Cameroon is facing a period of significant repayments in the BEAC public securities market. According to the central bank's weekly dashboard, the Cameroonian Treasury was due to make a payment of 52.750 billion FCFA on February 26, 2026, covering the principal and interest on a 5-year bond issue that had reached maturity. The day before, on February 25, 2026, the country had already repaid 13.442 billion FCFA for an issue of 26-week Treasury bills (BTAs), also at maturity. In total, 65.7 billion FCFA of commitments matured within two days.
To honor these obligations, the Cameroonian Treasury carried out three public securities issues on the BEAC market on February 23, 2026, with the aim of raising 70 billion FCFA. These issues included 26- and 52-week BTAs, aimed at raising 20 and 30 billion FCFA respectively. In addition, Cameroon reopened subscriptions for 6-year Treasury bonds (OTAs), with the aim of raising an additional 20 billion FCFA. The official results of these operations, finalized on February 25, 2026, were not yet available at the time of writing.
This market refinancing strategy has become a common practice for Cameroon. It avoids an immediate drain on the State's cash flow by refinancing maturing debts. In a context of recurring tensions on public finances, this approach helps to preserve budgetary leeway for other priorities, while maintaining Cameroon's presence on the regional public securities market.
However, this strategy exposes the Treasury to changing market conditions, particularly interest rate levels and the degree of investor subscription. Increased competition between issuing States in the region poses an additional challenge.
In January 2026, the average interest rate paid to investors on Cameroonian Treasury bills fell slightly, to 6.87% compared with 7.11% in December 2025. Despite this fall, the cost of Cameroonian BTAs remains higher than in previous years. Cameroon is also considering a loan of 100 to 150 billion FCFA in 2026, subject to market conditions.
