Yaoundé - 09 December 2023 -

Cameroon: Extractive companies' payments reach CFA776bn in 2021, up by 17%

Cameroon: Extractive companies' payments reach CFA776bn in 2021, up by 17%
  • Comments   -   Wednesday, 20 September 2023 13:06

(Business in Cameroon) - Payments made by companies active in the extractive sector in Cameroon reached CFA776 billion in 2021, according to figures reported by the Extractive Industries Transparency Initiative (EITI). Compared to the previous Covid-hit year when the amount was CFA663 billion, this makes an increase of 17%.

EITI indicated that CFA589.3 billion of the 2021 revenue went to the state, representing the value of its share in oil and gas production and the levies related to gold mining. In 2020, the Cameroonian state received only CFA535 billion.

The report also highlights that oil and gas production largely dominated Cameroon's extractive sector activities in 2021 as usual, followed by solid minerals, including semi-mechanized gold mining.

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