Cameroon sure to get 2023 extractive industries transparency validation.

The hopes were raised when Alex Gordy, who is at the head of a mission from the International Secretariat of the EITI answered questions from the press after the workshop on contracts disclosure, licenses issued and transparency in strategic commodity trading, ended yesterday in Yaounde.

Gordy, the team leader, who doubles as the Technical Director at the EITI International Secretariat, told journalists that Cameroon had been able to respond to the 15 thorny issues highlighted by the EITI International headquarters; which in 2021, caused Cameroon to be temporarily suspended from the world body.

He insisted that there is no other global standard for the good governance of oil, gas and mineral resources apart from the EITI, whose global headquarters is located in Oslo, Norway.

The head of a mission added that EITI and Cameroonians are interested in knowing how contracts for the exploitation of these natural resources are awarded; who owns exploitation license for which mineral in what part of the country, and how trading is carried out in the international market on these strategic commodities.

EITI and Cameroonians also want to know how much taxes are paid by exploiters and holders of licenses, and how much of the money goes into government coffers.

Above all, the international body of EITI, civil society organisations and Cameroonians in general, would want to know the impact the exploitation of mineral resources and the accruing revenues are making in improving the living conditions of citizens in all parts of the country.

He urged Cameroonian actors in the extractive industries sector to learn best practices from other African countries in the French-speaking zone like Ivory Coast, Congo Brazzaville, Chad Republic and the Democratic Republic of Congo. These countries, Gordy said were far ahead of Cameroon in meeting transparency standards EITI International in the disclosure of such information.

He expressed dismay that not many Cameroonians, even those holding high positions in the public sector cannot answer questions like: “How transparent is trade in strategic raw materials between Cameroon and the rest of the world? How many exploitation contracts has the government of Cameroon issued in a specific year? Who are those given licenses to explore and exploit minerals in particular parts of Cameroon?” among other questions.

The visiting team leader was corroborated on the issue of implementing recommended reforms by Agnes Solange Ondigui Owona, the national Coordinator of EITI Cameroon office, who harped on that fact that they had straightened the 15 points that the international secretariat questioned, so there should be no reason Cameroon should not secure its validation from the international body by October 1, 2023.

International technical and donor partners agree that Cameroon is rich in natural resources, the exploitation of which has an impact on the national economy. According to International Financial Institutions like the World Bank, the International Monetary Fund, IMF, and the Natural Resource Governance Institute, NRGI, Cameroon is an oil dependent country since 25% of state revenues come from oil. They opined that Cameroon is rich in natural resources, the exploitation of which has an impact on the national economy. According to International Financial Institutions (World Bank, IMF) and the Natural Resource Governance Institute (NRGI), Cameroon is an oil dependent country since 25% of state revenues come from oil. The industrial exploitation of solid minerals is regarded seriously by the government as it searches for new resources to support development. 

The country is also rich in other extractive resources, given the potential revealed by exploratory research in just over 40% of the territory. The abundance of extractive resources and the particularly business friendly legal framework is attracting many investors to Cameroon, the experts concluded.