Cameroon grapples with $3.4 bn gold smuggling while targeting mining boom

An investigation by Jeune Afrique found that between 2021 and 2025 Cameroon officially recorded only 148 kg of gold exports, while Dubai logged 44 tonnes from the country – a discrepancy valued at roughly $3.4 billion (about 2 trillion FCFA). The report describes an organized criminal network that includes state officials, Chinese promoters and smugglers, using airports to move gold to Dubai where it is laundered and sold. The state mining company Sonamines is accused of a conflict of interest, and high‑level figures close to President Paul Biya have been questioned by a special criminal tribunal.

At the same time, the Cameroonian government is planning a major economic shift. Citing declining oil production, officials say mining revenues are expected to overtake oil, with projected earnings of $1.75 billion. The strategy focuses on expanding extraction of iron ore, bauxite, gold, diamonds and cobalt, and includes a new mining code aimed at cracking down on illegal mining and under‑reporting, especially in the gold sector. If successful, the transition could diversify the economy and position Cameroon as a leading African mining hub.