Cameroon’s leading agro-industry, Societé Sucriére du Cameroun, SOSUCAM, late March 2018, warned of an imminent shut down, if nothing is done to salvage the damages caused by the massive importation of sugar into the country.
Going by official statistics, Sosucam has been facing stiff completion for over three years, with importations far exceeding the tonnage authorised by the Inter-Ministerial Committee for the Regulation of the Sugar Market.
In 2017 alone, one hundred and ten thousand tonnes of foreign sugar was smuggled into the country. For one thing, the massive flow of illicit sugar into Cameroon with impunity, meant sosucam’s warehouses were piling up with no market outlet.
To salvage the situation, the Secretary General at the Presidency of the Republic, Ferdinand Ngoh Ngoh, addressed a correspondence to the Minister of Commerce with the subject, “Sugar Market”.
In the said correspondence, Ferdinand Ngoh Ngoh informs Minister Luc Magloire Mbarga Atangana that the President of the Republic has ordered the suspension of the importation of sugar until further notice. A decision, which was issued immediately by the Minister of Commerce to economic operators and beneficiaries of sugar import authorization.
Economic pundits hold the government’s decision, will save the sugar company and at the same stifle consumers. As prove, since the May 2 suspension decision, the price of 50 kilogram bag of sugar, previously sold at F CFA 24,500, has gone up to F CFA 25,500 in Yaounde this Friday, May 4, 2018.