Who Runs Cameroon’s Economy, the Key Players in 2026

CAMEROON · ECONOMY

The Cameroon economy, one of Central Africa’s largest, is run by a handful of state companies, foreign-owned giants and a few family fortunes. It matters to US readers because Washington is courting Yaoundé for minerals, energy and ports, while the country carries a high risk of debt distress.

This guide names the main players, shows who controls them and explains what that means for American readers.

How the Cameroon Economy Is Built

The Cameroon economy grew 3.4% in 2025, according to the World Bank. It expects growth to average 3.7% a year from 2026 to 2028, while the IMF projects 3.3% for 2026.

Services have driven growth since the 1993 currency devaluation. Agriculture employs nearly 60% of the population, the World Bank says.

Cameroon sells raw goods and buys finished ones. In 2025 exports earned CFA3,084 billion (about US$5.3 billion), while imports cost CFA5,229 billion (about US$8.9 billion), according to the national statistics institute.

The trade deficit reached CFA2,145 billion (about US$3.7 billion), up 22.8% on 2024. Exports covered only 59% of imports.

Cameroon shares its currency with five neighbours through the CEMAC union. The regional central bank, the Bank of Central African States (BEAC), cut its main rate from 4.75% to 4.50% on 29 June 2026.

Many of the biggest actors are state-owned, and the IMF calls their weak governance a brake on growth. The Cameroon economy is best read sector by sector, following the money.

Oil and Gas Under State Control

The National Hydrocarbons Corporation, known as SNH, is the state oil company. It was created on 12 March 1980 and, in its own words, manages the state’s interests in oil and gas.

SNH also sells the state’s share of Cameroon’s crude through contracts. Foreign companies pump the oil and share output with the state.

Perenco, a Franco-British group, calls itself the leading operator. In September 2026 it put its operated output at about 75,000 barrels of oil equivalent a day.

It says it has invested over US$1.5 billion alongside SNH since 2012.

Addax Petroleum, a subsidiary of China’s Sinopec, produced about 30% of Cameroon’s crude in 2025, or close to 5.8 million barrels. Finance ministry data put national output at 19.8 million barrels that year, down from 21.3 million in 2024.

Old fields are running down. Crude earned CFA705.6 billion (about US$1.2 billion) in 2025, 29.6% less than in 2024, as volumes and prices both fell.

Gas took a hit in 2026. The floating gas plant Hilli Episeyo, owned by Golar LNG, left Cameroon after its contract with SNH ended in July 2026.

It had sold gas abroad as liquefied natural gas since 2018. That trade earned CFA350.2 billion (about US$600 million) in 2025, or 11.4% of export earnings.

The national economic and financial committee expects the oil sector to shrink 16.1% in 2026. The hoped-for replacement is Yoyo-Yolanda, a gas field shared with Equatorial Guinea, which the two countries agreed to develop jointly on 3 February 2026.

SNH puts that field at about 2.5 trillion cubic feet of gas and nearly US$4 billion of investment. First gas is unlikely before about 2029.

The Refinery and Fuel Prices

Sonara, the national refinery, is now almost wholly state-owned. A notarised notice dated 14 October 2026 shows the government holding 98.09%, up from 81.95%, after it converted claims into new shares.

TotalEnergies Marketing Afrique’s stake fell to 0.42%. Sonara also owed CFA191.3 billion (about US$327 million) in domestic debt at the end of June 2026.

The state keeps pump prices steady by paying the difference. Finance Minister Louis Paul Motaze said that cost CFA57 billion (about US$98 million) in September 2026 alone.

Cocoa, the Top Export

Cocoa beans overtook crude oil as Cameroon’s biggest export in 2025. They earned CFA810.2 billion (about US$1.4 billion), or 26.3% of export earnings.

Cocoa paste and butter added 12.2%, so cocoa products together made up 38.5% of export revenue, the statistics institute reports.

The 2025 boom came from prices. Volumes fell 9% that year, but the price per kilo rose enough to lift revenue 18.7%.

The 2025-26 season, which ended on 15 July 2026, reversed that. The national cocoa and coffee board says marketed output fell 19.9% to 247,914 tonnes, and bean exports fell 34.7% to 125,469 tonnes.

Export revenue dropped from about CFA1.07 trillion to CFA400.9 billion (about US$690 million), a fall of about 63%. Lower world prices did most of the damage.

Three exporters shipped 70.3% of the beans: Telcar Cocoa with 32.4%, Ofi Cam with 19.4% and SBET with 18.5%. Europe took 84.6% of exports, led by the Netherlands.

Millions of small farmers sit below these traders. They bear the swings in world prices, and the 2025-26 fall could cost cocoa its top spot in the 2026 export tables.

Plantations, Sugar and Cotton

The Cameroon economy on the farm is split between state estates, listed groups and French-owned sugar. The state-owned Cameroon Development Corporation, known as CDC, grows bananas and rubber in the English-speaking North-West and South-West.

Palm oil and rubber estates sit on the regional stock exchange, BVMAC. It lists Socapalm, a palm oil company, and Safacam, a rubber estate.

Safacam’s controlling group, Socfinaf, expects its 2026 profit to fall 58.3% to CFA1.34 billion (about US$2.3 million). Sales are forecast at CFA29.37 billion (about US$50 million).

Sosucam is the country’s main sugar maker. Its French parent, Somdiaa, holds 82% and told the government in June 2026 that it intends to sell all of it.

A Kenyan bidder is reported to have offered about US$350 million. Local output of 120,000 to 160,000 tonnes covers only part of demand.

Cameroon imported 208,443 tonnes of refined sugar in 2025, costing CFA69.3 billion (about US$119 million).

Cotton is the north’s cash crop. The company Sodecoton works with 150,000 to 200,000 growers and aimed for a record 440,000 tonnes in 2025-26, after 286,000 tonnes the season before.

Cotton earned CFA124.4 billion (about US$213 million) in 2025, down 29.8%, and timber earned CFA217.6 billion (about US$372 million), down 12.8%.

Power, Water and Ports

Electricity is the state’s biggest recent takeover. A presidential decree of 4 May 2026 turned the power distributor Eneo into Socadel, a state-owned company.

The government paid CFA78 billion (about US$134 million) to Actis, a British investment fund, for its 51% stake. Socadel’s capital is CFA43.903 billion (about US$75 million), and the state holds 95%, with 5% reserved for staff.

Its debts are still being counted. The state debt agency’s early estimate is about CFA800 billion (about US$1.4 billion).

Socadel plans to spend CFA52.6 billion (about US$90 million) on fuel for 33 power plants. Its board includes the heads of Sonatrel, the state grid company, and EDC, the state power developer.

The 420-megawatt Nachtigal dam, fully commissioned in 2025, supplies close to 30% of the country’s generating capacity, the plant’s operator says. The Edéa dam on the Sanaga River is among the country’s oldest hydro plants.

Ports are the second state lifeline. Cameroon’s ports handled 23.7 million tonnes in 2025, the transport minister says, and the port of Douala carries about 85% of foreign trade.

The Kribi deep-water port earned CFA38.97 billion (about US$67 million) in 2025 and made a profit of CFA4.02 billion (about US$6.9 million). Its second container terminal opened on 9 May 2025.

Camtel, the state telecom firm, shows a stronger side of the public sector.

It made a net profit above CFA13 billion (about US$22 million) in 2025.

The State Companies’ Debt Problem

The state debt agency counted CFA319.6 billion (about US$547 million) of direct domestic debt owed by public enterprises at the end of June 2026. Three firms owed 93% of it.

Sonara owed CFA191.3 billion (about US$327 million), Camair-Co CFA62.4 billion (about US$107 million) and Camtel CFA43.6 billion (about US$75 million).

The Banks That Hold the Money

Cameroon has 18 operating banks. Their combined balance sheets stood at CFA13.593 trillion (about US$23.3 billion) at the end of November 2025.

In a press tally of 2025 results, Afriland First Bank reported the largest profit: CFA38.75 billion (about US$66 million). Ecobank Cameroun followed with CFA27.29 billion (about US$47 million), and CCA Bank and AFG Bank each made about CFA21.5 billion (about US$37 million).

Not every bank had published its results when the tally was compiled in October 2026.

The state is moving into banking. On 12 May 2026 it closed the purchase of a 58.08% stake in Société Générale Cameroun.

The price was CFA129 billion (about US$221 million), lifting its holding to 83.68%.

The bank is now called General Bank of Cameroon. Officials say the state’s control will be temporary, and that other investors will be invited in later.

Foreign names are also changing. Access Bank, from Nigeria, completed its purchase of Standard Chartered’s Cameroon unit on 5 December 2025, for about US$29 million.

BGFI Holding, the parent of BGFIBank, listed on the regional stock exchange on 7 May 2026. The BEAC and the regional banking regulator, known as COBAC, set the rules for all banks in the union.

Mobile money is a new financial layer. Orange Money and MTN MoMo handled CFA32.667 trillion (about US$56 billion) of transactions in 2025, the national economic and financial committee says.

They kept CFA473 billion (about US$810 million) in bank accounts for customers.

Telecoms, Beer and Cement: The Private Giants

Orange and MTN dominate mobile phones. In 2024 Orange Cameroun took 50.08% of telecom revenue and MTN Cameroon 47.26%, the telecoms regulator ART reports, the first time Orange had led.

Orange had 15.67 million active customers and MTN 13.71 million. The state-owned Camtel had 2.08 million and 2.67% of revenue.

MTN Cameroon earned a 2025 profit of 2.091 billion rand (about CFA67.9 billion, or US$116 million). Revenue was 13.452 billion rand (about US$748 million), and minority holders own 20% of the company.

Nexttel, a fourth operator, belongs to Viettel of Vietnam, with a minority stake held by the businessman Baba Danpullo.

The brewer SABC is the Cameroon arm of France’s Castel group. Its 2025 revenue was CFA483.2 billion (about US$827 million), and it is set to merge with Guinness Cameroon.

Cement shows how a downturn bites. Cimencam and Dangote Cement Cameroon, the two largest producers, sold 677,392 tonnes in the first quarter of 2026, down 12.1% on a year earlier.

Dangote Cement Cameroon’s sales fell about 15.8% in the same period, the company reported on 29 April 2026.

Business Families, Tycoons and Who Sets the Rules

Cameroon’s richest man is Baba Ahmadou Danpullo, according to Forbes Afrique, which puts his fortune at about CFA547 billion (about US$936 million). His group, based in Douala, has interests in tea estates, commercial property, telecoms and road transport.

On 3 July 2026 he confirmed plans for a private airline, Danpullo Air Line, with about CFA500 billion (about US$856 million) to be invested. Work on a private Yaoundé airport was due to begin in September 2026, with flights targeted for 2030.

In banking, Afriland First Bank reported the largest 2025 profit in a press tally of results.

Foreign groups hold much of the rest. Castel owns the brewer, Orange and MTN run phones, Perenco and Addax pump oil, and Somdiaa runs sugar.

President Paul Biya holds ultimate power. On 12 October 2026 he signed the circular that sets the 2027 budget deficit at 2.7% of output.

Prime Minister Joseph Dion Ngute coordinates the government, and Alamine Ousmane Mey is economy and planning minister. Louis Paul Motaze, the finance minister, speaks for Cameroon at the IMF and World Bank.

The IMF reportedly wants each CEMAC member to hold its 2027 deficit to 1.5% of output as a condition of new programmes. Cameroon’s last IMF reviews were completed in July 2025.

About CFA300 billion (about US$513 million) of budget support planned for 2027 assumes a new programme, the finance ministry’s planning paper says. An IMF mission in September 2026 kept its high-risk rating for debt.

Public debt, as counted by the state debt agency, was CFA15,607 billion (about US$26.7 billion) at the end of June 2026, or 44.2% of output. Of the central government’s debt, 64.5% is external.

The World Bank approved US$5.01 billion for 21 Cameroon projects, the planning ministry said on 15 October 2026. Agreements worth US$4.129 billion are signed for 18 of them.

What It Means for US Readers

US business with Cameroon is small but growing in interest. US goods exports were US$169.3 million in 2025, and imports were US$287.3 million, according to the US Trade Representative.

At the first US-Cameroon economic dialogue on 27 August 2026, the US Embassy listed about US$7 billion of possible projects. They include a US$500 million rutile mine by Tronox and Lion Rock.

Others are a US$3.5 billion Sanaga River dam proposed by Hydromine and a US$2 billion airport near Douala.

These are opportunities at various stages, not signed money. Many depend on power supply, state-owned partners and financing from a government that carries a high risk of debt distress.

US investors should also watch cocoa, which feeds chocolate makers, and the 2026 fall in oil and gas output. The geopolitics explainer covers Cameroon’s foreign partners.

For wider context, see the Rio Times Cameroon country guide and the guide to Cameroon’s role in Africa. The explainer on who takes over if Biya goes covers politics.

Regional banking is covered in the report on the BDEAC bond. More coverage sits on the Rio Times Cameroon page.

What Is Not Known

SNH does not publish a full breakdown of what it earns from selling the state’s crude. The company’s own site lists its units and managers but no production totals.

The size of Socadel’s debts is still an early estimate of about CFA800 billion (about US$1.4 billion). The price and buyer for Somdiaa’s 82% of Sosucam are not public.

Bank profits for 2025 come from a press tally that did not cover every bank. No official ranking of the biggest companies by revenue is published.

The IMF has not set a date for a new programme. Whether Cameroon’s 2027 budget will meet the regional deficit limit is not yet known.

Frequently Asked Questions

How big is the Cameroon economy?

The World Bank says it grew 3.4% in 2025 and projects average growth of 3.7% a year for 2026 to 2028. The IMF projects 3.3% for 2026.

What are Cameroon’s main exports?

Cocoa beans were first in 2025, earning CFA810.2 billion (about US$1.4 billion). Crude oil followed with CFA705.6 billion (about US$1.2 billion), then cocoa paste and butter, gas, timber and cotton.

Which state companies matter most?

The oil company SNH, the refinery Sonara, the power company Socadel, the telecom firm Camtel, the airline Camair-Co and the ports of Douala and Kribi. The estates CDC and Sodecoton also matter.

Who owns the biggest private companies?

The brewer SABC belongs to France’s Castel group. MTN Cameroon reports through South Africa’s MTN Group, and minority holders own 20% of it.

Is Cameroon’s government now a bank owner?

Yes. Since 12 May 2026 it holds 83.68% of General Bank of Cameroon, formerly Société Générale Cameroun. Officials call the control temporary.

Does Cameroon have an IMF programme?

No. Its last reviews under the previous programme were completed in July 2025, and talks on a new one continued after an IMF mission in September 2026.

Which currency does Cameroon use?

The Central African CFA franc, pegged to the euro and shared with five neighbours. In October 2026 it traded at about 584 to the US dollar.

Sources: National Institute of Statistics, foreign trade in 2025 (provisional), 2026-04-01; World Bank, Cameroon country overview, 2026-10-05; IMF, Cameroon country page and 2026 Article IV consultation, 2026-04-03; SNH, National Hydrocarbons Corporation, 2026-10-21; BVMAC, listed companies, 2026-10-21; US Trade Representative, Cameroon, 2026-10-21; Business in Cameroon, Sonara ownership, 2026-10-16; Business in Cameroon, 2027 budget and IMF, 2026-10-20; Business in Cameroon, Socadel, 2026-05-07; Business in Cameroon, state company debt, 2026-07-31; Investir au Cameroun, Société Générale Cameroun takeover, 2026-05-13; Business in Cameroon, cocoa exports 2025-26, 2026-08-26; Sika Finance, public debt end-June 2026, 2026-07-28; EcoMatin, bank profits 2025, 2026-10-16; EcoMatin, telecom market shares (ART data), 2025-12-10; Business in Cameroon, Perenco, 2026-09-19; Business in Cameroon, Addax and national oil output, 2026-01-31.

This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief