Cameroon’s Regional Debt Tops CFA2 Trillion, or US$3.6 Billion
Cameroon · MARKETS
Key Facts
- —The stock Cameroon’s Treasury securities on the regional market reached CFA2.061 trillion (US$3.64 billion) at 31 July 2026.
- —The slowdown Annual growth fell to 4.1%, after 23.7% and 29.6% in the two preceding years.
- —Where it ranks Third behind Gabon at CFA3.424 trillion (US$6.04 billion) and Congo at CFA3.041 trillion (US$5.37 billion).
- —Who holds it Investors based in Cameroon own CFA1.711 trillion (US$3.02 billion), about 83% of the stock.
- —The missing programme Cameroon’s IMF arrangement expired in July 2025 and no successor has been agreed.
- —The hole that leaves The 2027 budget assumes about CFA300 billion (US$529 million) of Fund support that does not exist.
Two years of borrowing at nearly 30% a year, then almost nothing. The interesting question is which side stopped.
Cameroon’s Treasury debt on the regional market passed CFA2 trillion at the end of July 2026. It reached CFA2.061 trillion (US$3.64 billion), on figures from the regional central bank.
The more striking number is the slowdown. Annual growth fell to 4.1% after two years running at 23.7% and 29.6%.
What the Numbers Show
The stock rose CFA80.4 billion (US$142 million) over the year to July 2026. In the year to July 2024 it had risen CFA293 billion (US$517 million).
In the year to July 2025 it rose a further CFA452.2 billion (US$798 million).
An outstanding stock is not the same as the amount borrowed in a period. It is what remains unpaid at a date, so it reflects new issuance and repayments together.
Monthly issuance has not stopped. The stock rose CFA52.1 billion (US$92 million) in July alone, up 2.59% from CFA2.009 trillion (US$3.55 billion) in June.
So the annual slowdown is not a halt. It means more of what Cameroon raised over the year went to repaying what it already owed.
Where Cameroon Sits in the Region
Cameroon holds the third-largest stock among the six member states. Gabon leads with CFA3.424 trillion (US$6.04 billion) and Congo follows with CFA3.041 trillion (US$5.37 billion).
The regional total is CFA10.561 trillion (US$18.6 billion), of which Cameroon accounts for 19.5%. It is the largest economy in the bloc but not its largest borrower on this market.
What It Costs
Borrowing costs eased over the year. The average cost of Treasury bills fell to 6.97% in July 2026 from 7.10%, and bonds to 7.36% from 8.29%.
Those are year-on-year comparisons and should not be read as a current trend. Across the region the average financing cost rose month on month in July, to 8.53% from 8.29% in June.
The longer view is harsher. In June 2018 Cameroon’s average Treasury bill cost 2.81%, against nearly 7% today.
So the state pays roughly two and a half times what it paid eight years ago. That is the real cost of the market it now depends on.
Who Actually Holds the Debt
This is domestic money. Investors based in Cameroon own CFA1.711 trillion (US$3.02 billion), about 83% of the outstanding stock.
Primary dealers hold CFA1.433 trillion (US$2.53 billion), or 69.5%, and institutional investors CFA562.1 billion (US$992 million), or 27.3%. The remainder sits with retail and other holders.
That concentration cuts both ways. It insulates Cameroon from foreign capital flight, and it ties the domestic banking system tightly to the state.
The Reason the Market Matters So Much
Cameroon has no International Monetary Fund programme. The arrangement agreed in 2021 expired in July 2025 after an extension.
Talks on a successor have stalled, with the decision on opening negotiations referred to the presidency. A regional policy review was postponed from December 2025.
That leaves a measurable gap. The 2027 to 2029 framework assumes about CFA300 billion (US$529 million) of Fund budget support.
The 2027 deficit is put at CFA1,018 billion (US$1.80 billion).
Without a deal that CFA300 billion has to come from somewhere, and the regional market is the obvious place to look. Moody’s cut its 2026 growth forecast for Cameroon over the delay.
The Politics Behind the Price
Paul Biya, 92, was declared winner of the presidential election of 12 October 2025 with about 53.7% of the vote. His challenger Issa Tchiroma Bakary, credited with about 35%, claimed victory.
The disputed result brought protests, dozens of deaths and mass arrests. Political risk has since been cited as an obstacle to a planned sustainable bond issue of about US$692 million.
Investors price that. It is part of why a state borrowing almost entirely at home still pays close to 7%.
The Scale to Keep in Mind
The CFA2.061 trillion in securities is not Cameroon’s public debt. Total public debt is around CFA15.6 trillion (US$27.5 billion), or about 44% of national output.
So this market carries roughly an eighth of what the state owes. It matters because it is the part Cameroon can still access on its own terms.
Frequently Asked Questions
How much does Cameroon owe on the regional market?
CFA2.061 trillion (US$3.64 billion) in Treasury securities at the end of July 2026, up 4.1% on a year earlier. That is about 13% of total public debt.
Why does the slowdown matter?
The stock grew 23.7% and then 29.6% in the two preceding years. Falling to 4.1% is either restraint or a market that will not take more.
Are borrowing costs falling?
Year on year, yes: Treasury bills cost 6.97% in July 2026 against 7.10%. But across the region the average cost rose month on month in July, so the trend is not one-directional.
Does Cameroon have an IMF programme?
No. The previous arrangement expired in July 2025 and talks on a successor have stalled, with the decision referred to the presidency.
Who lends the money?
Overwhelmingly Cameroonians. Investors based in the country hold about 83% of the stock, worth CFA1.711 trillion (US$3.02 billion).
Primary dealers alone hold 69.5%.
Connected Coverage
Sources: Bank of Central African States market statistics for July 2026; Investir au Cameroun; Business in Cameroon; Moody’s; Human Rights Watch; allAfrica. Converted at 566.55 CFA francs to the dollar, derived from the European Central Bank euro reference rate for 2 September 2026 and the fixed CFA parity.
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error
LatAm Markets: Live Signals → — real-time movers, turnover leaders and FX across Latin America.
Read More from The Rio Times