Sunday 22 October 2017

Cameroon: Illicit trade incurs CFA150bln in losses to economy

Cameroon: Illicit trade incurs CFA150bln in losses to economy
(APA 08/09/17)
Celestin Tawamba, boss of gicam

APA - Douala (Cameroon) - Illegal trade, fraud, smuggling and counterfeiting cause a huge deficit in Cameroon’s economy, incurring an annual loss estimated at around CFA150 billion, according to figures published on Tuesday by the group GICAM.

This situation is putting the entire Cameroonian economy in bad shape as both the public treasury and companies lose substantial sums of money.

In view of this, employers are calling on all economic players to be involved in improving the business environment, given that “illegal trade poses a threat to the development of local businesses.”

The proliferation of contraband goods and counterfeit products, such as hydrocarbons, cement, whiskeys, cigarettes, cosmetics, beer and other beverages is strangulating local production out of business.

Financial losses incurred by companies valued at CFA180 billion include tax losses of about CFA70 billion.

This represents a total of CFA150 billion in losses for companies and the state.

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