi and Limbé) reached 14,402,147 tonnes in the second half of 2025 against 13,862,910 tonnes a year earlier, up 3.9%. Transit to Chad rose 32.2% to 938,002 tonnes and transit to the Central African Republic rose 17.3% to 212,576 tonnes, according to the GUCE single window citing a note of the National Port Authority. 172

The second phase of the Kribi port became operational in May 2025 with a new quay of 715 metres, raising the annual capacity of the container terminal to more than one million TEU, and transhipment traffic jumped 139.6% year on year in the second half of 2025, according to the GUCE single window. 173

Cameroon's ports received 2,071 ship calls in the second half of 2025, up 27.6%, according to the GUCE single window. 174

The General Assembly of the Douala Autonomous Port, at its session of 5 June 2026, approved the financial statements for the year ended 31 December 2025, and the port described the results as profitable. 175

The Ministry of Finance says Cameroon has more than 12 GW of hydropower potential, with Nachtigal operational and Kikot under development. This is a government presentation to investors and does not mean that this capacity has been built. Announced123

The World Bank estimated electric power consumption at about 226 kWh per capita in 2023. Estimate66

The industrial pole of the Presidency of the Republic lists the construction of thermal power stations, hydroelectric dams and the Kribi gas power plant to generate enough electricity for the economy, and the creation and management of small and medium enterprises. These are announced objectives of the emergence programme, not achievements. Announced144

In its services and new technologies pole, the Presidency of the Republic lists raising the level of transport infrastructure (road, rail and maritime), improving health facilities and hospitals, developing basic, university and vocational education, and expanding telephone services and high-speed internet. These are announced objectives. Announced145

The investment principles page on the website of the Presidency of the Republic states that any foreign natural or legal person, wherever resident, may undertake and carry on an economic activity in the country under common law or one of the special regimes, with the protection of Cameroonian law and treatment equal to that of Cameroonian persons. 147

The Presidency of the Republic says the State guarantees non-residents the right to transfer freely the income from invested capital, provided they are in order with the tax administration and subject to the laws governing banking and exchange operations. 148

According to the website of the Presidency of the Republic, any approved investment benefits from the non-commercial risk guarantee under Article 15 of the treaty establishing the Multilateral Investment Guarantee Agency, ratified by Cameroon, and expropriation is possible only after a public-utility procedure and fair prior compensation. 149

The Investment Charter, as presented by the Presidency of the Republic, reaffirms the market economy, freedom of enterprise and investment and the maintenance of a sound macroeconomic framework, and commits to an incentive and attractive tax system for investors. 150

The Investment Promotion Agency (API) is a public administrative establishment headquartered in Douala. The Presidency of the Republic states that it receives and processes applications for approval under the privileged regimes of the Investment Charter, welcomes and guides foreign and national investors, and monitors the commitments of approved companies. 151152

The Presidency of the Republic lists the contacts for investors: the ministries of Finance, of Mines, Industry and Technological Development and of Economy and Planning, the Agency for Export Promotion, the single window for foreign trade (GUCE) and the National Office of Industrial Free Zones. 153

The Ministry of Finance estimates the investment envelope of the National Development Strategy at about 134 billion euros, of which nearly 45% is expected to come from development partners and private capital. It is an announced planning estimate, not an amount disbursed. Announced122

In London on 9 and 10 September 2026, Cameroon presented its projects to the international financial community in a market sounding with the Commonwealth Enterprise and Investment Council, and the Ministry of Finance says it was not an immediate fundraising. 126

The sectors highlighted by the Ministry of Finance for investors are energy, hydropower, transport, logistics, agro-industry, mines, local processing, digital technology, water and urban infrastructure. They are sectors offered for investment according to the Ministry, not guaranteed opportunities. Announced127

With the support of the African Development Bank, a partial credit guarantee project is being prepared to ease Cameroon's access to a sustainable loan, and the assessment of the environmental and social management system found it acceptable to manage the project's environmental and social risks, according to the Ministry of Finance. Announced142

The Ministry of Finance says the Debt Reduction-Development Contract (C2D) with France mobilised nearly 967 billion FCFA over twenty years for projects in infrastructure, education, health, agriculture and governance, and that its achievements include the second bridge over the Wouri, the contracting of more than 37,000 teachers and support to more than 315,000 family farms. 131132

The Ministry of Finance says public debt stands around 43% of GDP against a Community ceiling of 70%, and that it wants to borrow better: at lower cost, with suitable maturities and for productive projects, through guarantees, risk sharing, blended finance and green, social and sustainable bonds. Announced125

On 30 January 2026 Cameroon raised USD 750 million in London through a seven-year bond with a two-year grace period, after an initial plan of USD 600 million and demand close to one billion dollars; the Ministry of Finance says the effective cost after hedging came to 7.79% in euro. 121

According to the Ministry of Finance, Cameroon is working on a long-term facility with a multilateral development institution (indicative maturity of fifteen years and a five-year grace period) and is considering short-term bridge financing of 200 million euros for three months, to be repaid when the long-term financing is disbursed. These are announced arrangements, not signed or disbursed loans. Announced138

The Ministry of Finance lists risks to the budget path: delays in some tax measures, security pressures, the financial fragility of some electricity-sector companies and tighter domestic financing conditions. The financial closing of the 2027 to 2029 budgets depends on an expected new economic and financial programme with the International Monetary Fund. Announced137

Official announcements combine two messages: public debt around 43% of GDP against a ceiling of 70%, and a need for new financing through international issues, long-term facilities and bridge financing. This suggests that there is room to borrow but that it depends on the cost of financing and on the risks the Ministry itself lists. This is an analytical reading of what the Ministry announced, not a judgement on sustainability. Analysis3 sourcesSources125137138

The investment pages on the website of the Presidency of the Republic set out written guarantees: equal treatment of foreigners, freedom to transfer income, a non-commercial risk guarantee and an approval procedure through the Investment Promotion Agency. The Ministry of Finance itself, meanwhile, lists risks to the budget path and the fragility of some electricity companies. Texts alone are not enough to judge an investor's practical experience, so any feasibility study needs interviews with operating companies and the investment agency. This is an analytical reading and contains no judgement on the business climate. Analysis5 sourcesSources137147148149151

The SONARA rehabilitation project is worth studying because the Ministry of Finance estimates national demand at 2.1 million tonnes of petroleum products a year and envisages a capacity of 3.5 million tonnes under a DBFM model. What needs studying before any decision: legal guarantees, exchange-rate risk cover, an independent assessment of existing facilities and a realistic timetable for financial closing, which are the points raised by participants in the consultation as relayed by the Ministry. This is neither a guaranteed opportunity nor an investment recommendation. Area worth studying, not a ready-made opportunity3 sourcesSources129130176

The Ministry of Finance presents more than 12 GW of hydropower potential to investors, but it also lists the financial fragility of some electricity-sector companies among the budget risks. The area is worth studying from the angle of who buys the electricity and guarantees payment, who finances transmission and distribution networks, and what the timetable of projects under development is. This is an area for study, not a guaranteed opportunity. Area worth studying, not a ready-made opportunity123137

Transit through Cameroon's ports rose 32.2% to Chad and 17.3% to the Central African Republic in the second half of 2025, and the port authority links this to tariff incentives, logistics areas and dedicated counters. The area is worth studying from the angle of the actual capacity of terminals, transit times for imports and the cost of road haulage, data not available in the sources consulted. This is not a guaranteed opportunity. Area worth studying, not a ready-made opportunity172177

Cocoa beans accounted for 44.8% of export receipts in the first quarter of 2025 thanks to higher world prices, and the Ministry of Finance lists local processing and agro-industry among the sectors offered to investors. The area is worth studying from the angle of existing processing capacity, the exposure of revenue to price swings and the financing and storage needs; this information is not available in the sources consulted. This is not a guaranteed opportunity. Area worth studying, not a ready-made opportunity41127

The Ministry of Finance announced a digital customs clearance procedure for phones and tablets from 1 April 2026, which it says introduces no new taxes. It automates the payment of duties and taxes through the customs computer platform, with a tax amnesty for devices already active on telecommunication networks and exemptions for temporary travellers. 135

The Single Window for Foreign Trade Operations (GUCE) offers electronic services for foreign trade (formalities, e-government, payment, helpdesk and business), and the Presidency of the Republic lists it among the contacts for investors. It can serve as an entry point for looking at import and export procedures. 115153

The Ministry of Finance invited the owners of properties rented to administrations to complete their arrears files by 31 July 2026 so that payment can be scheduled over 2026–2027, as part of clearing the State's domestic debt (the floating debt). 116

On 29 September 2026 the Ministry of Finance launched a new census of public-administration accounts opened in banks, to prepare the possible gradual return of part of the resources to the Single Treasury Account; the 2022 census had identified deposits of the order of 450 billion FCFA. 141

On 11 August 2026 the Ministry of Finance announced that the Economic Partnership Agreement between Cameroon and the European Union has entered a new phase of implementation; the details of the new provisions are in a communiqué attached to the post, whose full text is not available in the sources consulted. 117

The Ministry of Mines, Industry and Technological Development stated that the first economic and trade dialogue between Cameroon and the United States was held in Yaoundé from 27 to 28 August 2026, with the mining sector at the centre of the exchanges. 118

The Ministry of Mines, Industry and Technological Development says it is modernising the mining cadastre through a digital platform integrated into the Geological and Mining Information System (SIGM). 119