CAMEROON TRENDS AND DEVELOPMENTS Contributed by: Zangue Serges Martin, Brandon Ntahdui and Joël Noussie, Zangue & Partners
sector enterprises and the repurchase of ACTIS’ shares in ENEO (the national electricity company in Cameroon, responsible for the production, distribu - tion and sale of electricity across the country). The following sections provide a comprehensive over - view of recent trends and legal developments in Cam - eroon that may impact foreign investments. Trends and Legislative Developments Related to Investment in Cameroon Commercial sector The trade sector has undergone major innovation with the establishment of a legal framework governing the implementation of Authorised Economic Operator (AEO) status in Cameroon. An AEO is defined as an enterprise engaged in the international movement of goods, in any capacity, accredited by the Customs Administration as compliant with import, export, taxa - tion, safety and supply chain security regulations. AEO status was initially instituted by CEMAC Regu - lation No 03/22-CEMAC-UEAC-010A-CM-38 of 28 October 2022. However, the practical means of obtain - ing this status were thereafter pending implementation by each CEMAC member state. In Cameroon, these means are now defined by Decree No 2025/01085/PM of 23 June 2025, which sets out the conditions and procedures for obtaining AEO authorisation, as well as the corresponding rights and obligations. Obtaining AEO status is a voluntary process but is particularly recommended for economic operators engaged in significant foreign trade activities or serv - ing as key actors in the international logistics chain. AEO status grants both common and specific facili - ties. The common facilities notably include: • the preferential treatment of applications at the level of technical administrative organs; • reduced administrative and technical control; • reduced controls during the transit of goods; • a low rate of material inspection and examination; and • mutual acknowledgement, with the possibility of extension to the community, regional or interna - tional level.
The specific facilities depend on the type of AEO authorisation granted (simplified or security-safety authorisation). This legal framework represents a major step towards simplifying foreign trade formalities and procedures, fostering voluntary compliance with regulations, and promoting safety and security in international trade operations. Exchange control regulations The foreign exchange landscape in the CEMAC region has evolved significantly since the entry into force of the 2018 Exchange Control Regulation, which intro - duced stricter obligations regarding the repatriation and management of foreign currency. In a nutshell, in relation to foreign currency held outside of CEMAC, CEMAC-resident individuals are required to declare any foreign currency accounts held abroad, and resident companies are prohibited (unless author - ised under strict conditions) from holding foreign cur - rency accounts outside of CEMAC – except for credit establishments under certain conditions. These measures strongly affected extractive compa - nies, whose operations rely heavily on foreign cur - rency accounts held outside of CEMAC. In response, these companies engaged in extensive negotiations with the Central Bank, which ultimately resulted in the adoption of specific exchange control rules applicable to the extractive sector. Notably, these rules enabled: • the retention of foreign currency holdings outside CEMAC for extractive companies, subject to the repatriation of at least 35% of foreign exchange earnings; and • mandatory repatriation, to a Central Bank escrow account, of all funds allocated to site rehabilitation and end-of-operations obligations. Extractive companies were given three years, start - ing from 1 January 2022, to comply; failure to comply resulted in penalties of 150% of the amounts con - cerned. At the end of this period, however, the sector continued to resist full implementation (notably of the conditions for the repatriation of funds allocated to site rehabilitation and end-of-operations obligations),
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