The Interim Minister of Mines, Industries and Technological Development, Prof Fuh Calistus Gentry, has said more revenue will continue to be drawn from the extractive industries sector, and used to speed up development in the country.
Minister Fuh Calistus was speaking at the presentation of the 2021country of the Extractive Industries Transparency Initiative, EITI- Cameroon, in Yaounde Friday, September 15
He said Cameroon raked 776.09 billion FCFA during the 2021 business year. 589.35 billion FCFA from the total revenu was dropped into the state treasury. The revenue shot up from previous years. During the 2020 business year, the amount was less by 60 billion FCFA, as the sector contributed 535.18 billion FCFA into national wallet.
The report put the contribution of the extractive industry to the national economy at 3.93% of the Gross Domestic Product, GDP in 2021; 16.34% of budget resources and 31.15% of exports. In 2020, the sector represented 2.2% of the GDP; 16.61% of budget resources and 23.59% of exports. In 2019, it was 3.75% of the GDP; 19.3% of budget resources and 32% of exports.
The minister attributed the jump to the hike in the price of oil in the international market. He cited the more and more favourable legal and investment environment that is cushioning the worldwide drop of investments in the sector, plus the switching to renewable energy sources.
What next ?
Minister Fuh Calistus said the published 2021 report is the document Cameroon will use to get its EITI- International validation billed for scrutiny in October. In the past, oil contributed a chunk of the revenue. But the Minister says the situation will change as « other minerals will soon » generate revenue. The Minister said government in its quest to achieve transparency in the sector has engaged civil society organisations as part of the EITI- Cameroon Management Committee.
The Extractive Industries Transparency Initiative (EITI) is a global initiative that promotes open and accountable management of oil, gas and mineral resources.
Jude VIBAN
