Given the exponential increase in sea freight costs, consumer goods shall henceforth enjoy a special discount.

The decision signed by the Minister of Finance on 16 November 2021, is a breath of fresh air to business persons who shall be entitled to an 80% discount on sea freight costs until 28 February 2022. This shall drastically reduce customs duties on goods imported by sea which shall in return prevent an increase in consumer good prices as current freight costs shall plummet.

It should be noted that this decision by the Minister of Finance is not retroactive. Only goods that had not yet been declared to customs when this decision was signed shall benefit from this preferential tax reduction.

This salutary decision by the Government comes at a time when business persons are faced with many difficulties. Cameroon Employers' Association (GICAM) had earlier threatened to suspend the importation and manufacture of goods from 1 January 2022.

Generally speaking, freight costs for containers coming from Europe or Asia have doubled between the end of 2020 and December 2021. This action by the Minister of Finance is obviously the outcome of consultations between the private sector and the Government as they seek to build a more resilient economy.

Click here to see the ministerial decision