Did we just run out of palm oil, or does it now cost less importing from outside? Well, it appears there is a deficit in the production of palm oil. According to reports from a recent conference of the Cameroon Oleaginous Refiners Association (Asroc), Industries which use palm oil as a raw material decided to import 16,000 tons of this raw material, to curb the deficit.
Over the years, the number of people who have gotten into the production of Palms has increased. However, this has not been able to cater for the local market. There still exists a huge deficit in the supply of this raw material. Did we really see all of this coming, I mean… this soon?
According to Jacques Tchabgou, General Secretary of Asroc, 9,000 tons of imported palm oil and other derivatives were offloaded at the Douala Port during the first half of 2016. As at now, 7,000 additional tons “are currently in the vessels” on their way to the country.
It appears to be beneficial, as compared to buying locally. Why? The imports are Value Added Tax (VAT) free together with a 5% customs duty preference. As opposed to the reference value of FCfa 1,500 per liter applicable as per the regulation, specified by a text signed on 28 December 2015 by the Minister of Finance, Alamine Ousmane Mey.
Through this decision, the government was authorising, based on a request from the Regulatory Committee of the Oleaginous sector, global imports of 60,000 tons of palm oil and derivatives on the Cameroonian market throughout 2016.
If we are not able to feed ourselves how then do we sell to others? This can go a long way to affect our economy giving the fact that it is one of those products we are known for in the world market. That’s how we walk our way into 2035, feeling and looking all messed up.