By SIMON NDIVE KALLA
Due to the May 31, 2019, fire outbreak at SONARA, Cameroon had to revise its growth forecast for 2019 from 4.4% to 3.9%, the 2020 finance bill reveals.
Due to that same fire, the bill adds, the Directorate-General for Taxation recorded a counter-performance of about FCFA 70 billion on SONARA.
Customs revenues recorded on August 31, 2019, a loss of about FCFA 63 billion representing FCFA 44 billion of arrears and about FCFA 20 billion of current charges. In addition, there was FCFA 60 billion of liquidations outstanding and FCFA 25.5 billion of direct commitments.
The bill also indicates that fuel subsidy would also be increased “given that SONARA’s production used to reduce imports from other marketers.”
The finance act explains that, from 2020, SONARA will be reclassified in the commercial sector, as it is confined to only playing the role of a marketer.
This reclassification reduces the weight of the secondary sector in the economy and increases that of the tertiary sector.