Cameroon Politics and Economy

Cameroon is an African presidential republic. The country has enjoyed political stability despite the power given to the head of state. The modern country is a union of the former French Cameroon and British Cameroon. The country has seen considerable development in agriculture, roads, railways and the petroleum industry. Cameroon borders Central African Republic, Chad, Republic of Congo, Equatorial Guinea, Gabon, and Nigeria. 41 percent of the land is forested. The country is also well resourced in minerals, petroleum, timber and hydroelectric power.

Cameroon’s ethnic groups include Cameroon Highlanders, Equatorial Bantu, Kirdi, Fulani and Northwestern Bantu. Christianity makes up the most practiced religion, followed by Islam. Cameroon has shown a $100 per capita GDP growth for the last 3 years, bringing the total to $3700. The country has a 4 percent industrial growth rate and a 4.3 percent unemployment rate. The economic growth has shown a decline after stabilizing at an average of 5.8 percent in 2015 to 4.7 percent in 2017.

Public Holidays

2021
April 2	Good Friday
May 1	Labour Day
May 13	Ascension Day
May 13	Eid al-Fitr
May 20	National Day
July 20	Eid al-Adha
August 15	Assumption of Mary
August 16	Assumption of Mary observed
October 19	The Prophet’s Birthday
December 25	Christmas Day

Legal Entity Types

Limited Liability
Corporation
Partnership

Taxation

Corporate Tax: 31.5%
Income Tax (Lowest Marginal Rate): 10%
Income Tax (Highest Marginal Rate): 35%
VAT/GST/Sales Tax: 19.25%

Available Banks

Afriland First Bank (Commercial Bank)
Atlantic Bank Cameroon (Commercial Bank)
Banque International du Cameroun pour l’Epargne et le Crédit (BICEC) (Commercial Bank)
BGFI Bank Cameroon (Commercial Bank)
ScbCameroun (Commercial Bank)
Citibank (Commercial Bank)
Commercial Bank of Cameroon (Commercial Bank)
Ecobank Cameroon – Acquired Oceanic Bank Cameroon (Commercial Bank)
National Financial Credit Bank (NFCB) (Commercial Bank)
Société Commerciale de Banque du Cameroun – (Formerly SCB Credit Agricole) (Commercial Bank)
Societe Generale des Banques au Cameroun (SGBC) (Commercial Bank)
Standard Chartered Bank (Commercial Bank)
Union Bank of Cameroon (UBC) (Commercial Bank)
United Bank for Africa (UBA) (Commercial Bank)
Bank Cameroon (Private Bank)

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