Cameroon loses 850 billion CFA francs in annual gold smuggling to Dubai

An independent report reveals that Cameroon loses approximately 10 tonnes of gold annually to illegal smuggling routes, primarily directed toward Dubai. The estimated annual gross value of this diverted gold is 850 billion CFA francs. Recovering these resources could provide the state with between 130 billion and 200 billion CFA francs in net public revenue.

The report, titled ‘L’or, avenir du Cameroun ? Le trésor qui s’évade’, notes that Cameroon’s gold potential is concentrated in the Adamaoua and East regions, with an estimated 600 tonnes in reserves. Investigations identified roughly 200 illegal companies operating in these areas, over 95% of which are foreign-owned, predominantly Chinese. These entities reportedly purchase gold from artisanal miners at low prices and export it through unofficial channels.

Between 2021 and 2025, an estimated 44 tonnes of gold were diverted to Dubai, compared to only 148 kilograms officially declared. This represents a loss of approximately 3.4 billion USD. In response, the state has suspended all extractions, designated the National Mining Company (Sonamines) as the sole legal buyer of national gold, and begun establishing a sovereign gold reserve.