Cameroon’s Treasury paid companies 11.1 billion CFA francs in VAT credit refunds between January and March 2026, according to the Finance Ministry’s 2027-2029 Medium-Term Economic and Budgetary Programming Document. The amount was down 45.7% from 20.4 billion CFA francs during the same period in 2025.

Government refund payments fell by 9.3 billion CFA francs year on year. The decline comes despite a government commitment to refund 84 billion CFA francs in VAT credits to companies in 2026. By the end of March, it had met just 13.2% of that target, even though a quarter of the fiscal year had elapsed.

Under Cameroonian regulations, companies can apply for refunds once they have carried VAT credits for at least three months. Exporters are particularly affected because zero-rated exports often leave them with persistent VAT credit balances.

Tax authorities are required to process refund claims within two months. However, government cash constraints and competing budget priorities can lead to missed deadlines, resulting in arrears that strain companies’ finances.

Business groups have repeatedly proposed measures to address the delays. At the eighth Cameroon Business Forum in Douala on March 13, 2017, private-sector representatives called on the government to establish an escrow account to guarantee VAT credit refunds. The forum, which served as a platform for dialogue between businesses and public authorities, has lost momentum in recent years.

The proposal followed an earlier recommendation made in December 2013 by Gicam, then Cameroon’s largest employers’ association. The organization, now known as the Cameroon Business Group, or Gecam, had proposed that the government issue a dedicated bond to settle outstanding VAT refund claims.

The slow pace of refunds in the first quarter casts doubt on whether the government can meet its full-year target of 84 billion CFA francs. The delays place significant pressure on companies’ cash flow, particularly for exporters. By tying up money owed to businesses, outstanding VAT refunds limit their ability to finance operations, invest and cover day-to-day expenses.

Source: Business in Cameroon