Cameroon’s cocoa export earnings fell 63% during the 2025-26 season, hit by a sharp decline in both shipments and international prices, a reversal that could cost cocoa its newly acquired position as the country’s largest export product.

Cameroon exported 125,469 tons of raw cocoa beans during the season that officially ended July 15, 2026, according to data released by the National Cocoa and Coffee Board, or ONCC, at the launch of the 2026-27 season. That was 66,543 tons, or 34.7%, below the 192,012 tons shipped a year earlier.

The value of those exports at the port of Douala dropped even more sharply, to CFA400.9 billion from CFA1.07 trillion in the previous season, a decline of CFA673 billion.

The ONCC did not provide a specific explanation for the steep fall in export volumes, which came alongside a decline of more than 15% in locally processed beans. Its figures, however, point to lower marketed production and a sharp increase in end-of-season inventories.

Marketed cocoa production fell 19.9% to 247,914 tons in 2025-26 from 309,518 tons the previous season, reducing the volume of beans available for purchase.

Meanwhile, closing stocks nearly tripled to 40,446 tons from 13,946 tons. That means the volume of beans remaining in inventory increased by 26,500 tons between the two seasons.

Europe Takes More Than 84% of Exports

Telcar Cocoa regained its position as Cameroon’s largest cocoa exporter, shipping 40,631 tons, or 32.4% of the season’s total.

The company, led by Kate Fotso, had lost the top spot in 2024-25 following the end of its partnership with U.S. commodities trader Cargill. Telcar exported 30,497 tons that season, giving it a 15.7% market share.

Ofi Cam ranked second in 2025-26 after exporting 24,394 tons, or 19.4% of the total. SBET, the previous season’s market leader, slipped to third place with 23,223 tons, representing 18.5%.

Together, the three companies accounted for 70.3% of Cameroon’s cocoa bean exports.

Europe remained by far the largest destination, led by the Netherlands. ONCC data show the continent received 84.6% of Cameroon’s exports. Asia accounted for 14%, while the Americas and Africa each received about 1%.

Lower Prices Deepen the Revenue Hit

The 63% collapse in export revenue reflects not only fewer shipments but also a steep decline in cocoa prices between the two seasons.

According to the ONCC, FOB prices at the port of Douala ranged from CFA3,808 to CFA7,536 per kilogram during the 2024-25 season. In 2025-26, the range dropped to CFA1,520-CFA3,110 per kilogram.

That represents a decline of roughly 58% to 60% between the two seasons.

The combination of lower production, fewer exports and weaker prices could have broader implications for Cameroon’s external trade.

Cocoa overtook crude oil as the country’s largest export product in 2025 after benefiting from the earlier surge in global prices. According to the National Institute of Statistics, cocoa beans generated 26.3% of Cameroon’s export revenue that year, compared with 22.9% for crude oil.

With cocoa export earnings down 63% in the latest season, maintaining that lead in 2026 could prove difficult. The downturn therefore represents more than a weak cocoa season: it could reshape the composition of Cameroon’s export earnings just one year after cocoa displaced oil at the top.

Source: Business in Cameroon

Cameroon’s banana exports rose sharply in July 2026, with all three producers active in the country recording higher shipments. According to data from the Cameroon Banana Association (Assobacam) reviewed by Business in Cameroon, producers exported a combined 20,577 tons during the month.

The volume was up 34.1% from 15,336 tons in July 2025. The strongest growth came from Compagnie des Bananes de Mondoni (CDBM), the second Cameroonian subsidiary of French group Compagnie Fruitière de Marseille. According to Assobacam, CDBM’s exports rose 96.6% from 1,685 tons in July 2025 to 3,313 tons a year later, an increase of 1,628 tons.

Plantations du Haut Penja (PHP), Compagnie Fruitière’s main subsidiary in Cameroon, increased its exports by 33% over the same period. The country’s largest banana producer shipped 13,577 tons in July 2026, up 3,369 tons from 10,208 tons a year earlier.

Bananas Remain a Major Source of Export Revenue

Assobacam data show that Compagnie Fruitière’s two local subsidiaries exported a combined 16,870 tons of bananas in July 2026. Together, they accounted for 82% of Cameroon’s banana exports during the month.

The remaining 18% came from the Cameroon Development Corporation (CDC), the industry’s only state-owned operator. It also became the only producer under domestic ownership after Compagnie Fruitière subsidiaries acquired the assets of Boh Plantations PLC in 2025.

CDC, Cameroon’s second-largest employer after the public administration, exported 3,687 tons of bananas in July 2026. Shipments rose 7%, or 244 tons, from 3,443 tons in July 2025.

Bananas are one of Cameroon’s main sources of export revenue. In 2025, international banana sales generated CFA67.7 billion for the country, up 84.7% year on year, according to the National Institute of Statistics (INS).

Source: Business in Cameroon

A strategic economic bilateral dialogue between Cameroon and the United States is scheduled for August 27, 2026, as both countries seek to strengthen trade and investment ties and improve the business climate for private-sector operators.

The dialogue was announced during an audience between Transport Minister Jean Ernest Masséna Ngallè Bibèhè and the United States Interim Chargé d’Affaires in Cameroon, John G. Robinson. According to information released by the Ministry of Transport, the dialogue will focus on three main objectives: improving the business climate between the two countries, identifying trade opportunities and promoting investment partnerships.

The announcement confirms remarks made by John G. Robinson during a conference organized by the American Chamber of Commerce in Cameroon (AmCham) on the sidelines PROMOTE 2026. At the event, he said the United States seeks to be “a reliable partner for economic growth” through trade, investment and technology transfer rather than traditional aid programs.

The forthcoming dialogue takes place against a backdrop of expanding economic exchanges between the two countries. American and Cameroonian businesses have recently pursued partnerships in agribusiness, poultry production, energy and hospitality. US agencies, including the International Development Finance Corporation, the Export-Import Bank of the United States and the US Commercial Service, continue to support financing, export promotion and commercial partnerships involving African businesses.

According to AmCham Cameroon, business missions and commercial exchanges have already contributed to investment projects in several sectors, while financing mechanisms from US institutions continue to support eligible ventures involving American and Cameroonian partners.

The August 27 dialogue is expected to provide a platform to identify new investment opportunities and deepen commercial cooperation between the two economies, with transport among the sectors under discussion.

Source: Business in Cameroon

Dangote Cement’s Cameroon subsidiary sold 596,800 metric tons of cement in the first half of 2026, down 13.1% from a year earlier, according to the company’s unaudited half-year results published on July 29, 2026.

After selling 300,000 tons between January and March, as reported in its first-quarter results, second-quarter sales can therefore be calculated at 296,800 tons. That was down 1.1% from the previous quarter.

The lack of a rebound contrasts with the subsidiary’s June 2026 announcement that it plans to increase its production capacity in Cameroon to 3 million tons a year from 1.5 million by 2028. Annualizing first-half sales would put full-year volume at 1.194 million tons. That would be equivalent to 79.6% of current capacity but only 39.8% of the planned capacity.

These ratios are not capacity utilization rates. The published results provide neither the Douala plant’s actual production nor changes in inventories. They nonetheless illustrate the scale of the commercial challenge: based on a simple extrapolation of the first-half pace, selling 3 million tons would require sales to increase by about 2.5 times.

Two Quarters Without a Rebound

Dangote’s reported 13.1% decline indicates that first-half 2025 sales were about 686,800 tons. The subsidiary therefore sold about 90,000 fewer tons than a year earlier.

The decline appears to have eased, however. After a 15.8% drop in the first quarter, the year-on-year decrease between April and June can be estimated at about 10.2%. The calculation is based on the rounded half-year and quarterly figures reported by the group and should therefore be treated as an approximation.

That relative improvement does not yet amount to a recovery. The calculated second-quarter volume of 296,800 tons remained below the 300,000 tons sold in the first quarter.

Dangote attributed the weak performance to a slowdown in construction following the elections, delays in public spending and slower infrastructure project execution. In its half-year results, the group described the weakness as temporary and forecast a recovery as spending and project execution resume.

That is the company’s assessment. Available public data do not make it possible to separate the effect of slower construction activity from potential market share shifts toward other producers. Without comprehensive statistics covering all cement producers in the first half of 2026, Dangote’s sales decline also cannot be equated with a similar contraction in national consumption.

The first-half performance largely extends the decline recorded in 2025. That year, volumes at the Douala plant fell 14.1% to 1.2 million tons from 1.4 million in 2024, according to Dangote Cement’s 2025 annual results. Annualizing first-half 2026 sales therefore puts the subsidiary almost exactly at the previous year’s level.

Cameroon’s Role in Dangote’s Regional Clinker Network

Dangote’s Cameroon facility is not an integrated cement plant that produces clinker locally. The group describes it as a grinding plant with annual capacity of 1.5 million tons and a jetty that allows clinker to be unloaded directly at the facility. The semi-finished product is then ground with local pozzolana and gypsum to produce cement.

This configuration links the Cameroon subsidiary to the group’s regional industrial and logistics network. Dangote’s Nigerian plants shipped 754,000 tons of clinker to Cameroon and Ghana in the first half of 2026, up 56.7% from a year earlier, according to the cement producer’s half-year results. The group does not disclose how the volume was divided between the two countries.

A Dangote Cement strategy presentation published in June 2026 sets out the economic rationale behind the network. According to the group, the model “maximises utilisation of Nigeria’s asset base” and “leverages Nigeria’s integrated plants to feed African sites without needing to build further kilns.” In other words, Nigerian kilns serve as a regional production base supplying African grinding plants without the need to build new kilns in each market.

The model allows Dangote to increase utilization of its Nigerian plants and limit the industrial investment required in the countries it supplies. But it keeps Cameroon at the downstream end of the value chain, with limestone still being burned into clinker abroad.

The significance of the Cameroon project therefore extends beyond the additional capacity. The planned facility’s configuration is equally important. A new grinding plant would increase local cement-grinding capacity but would also increase the need for imported clinker. An integrated cement plant equipped with a kiln and supplied by a limestone quarry would represent a more significant shift in the industry’s structure.

That distinction is particularly important because Cameroon imported 3,106,782 tons of clinker in 2025 for 97.317 billion CFA francs, according to the preliminary foreign trade report published by the National Institute of Statistics in April 2026. The purchases rose 20.5% by volume and 14.7% by value from 2024. Clinker accounted for 1.9% of the total value of Cameroon’s imports.

A 3 Million-Ton Target First Announced in 2015

The 3 million-ton figure is not new. When the plant was inaugurated in 2015, the Prime Minister’s Office said the facility was expected to reach 1.5 million tons by the end of that year and that its “actual capacity,” according to its promoter, was 3 million tons.

Eleven years later, Dangote still lists its installed capacity in Cameroon at 1.5 million tons a year.

The project resurfaced publicly on July 21, 2026. After a meeting with Prime Minister Joseph Dion Ngute, Dangote Group Vice President Devakumar Edwin announced plans to build a new plant in the country’s economic capital. “We also intend to build a new cement plant in Douala. We will visit sites to determine where to locate this plant,” he said, according to remarks reported by Business & Finance International on July 23.

The statement indicates that the project remains at a preliminary stage. Dangote said it was still searching for a site, with no location finalized. No publicly available information specifies the cost of the Cameroon investment, the construction schedule, the new plant’s capacity or whether it will include a clinker kiln.

The location itself also remains unclear. In June 2026, Dangote Cement Cameroon referred both to an expansion of the Douala facility and the revival of a project for a second 1.5 million-ton plant in an industrial zone in Yaoundé. A month later, the group’s management announced a new cement plant in Douala. Dangote has not publicly clarified whether these are separate projects or whether the company has shifted the proposed location.

Sinoma Agreement Does Not Specify Cameroon Project Costs

The agreement signed with Sinoma International Engineering on February 28, 2026, does not resolve these uncertainties. It covers an estimated investment of more than $1 billion and 12 construction, expansion or modernization projects in seven African countries, including Cameroon, according to information published by Agence Ecofin on March 4, 2026.

No public breakdown identifies the amount allocated to Cameroon. The agreement also does not specify whether the local investment will take the form of a grinding plant, an integrated cement plant or a simple expansion of the existing facility.

The agreement alone therefore does not establish that work to double capacity has begun. It mainly confirms that Cameroon is among the markets included in Dangote Cement’s continental expansion strategy.

The proposed expansion therefore raises two issues. Commercially, Dangote would need to restore growth, gain market share or develop new outlets to absorb the additional capacity. Industrially, it must clarify whether the investment will only expand local grinding capacity or also reduce Cameroon’s dependence on imported clinker.

Until the site, financing, timetable and technical configuration are disclosed, the increase to 3 million tons remains a stated target. It comes as Dangote’s Cameroon sales have remained at about 300,000 tons per quarter since the beginning of 2026.

Source: Business in Cameroon

Three state-owned companies—SONARA, Camair-Co, and CAMTEL—account for nearly all of the direct domestic debt currently reported for Cameroon’s public enterprises, underscoring how a handful of companies dominate the government’s commercial-sector debt exposure.

According to data from the Autonomous Sinking Fund (CAA) analyzed by Investir au Cameroun, the three companies carried a combined CFA297.3 billion ($510 million) in direct domestic debt as of the end of June 2026, representing 93% of the CFA319.6 billion outstanding across public enterprises and establishments.

The figure does not include floating debt or the liabilities of the Cameroon Electricity Company (Socadel), which are still being assessed.

The reported debt stock was unchanged from May. However, it declined by 0.8% over three months and by 8.3% year over year. These changes apply only to direct domestic debt contracted by public entities and exclude other categories of liabilities tracked separately by the CAA.

SONARA Alone Represents Nearly 60% of the Total

With CFA191.3 billion in outstanding debt, the National Refining Company (SONARA) remains by far the country’s most indebted public enterprise in this category, accounting for 59.9% of the total portfolio.

The CAA breaks down SONARA’s debt into CFA162.4 billion in bank loans and CFA28.8 billion owed to suppliers. The rounded figures add up to CFA191.2 billion, leaving a CFA100 million difference from the published total, likely due to rounding in the report.

Despite remaining the largest debtor, SONARA has reduced its outstanding debt by CFA8.2 billion since December 2025, when it stood at CFA199.5 billion. The 4.1% decline comes as the company continues to seek financing for the rehabilitation of its refinery, whose operations were halted after a fire in May 2019.

Camair-Co ranks second with CFA62.4 billion, equal to 19.5% of the reported debt stock. Its outstanding debt has remained unchanged since December 2025.

CAMTEL completes the top three with CFA43.6 billion, or 13.6% of the total. The state-owned telecommunications operator reduced its domestic debt by CFA5.9 billion, or 11.9%, compared with the CFA49.5 billion recorded at the end of June 2025.

All other public entities combined account for just CFA22.3 billion, or 7% of the portfolio. The Cameroon Development Corporation carries CFA9.4 billion in debt, followed by FEICOM with CFA7.6 billion, Camwater with CFA5.2 billion, and the Port Authority of Douala with CFA100 million.

Floating Debt Adds Another CFA156.5 Billion

The 93% concentration does not include the floating debt of public enterprises, which the CAA tracks separately.

That category totaled CFA156.5 billion at the end of June 2026, down 19.5% from a year earlier.

Tax and customs obligations make up the largest share at 68.6%, or about CFA107.4 billion. Commercial debt accounts for 21.3%, or CFA33.3 billion. Academic debt represents about CFA13 billion, or 8.3% of the total, while social security obligations amount to CFA2.8 billion, or 1.8%.

The breakdown shows that the liabilities of public enterprises extend beyond bank borrowing and supplier debt to include unpaid taxes, customs duties, social contributions, and other obligations accumulated through day-to-day operations.

Socadel Could Significantly Change the Debt Picture

The CAA notes that the CFA319.6 billion reported for direct domestic debt does not yet include the liabilities of Socadel, created following the renationalization of former power utility Eneo.

The assessment of those liabilities is still underway, based on a preliminary estimate of roughly CFA800 billion.

Taken on its own, that indicative amount is about two and a half times larger than the entire direct domestic debt currently reported for public enterprises. However, it cannot be added directly to the CFA319.6 billion until the CAA finalizes the assessment and determines how the liabilities should be classified, including bank debt, supplier obligations, tax liabilities, social contributions, and any overlapping claims involving other public entities.

As a result, while SONARA, Camair-Co, and CAMTEL currently account for 93% of the direct domestic debt officially reported by the CAA, that concentration reflects only the published portfolio. Once Socadel’s liabilities are incorporated, the financial profile of Cameroon’s state-owned commercial sector could change substantially.

Source: Business in Cameroon

Cameroon spent CFA274.3 billion on hydrocarbon imports in the first quarter of 2026, a 2.5% increase from a year earlier, even as revenue from crude oil exports fell sharply, according to the National Economic and Financial Committee’s (CNEF) latest economic report.

Between January and March, crude oil exports generated CFA152.4 billion, down 14.4% from CFA178 billion during the same period in 2025. The figures underscore Cameroon’s energy paradox: although the country produces oil and natural gas, it remains heavily dependent on imported refined petroleum products to meet domestic demand.

Fuel imports totaled CFA267.7 billion in the first quarter of 2025. The additional CFA6.6 billion spent this year kept petroleum products as Cameroon’s largest import category, ahead of machinery and mechanical equipment worth CFA115 billion and vehicles valued at CFA82.8 billion.

Export Revenue Falls Despite Higher Oil Prices

The decline in crude oil export earnings came even as global energy prices strengthened. According to the World Bank, Brent crude averaged $103.7 per barrel in March 2026, up 42.8% from $72.6 a year earlier. European benchmark natural gas prices also rose 35.3% over the same period to $17.91 per million BTU.

The drop in Cameroon’s export revenue despite higher prices suggests lower export volumes or changes in the country’s export mix. However, the CNEF report does not provide enough data to determine the exact cause.

The first-quarter figures extend a longer-term decline. Crude oil export revenue, which peaked at CFA1.51 trillion in 2022, fell to CFA705.6 billion in 2025, a drop of more than 50% in three years. Liquefied natural gas exports have followed a similar trend, declining from CFA631.5 billion in 2022 to CFA363.3 billion in 2025, a 42.5% decrease.

Import Bill Remains High

Meanwhile, Cameroon’s spending on imported petroleum products remains structurally high. After reaching a record CFA1.15 trillion in 2022, hydrocarbon imports totaled CFA891.1 billion in 2025. The increase recorded during the first quarter suggests the country’s energy import bill will remain substantial this year. Petroleum imports alone were worth more than twice the value of machinery imports during the period.

The country’s dependence on imported fuels largely stems from the shutdown of the National Refining Company’s (Sonara) refinery following the fire that damaged part of its facilities. As a result, Cameroon exports crude oil while importing gasoline, diesel, kerosene and other refined petroleum products needed by households, businesses and public institutions.

That structure exposes the country to swings in global oil prices, shipping costs and exchange rate movements. It also puts pressure on foreign exchange reserves, the trade balance and public finances, particularly when the government subsidizes fuel prices to shield consumers from international market fluctuations.

BEAC Urges Faster Refinery Projects

The Bank of Central African States (BEAC) is urging Cameroon to accelerate the reconstruction of Sonara and move forward with the planned C-Star refinery in Kribi.

In its report on inflation trends in the CEMAC region through March 2026, the central bank said both projects are essential to reducing the country’s exposure to global oil price volatility and limiting its impact on domestic fuel prices. The government is no longer planning a simple repair of the Sonara refinery. Instead, it intends to completely rebuild and modernize the facility at an estimated cost of about CFA700 billion.

The project includes replacing facilities destroyed in the fire, which damaged four of the refinery’s 13 processing units and a crude oil storage tank. It also calls for adding new processing capacity, including a hydrocracker. The new equipment is expected to improve the refinery’s ability to process domestic crude and increase production of fuels for the local market.

Whether those investments move forward will play a key role in reducing Cameroon’s dependence on imported fuels. Without restoring domestic refining capacity, the country is likely to continue spending heavily on petroleum imports even as revenue from its own hydrocarbon exports continues to decline.

Source: Sbbc