An important working session, focusing on the restructuring of the gold industry and enhancing gold traceability, was convened this Tuesday, July 14, 2026, at the Ministry of Commerce’s conference room.

The proceedings were led by Professor Fuh Calistus Gentry, the acting Minister of Mines, Industry, and Technological Development. Key administrative figures were in attendance, including the Director General of Customs, the Director General of Taxes, the Director General of the Treasury, the Director General of SONAMINES, the Permanent Secretary of SNPPK, and other senior officials from MINMIDT.

Launching a Judicial and Economic Offensive

Discussions during the session primarily revolved around fortifying the traceability of gold, reorganizing the gold value chain, and fostering improved collaboration among the various government agencies involved in managing this vital sector. Participants highlighted that this concerted effort marks a new era of institutional cooperation. The overarching goals are to boost fiscal revenue collection, dismantle informal trade networks, and significantly increase state earnings derived from gold exploitation, crucial for the African economy today.

This high-level meeting underscores the Cameroonian authorities’ growing commitment to better regulate mineral resource extraction and ensure more transparent governance within the gold sector. It serves as a direct response to the extensive pillaging of Cameroon’s gold resources, prompting the government to initiate a comprehensive judicial and economic offensive to sanitize its gold industry.

Billions in Fiscal Losses

The urgency of this government action stems from alarming revelations made by the Extractive Industries Transparency Initiative (ITIE). Their findings exposed a staggering disparity: while national customs records indicated only 22 kilograms of gold exports, over 15 tonnes of gold originating from Cameroon were declared upon arrival in the United Arab Emirates. This rampant illicit gold trade represents a colossal estimated loss exceeding 2,000 billion FCFA over a five-year period, with a direct fiscal shortfall to the state amounting to 165 billion FCFA.