The President of the Republic of Cameroon, His Excellency Paul BIYA, promulgated on December 11, 2018, the Finance Law of Cameroon for the 2019 financial year. Balanced in revenue and expenditure at 4,850.5 billion FCFA, the budget for the year 2019 is up by 161 billion compared to 2018. It is drawn up with a view to maintaining the economic growth initiated, in line with the presidential vision of an emerging Cameroon by 2035.
In this wake, the new customs measures took into account a number of exogenous factors: the fall in the price of a barrel of oil as well as the prices of certain high revenue potential products such as cocoa and coffee; the low availability of foreign currency reserves which somewhat slowed down the pace and volume of imports; the continuation of tariff liberalisation linked to the Cameroon-European Union bilateral Economic Partnership Agreement; compliance with the commitments of the IMF’s Economic and Financial Program; the temporary closure of the land borders of Nigeria and Equatorial Guinea.
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