Cameroon is preparing for a historic shift in how it makes money, with the government expecting mining to generate more annual revenue than oil for the first time.
The country is targeting more than $1.75 billion (1 trillion CFA francs) a year from newly launched mining projects and a sweeping campaign to bring undeclared gold into the formal economy.
If achieved, the figure would turn mining, currently a small part of Cameroon’s economy, into a bigger source of state revenue than the oil industry that has supported government finances and foreign exchange earnings for decades.
It would also strengthen Cameroon’s position in the global race for iron ore, bauxite, gold and critical minerals as countries seek more secure supplies for construction, manufacturing, renewable energy and electric vehicles.
However, the projection remains a government target rather than money already secured. Its success will depend on mines reaching full commercial production, transport links functioning reliably and authorities closing the channels through which most of the country’s gold has reportedly disappeared from official records.
