Cameroon has an additional borrowing margin of approximately 18,000 billion FCFA by 2030, while remaining below the CEMAC community ceiling, set at 70% of GDP. This conclusion stems from an analysis of the debt structure at the end of March 2026, published by the Caisse autonome d’amortissement (CAA), combined with recent forecasts from the International Monetary Fund (IMF).
As of the end of March 2026, Cameroon's outstanding public debt stood at 15,416 billion FCFA, or 44.3% of GDP. The CAA, the organization responsible for managing public debt, emphasizes that this level of debt remains below the 50% threshold set by the country's Medium-Term Debt Strategy (SDMT), as well as the community ceiling of 70%.
However, the CAA qualifies this margin by describing Cameroon's risk of over-indebtedness as high, due to exceeding the sustainability threshold of external debt service relative to export earnings over the period 2025-2030. Cameroon's trade deficit reached 2,145 billion FCFA in 2025, with exports covering only 59% of imports.
The IMF forecasts economic growth of 3.3% for Cameroon in 2026, and around 4% in the medium term. This growth should allow nominal GDP to increase from 36,232 billion FCFA in 2026 to 48,008 billion in 2030.
External debt represents 64.5% of the central government's direct outstanding debt. External commercial debt exceeded 2,000 billion FCFA at the end of March 2026. Off-balance sheet liabilities, mainly consisting of public-private partnerships, are estimated at 4,895 billion FCFA, or 14.1% of GDP.
Cameroon also has a stock of more than 5,044 billion FCFA of committed but undisbursed balances (SEND). These are funds already negotiated and signed with donors, but which have not yet been drawn.
The 2026 Finance Law has calibrated a financing requirement of 3,197 billion FCFA, 67% of which is from external resources. The Cameroonian government will have to examine borrowing authorizations for the 2026-2028 period, ensuring that the projects financed expand the productive base and generate tax revenues.
In March 2026, the State repaid 445.3 billion FCFA to its creditors, including 268.9 billion FCFA for external debt. Domestic public debt amounted to 176.4 billion FCFA in the first quarter of 2026.
