Cameroon: 38 billions CFAF for the importation of 96000 tons of palm oil
The Ministry of Finance, Alamine Ousmane Mey, authorised this importation at preferential terms, to eliminate the forecasted deficit of national production and avoid inflation.
In order to avoid possible shortages on local market, Cameroon intends to disburse almost 38 billions CFAF in 2017 to import 96000 tons of crude palm oil and its by-products such as stearine, palm kernel oil and fatty acids. The announcement was made during the month of may, by the Oleaginous Sector Regulation Committee, located at the Ministry of Commerce.
These raw materials, issued from a first transformation of palm nuts, are used during a second transformation to produce refined vegetable oil, household soap, margarine, agro-feeding products, cosmetics, etc.
The importation is carried out in several phases and about 30000 tons are already in Cameroon. This action est made possible thanks to preferential conditions such as a VAT exemption and a 5% custom duty authorized by Alamine Ousmane Mey, Cameroonian Ministry of Finance.
In fact, Cameroon’s annual production, both rural and industrial, is estimated at about 360000 tons of palm oil. Meanwhile, according to the Cameroon Association of Oleaginous’ Refiners (ASROC), due to the dynamism of local transformers, the country’s annual deficit is about 130000 tons.
As explained by Kemleu Tchabgou Jacquis, ASROC General Secretary, this deficit is caused by “the reduction in 2016 of almost 30% of primary processing industries’ capacities to provide the main raw material, crude palm oil, for secondary procession”.
It is not the first time Cameroon imports oleaginous products. In 2016, the Government authorized an importation of 60000 tons at the same preferential conditions. Cameroon business statistical yearbook also indicates that in 2015, the country imported 7942 tons of palm oil from Indonesia for a total amount of 4. 353 billions CFAF.
Cameroon imports crude palm oil from countries like Gabon, Liberia, Indonesia, Thailand or Malaysia.