255 billion FCFA lost to smuggling and counterfeiting

In a report presented at its annual General Assembly held in Douala last August 29, the Chamber of Commerce, Industry, Mines and Crafts (CCIMA), announced once more that the smuggling, counterfeiting and illicit trade in Cameroon, causes losses estimated at 255 billion CFA francs annually.

According to the Chamber, these losses are shared as follows: 70 billion CFA francs of fiscal revenue compromised on average each year and 185 billion CFA francs of lack of profits caused to companies whose products are smuggled, counterfeited or illegally traded.

Because of these financial difficulties, Cameroonian companies are affected by these economic ills, the report of the CCIMA states that 200 jobs are lost each year, helping to multiply the unemployment and underemployment, already rampant among the Cameroonian population.