Cameroon is accelerating its economic transformation through ambitious reforms in the mining and energy sectors, with 2026 marking a pivotal year for the implementation of these structural changes. Driven by the new Mining Code adopted in December 2023 and massive investments in energy infrastructure, these reforms aim to reduce the country's historical dependence on agriculture and oil, while positioning it as an emerging player in global supply chains for critical minerals.
At the heart of the mining strategy is the strengthening of governance and resource traceability. The National Mining Company (SONAMINES) now ensures mandatory state participation in mining activities, accompanied by strict protocols for gold and diamonds. The authorities have set 20 February 2026 as the deadline for revoking permits for non-compliant operators, while operators must submit feasibility studies within three months. These measures are accompanied by tax incentives geared towards local value added: a 25% synthetic tax on actual gold production, a 5% export tax on minerals such as iron, bauxite and oil, as well as the requirement for closed-loop processing systems for artisanal operations and a ban on night work in these areas.
Several flagship projects are entering the operational phase this year. The Minim-Martap bauxite project, led by Canyon Resources, is starting mining operations with pilot shipments planned for the third quarter of 2026, exploiting reserves estimated at 144 million tonnes with a high grade of 51.2% aluminium oxide. Meanwhile, the Mbalam iron project is taking a phased approach, with initial transport by truck to the port of Kribi pending the completion of dedicated rail infrastructure. These initiatives, backed by substantial international financing – including a £140 million loan from AFG Bank Cameroon and equity capital contributions – illustrate investors' growing confidence in the modernised regulatory framework.
In the energy sector, advances closely complement these mining efforts by removing structural constraints on electricity supply. The Nachtigal hydroelectric power plant, with a capacity of 420 MW, has already increased national production by nearly 30%, with almost all of its turbines operational. In addition, 250 MW of solar photovoltaic power is currently being deployed, notably in Maroua and Guider, along with targeted investments in transmission networks and rural electrification. ENEO's transition to greater state control aims to guarantee the reliability of supply, while the National Energy Compact endorsed in 2025 aligns Cameroon with the Mission 300 initiative to connect millions of Africans to electricity by 2030. Tax exemptions extended in 2026 on renewable equipment also promote the development of solar and wind projects.
According to projections by the International Monetary Fund from its 2026 Article IV mission, these reforms should support a gradual recovery in growth. After slowing to 3.1% in 2025 due to post-election disruptions, real GDP is expected to grow by 3.3% in 2026 and then by more than 4% from 2028 onwards as energy bottlenecks ease and mining production intensifies. The mining sector's contribution to GDP could thus rise from 2.1% in 2024 to 4.2% in 2026, with an ambitious target of 8.5% in 2031. The budget deficit is targeted at 1.7% of GDP in 2026, in line with the CEMAC convergence criteria.
These developments are part of a broader strategy of economic diversification and improvement of the business climate. By combining enhanced oversight, incentives for local transformation, and international partnerships, Cameroon seeks to transform its natural resources into a driver of sustainable development. Challenges remain, however, particularly in terms of infrastructure delivery times, commodity price volatility, and regional security risk management. The success of this trajectory will depend on consistent implementation of reforms and the ability to mobilise concessional financing to sustain the momentum begun in 2026.