Cameroon: smuggling and counterfeit-related losses reach 255 billion FCFA

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Cameroon: smuggling and counterfeit-related losses reach 255 billion FCFA

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- Sunday, 14 September 2014 18:44

(Business in Cameroon) - In a report presented at its general assembly held in Douala on August 29, 2014, the Chamber of Commerce, Industry, Mining and Craft (CCIMA), reiterated that smuggling, counterfeiting and illicit trade in Cameroon are resulting in 255 billion FCFA in annual losses.

According to the consular body, these losses can be further divided as follows: 70 billion FCFA in detoured tax revenue and 185 billion FCFA due to smuggling, counterfeiting and illicit trade.

Due to the financial difficulties that Cameroonian companies have been facing in these tough economic times, 200 jobs are lost each year, contributing to the unemployment and under-employment already ravaging the Cameroonian people.

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