A staggering 900 billion FCFA, approximately 1.37 billion euros, representing the value of gold extracted from Cameroonian soil, has vanished to Dubai in a single year. This alarming figure reveals a massive discrepancy between export declarations from Cameroonian customs (22 kg) and import figures recorded by the United Arab Emirates (15.2 tons). In response to this financial hemorrhage, the Cameroonian presidency has ordered a high-security inquiry to dismantle the networks responsible for this trafficking.
The Secretary-General of the Presidency, Ferdinand Ngoh Ngoh, has entrusted a joint investigation commission with the task of identifying illegal collectors, mining companies that under-declare their production, and corrupt public officials who facilitate this illicit trade. Investigations are primarily focused on the Eastern mining region, a hub for artisanal and semi-mechanized gold extraction.
The investigation highlights a glaring information asymmetry between Cameroonian and Emirati administrations. Mining companies, often with the complicity of corrupt officials, declare minimal quantities of gold, while tons of precious metal illegally transit to Dubai. This gold leaves Cameroon through the porous borders of the East, transits through neighboring countries, and then embarks for the Emirates, where it is laundered into the legal circuits of international trade.
Faced with this plundering of national resources, the Cameroonian government has reacted by establishing a new mining regime through the 2026 Finance Law. The National Mining Company (SONAMINES) is now designated as the sole and exclusive buyer of gold produced on national territory. The Caisse des Dépôts et Consignations will be responsible for building a national strategic gold stock, aimed at guaranteeing the currency and reassuring investors.
In parallel, the Ministry of Mines is strengthening its control over the gold sector. Since February 20, 2026, artisanal semi-mechanized mining permits have been withdrawn from operators who do not comply with administrative and environmental requirements. In addition, any new application for artisanal mining must be preceded by authorization to access the site issued by the regional mining delegation. The government has also reiterated the ban on night work and artisanal mining activities within exploration perimeters.
These drastic measures aim to dry up illegal channels, increase state tax revenues, and transform the mining sector into a real engine of growth for Cameroon. It remains to be seen whether the will displayed at the highest level of the State will succeed in breaking the chains of complicity that have allowed this massive embezzlement of national wealth.
SONAMINES' mission is to structure artisanal mining, which accounts for the bulk of Cameroon's gold production. By channeling gold into official circuits, the state-owned company hopes to strengthen the State's strategic reserves and combat fraud. Since July 2021, SONAMINES has collected nearly 1,000 kg of gold for the State, compared to approximately 777 kg collected by the former CAPAM in more than 15 years.
Cameroon aims to launch at least 15 mining projects by 2027, focused on gold, iron, and bauxite. These projects should gradually increase the contribution of the mining sector to GDP, beyond 1%.
