Cameroon has recently adopted a major constitutional reform with the creation of the post of Vice President, an initiative that is attracting the attention of financial markets and rating agencies. Meeting in Congress in Yaoundé, Parliament approved Bill No. 2094/PJL/P, thus amending the 1996 Constitution. This reform is presented as the most important since 2008.
According to the new provisions, the Vice President will be appointed and dismissed by the President of the Republic, for a term that may not exceed that of the current presidential term. In the event of a vacancy in the presidency due to death, resignation or permanent incapacity noted by the Constitutional Council, the Vice President will be responsible for completing the term. If the Vice President is himself unable to serve or if the post is not filled, a presidential election must be organized within 20 to 120 days.
This reform puts an end to an institutional architecture deemed precarious by many observers. Since 1984, when the post of Vice President was abolished in favor of the function of Prime Minister, Cameroon no longer had a clear mechanism for succession at the head of State. Previously, the interim was provided by the President of the Senate in the event of a vacancy of power, but the latter could only organize a new presidential election, without being able to complete the current term. The reform therefore shifts the center of gravity of the succession to the executive branch.
The creation of this post responds to the concerns of sovereign rating agencies, which pointed to the absence of a clear succession plan as a structural risk factor. On November 7, 2025, Fitch Ratings confirmed Cameroon's rating at B with a negative outlook, highlighting the risks associated with a transition of power and internal rivalries within the ruling party. Moody's, for its part, maintained Cameroon at Caa1 with a stable outlook, while pointing to the absence of a clear succession scheme and the strong centralization of decision-making power as sources of political uncertainty. S&P Global Ratings had also highlighted the centralization of the Cameroonian institutional system and the absence of precedents in terms of transfer of power.
The April 2026 reform provides a direct response to this assessment of political risk, by introducing an explicit constitutional mechanism for the continuity of the State. The next assessments of the agencies, including that of S&P expected in the first half of 2026, will measure the impact of this development on the perception of Cameroonian political risk. For investors, international partners and financial institutions, this reform constitutes an important signal.
The issue is also financial, as political risk has a direct cost on the country's ability to finance its development. The Ministry of Economy estimates the financing needs of the SND30 at approximately 88,000 billion FCFA over the decade, particularly for infrastructure. However, the higher the perceived political risk, the more difficult the financing conditions become. The major arbitration for 2026 remains the negotiation of a new program with the IMF for the period 2026-2029, essential to maintain multilateral budget support.
This reform affects the perception of sovereign risk and, consequently, the country's ability to mobilize the financing necessary for its development. President Biya's choice to fill this post of vice-president will constitute a first political test of this new institutional architecture.
