Often referred to as “Africa in miniature”, Cameroon has a relatively diversified economy and significant structural strengths. These include abundant natural resources (forests, oil, gas, minerals and fertile agricultural land), a strategic geographic position in Central Africa with direct access to the Atlantic Ocean, and a young and rapidly growing population of approximately 30 million. Taken together, these advantages position Cameroon as the leading economic power within the CEMAC region.

For its economic and social development, Cameroon adopted a long-term vision in 2009 with the aim of becoming “an emerging, democratic and united country in its diversity by 2035”. This ambitious vision seeks to achieve near double-digit economic growth, to reach the threshold of 25% as the share of manufacturing output in GDP (Produit Interieur Brut – PIB), to significantly reduce poverty to below 10% by 2035, and to further consolidate democratic governance while strengthening national unity in the context of diversity. The first phase of implementation of this vision was through the Growth and Employment Strategy Paper (GESP) (Document de Strategie pour la Croissance et l’Emploi – DSCE), which served as the country’s overarching policy framework for the period 2010–2019.

With the GESP reaching its term on 31 December 2019, the Cameroonian government adopted a new strategic framework on 1 January 2020: the National Development Strategy 2021–2030 (NDS30). This sets out the key aspects of the structural transformation of the economy, with 18 priority sectors identified by the government.

According to the IMF Staff Report No 26/81 for the 2026 Article IV Consultations, published in May 2026, Cameroon’s economy has demonstrated notable resilience to external economic shocks in recent years. Growth in 2025 was estimated at 3.1%, which was below expectations due to election-related unrest that disrupted trade, services and investment. However, inflation declined to an average of 3.4% by end-December 2025, driven by moderation in food and transport prices.

Investment Incentives

By virtue of Ordinance No 2025/002 of 18 July 2025, Cameroon has adopted a new regulatory framework governing investment incentives. According to the provisions of Article 1, the Ordinance aims to encourage, promote and attract productive investment. It seeks to develop activities geared towards fostering strong, sustainable and inclusive economic growth, as well as employment. The Ordinance applies equally to both domestic and foreign investors. Investment projects initiated by public companies operating in competitive sectors are also eligible under the provisions of the Ordinance.

Pursuant to the provisions of Article 3 of the Ordinance, the investment sectors eligible for the benefits provided under this law are defined on the basis of national strategic priorities, in particular, those relating to the following sectors:

• agriculture, livestock and fisheries;
• heavy industry, automotive and manufacturing;
• education and health;
• air, rail and maritime transport;
• tourism and leisure; and
• digital data storage and processing infrastructure.

The upstream oil, mining and gas sector, as well as the trade and distribution sector, are governed by sector-specific legislation which also offers various incentives.

Moreover, the legislation has extended several targeted customs duty exemptions from 1 January 2026, in particular:

• 24 months for medical equipment;
• 12 months for equipment related to renewable energy and water; and
• extension of these exemptions to digital start-ups and equipment intended for persons with disabilities.

These measures reflect a clear orientation towards the promotion of sectors deemed priorities, namely health, the energy transition and technological innovation. In parallel, there has been a tightening of export taxation, with:

• a 5% tax on the free-on-board (FOB) value of mineral ores; and
• a 10% levy on marble and clinker.

This approach confirms a policy of maximising the local value of natural resources and limiting the export of unprocessed raw materials.

Taxation

The Finance Law for FY 2026 defines the conditions for budgetary and financial balance, while also improving the business environment and promoting tax compliance.

The concept of significant economic presence

One of the major innovations lies in the introduction of a digital taxation regime based on the concept of significant economic presence. In accordance with the provisions inserted into the General Tax Code (in particular, Articles 5 bis and 5 ter), non-resident companies providing digital services in Cameroon are now liable to taxation once they exceed certain thresholds, for example:

• local turnover in excess of approximately XAF75,000 (or the equivalent threshold in XAF); or
• more than 1,000 active users, customers or accounts.

Such entities are subject to either:

• a withholding tax of 3% on their gross turnover; or
• failing that, a flat-rate tax equivalent to 10%.

This mechanism brings Cameroon closer to international trends in the taxation of the digital economy, particularly in systems inspired by OECD practices and those of certain other African jurisdictions.

Strengthening of tax audits and digitalisation of the administration

The 2026 Finance Law also introduces tools to enhance the effectiveness of tax audits:

• a mandatory annual certified tax review for companies with a turnover exceeding XAF1 billion;
• introduction of real-time taxation mechanisms;
• increased use of AI by the customs administration; and
• broader access to beneficial ownership registers.

Public-Private Partnerships (PPPs)

Law No 2023/008 of 25 July 2023, establishing the general framework for public-private partnership contracts, constitutes the most significant reform of Cameroon’s PPP regime in over a decade. It replaces the 2006 framework and introduces a clearer distinction between three categories of PPP:

• publicly funded PPPs;
• concession-based PPPs (build–operate–transfer or BOT, build–own–operate or BOO, concession, lease, etc); and
• mixed-payment PPPs.

This clarification addresses a difficulty long encountered by investors and banks alike: uncertainty surrounding the remuneration mechanisms for private partners. The financing models and revenue streams now have a clearer legal basis, which improves the bankability of projects.

The reform is accompanied by another major change, Decree No 2025/01081/PM of 17 June 2025 on the maturation of public investment projects. This instrument requires that a project obtain a maturity visa prior to any implementation.

For PPPs, this entails, in particular, a prior financial viability study and a comparative analysis of procurement methods. In current practice, investors must therefore engage in discussions with public authorities at a very early stage, in order to anticipate the constraints associated with the maturation process.

Cameroon continues, moreover, to develop several major structural projects. The expansion of the Port of Kribi, the Douala–Ngaoundere railway corridor and the post-Nachtigal energy projects, illustrate this momentum. Going forward, significant needs are anticipated in energy infrastructure, solar mini-grids and medium-sized hydroelectric projects.

In parallel, on 25 February 2025, the Council of Ministers of the Central African Economic Union (Union Économique de l’Afrique Centrale – UEAC) adopted a directive establishing the legal and institutional framework for PPPs in the CEMAC Zone. The adoption of this instrument follows the elaboration of a public procurement strategy (Decision No 03/24-CEMAC-UEAC-CM).

Mining Sector

Cameroon’s mining sector, long regarded as underexploited and governed by fragmented and at times outdated legislation, is undergoing a profound transformation following the adoption of Law No 2023/014 of 19 December 2023 enacting the Mining Code, together with its eight implementing decrees issued at the end of 2024. This reform is part of a broader drive to modernise extractive governance, seeking to reconcile economic attractiveness, environmental sustainability and national sovereignty. The new mining legislation marks a departure from previous extractive approaches, placing local communities, transparency and accountability at the heart of the legal framework.

Key projects in the starting phase

Cameroon is launching an investment programme of unprecedented scale for its mining sector. According to the annex to the Finance Law relating to major infrastructure projects, the government plans to mobilise XAF1,748 billion over the period 2026–2030 to develop three strategic iron ore deposits: Mbalam (XAF747 billion), Kribi-Lobe (XAF431 billion) and Bipindi-Grand Zambi (XAF570 billion).

The Mbalam iron ore mining project in Cameroon launched its first exports in February 2026. With regard to the Kribi-Lobe iron ore project, Sinosteel has already invested XAF120 billion, with first exports expected in July 2027. As regards exploitation of the Bipindi-Grand-Zambi iron ore mine in the Océan Division, South Region, operations commenced with a stockpile of over 600,000 tonnes of ore by the end of 2025. However, on a provisional basis, the commencement of actual production operations is scheduled for the second half of 2026.

Furthermore, the advancement of the Minim Martap industrial bauxite project, which is set to produce 6.4 million tonnes of bauxite over a 20-year lifespan, was officially launched on 22 March 2026.

State participation and joint ventures

Société Nationale des Mines (SONAMINES), which is mandated to safeguard the State’s interests in mining ventures, continues to assert its role as a strategic shareholder in key projects. It holds equity stakes in several mining companies, including Colomine Mining Corporation (Cominicor), Camalco Mining SA, and Sinosteel Corporation.

In accordance with the Mining Code, the State is entitled to a non-dilutable free carried interest of 10% in the share capital of mining companies operating in Cameroon.

Land Sector

For many years, thousands of Cameroonians have cultivated land without any documentation recognised by the State. Land disputes represent one of the principal sources of social tension in the Cameroonian countryside.

New rules for large-scale land acquisitions

In response to these challenges, the State has, since the end of 2025, embarked upon some significant regulatory reforms. Through a series of five circular letters, the Ministry of State Property, Land Tenure and Land Affairs (Ministère des Domaines, du Cadastre et des Affaires Foncières – MINDCAF) has introduced major new requirements, including the obligation to obtain a “letter of no objection” from first-degree traditional chiefs for any application for land registration or concession exceeding ten hectares, by circular dated 26 December 2025 (Circular Letter No 0003/MINDCAF/CAB/LC of 2 April 2025 instituting a “letter of no objection” from the territorially competent second or first-degree Traditional Authority Chief for the validation, at divisional level, of applications for direct land registration or concession of national domain land for areas equal to or greater than 20 hectares).

The creation of new legal instruments for land security

The reform introduces two new administrative documents intended to constitute “preliminary evidence” of occupation or use of a plot of national domain land – Circular Letter No 0001/MINDCAF/CAB/LC of 20 February 2026 sets out the conditions for the issuance of a Certificate of Recognition of Customary Land Rights (“ARDFC”) and a Certificate of Peaceful Enjoyment of Land (“AJPTER”). These documents represent an intermediate step in the process of obtaining a land title, which remains the only official certification of real property ownership in Cameroon. The ARDFC is intended to promote the land rights of customary communities and family groups, while the AJPTER aims to better protect the occupation and use rights of land users.

Strengthened sanctions for the non-development of allocated land

With regard to land forming part of the State’s private domain, the 2026 Finance Law introduces a new forfeiture mechanism that more strictly governs the acquisition of such plots. It establishes a direct link between non-compliance with the obligations attached to the allocation instrument, the loss of rights, and the revaluation of the price of plots returned to the market – with a progressive revaluation scale of between 10% and 30% applied to the initial sale value. Forfeiture is declared one year after the date of allocation of the domain plot, by decision of the minister responsible for State property. This mechanism is expressly designed to combat land speculation and to compel beneficiaries of public land to put it to effective use.

Protection of Personal Data

Cameroon has adopted Law No 2024/017 of 23 December 2024 on the protection of personal data, marking a significant step forward in the structuring of the legal framework governing the digital sector.

Modelled on the European GDPR, this Law requires in particular:

• the explicit consent of the data subjects;
• the securing of data;
• the regulation of international data transfers; and
• in certain cases, the designation of a data protection officer.

Progressive compliance

Article 73 of the Law provides for a transitional period of 18 months from the date of its promulgation, allowing public and private sector actors to comply with the new requirements. This gradual approach reflects a determination to ensure a controlled regulatory transition within an economic environment that was still taking shape until 23 June 2026.

Regulatory authority

This authority, which is expected to be established by decree, will play a central role in national digital governance. Overall, this reform forms part of a broader trend towards digital sovereignty, the protection of sensitive data, gradual alignment with international standards, and the safeguarding of investment in the digital economy. It also introduces new compliance obligations for companies operating in the technology and financial sectors.

Intellectual property and personal data

Cameroon has also undertaken significant reforms in the areas of intellectual property and the digital economy.

The legal framework has been strengthened by Law No 2024/002 of 24 July 2024, authorising Cameroon’s accession to the WIPO Copyright Treaty. This development is gradually bringing Cameroonian law in line with international standards regarding the protection of digital content, software and works distributed online.

Energy and Infrastructure: Strengthening the Strategic Role of the State

Cameroon’s energy sector is principally governed by Law No 2011/022 of 14 December 2011 regulating the electricity sector, supplemented by its implementing decree No 2012/2806/PM of 24 September 2012.

Recent developments in the sector, in particular the restructuring of incumbent operators and discussions surrounding new management models, illustrate:

• a strengthening of the State’s role in the governance of energy infrastructure;
• a drive to improve the performance of public services;
• a gradual opening towards public-private partnership mechanisms; and
• an increased emphasis on national energy security.

Employment

To promote job creation, particularly for recent graduates, the financial law 2026 strengthens existing tax incentives and extends the scheme to include work-study contracts:

• Exemption – Tax and employer contributions on the salaries of recent graduates (in their first job or on a work placement) for a period of three years.
• Tax credit – 20% of training and supervision costs incurred, capped at XAF25 million for individuals.
• Exemption from social security contributions and employer’s contributions on wages paid to disabled employees.