Cameroon is facing a significant increase in the cost of its public debt, a warning sign for the management of its finances. According to an economic analysis, borrowing conditions are tightening in the regional market, with the average rate on Treasury bills (BTA) jumping from 2.67% in 2020 to nearly 6.9% in 2026. This development comes as the CEMAC (Economic and Monetary Community of Central Africa) states increase their issuance of short-term securities.
To finance its 2026 budget, the Cameroonian government plans to raise 1,165 billion FCFA on the regional market. Although Cameroon has a debt-to-GDP ratio of around 42%, lower than some of its neighbors, the current trend is causing concern among analysts. Rising interest rates could weigh heavily on the debt burden, reducing budgetary flexibility for public investments and infrastructure projects.
The situation is not unique to Cameroon. CEMAC states are expected to borrow collectively nearly 3,900 billion FCFA in 2026, more than half of which is short-term. This reliance on short-term financing increases refinancing needs and exposes these states to increased risk in the event of a loss of investor confidence. The difficulties recently encountered by Gabon and Congo illustrate this danger.
A blockage in the government securities market could have direct consequences on the region's economies, affecting the payment of civil servant salaries, investments and the implementation of structural projects. Faced with these challenges, debt management is becoming a central issue for financial stability in Central Africa.
Cameroon, the largest economy in the sub-region, remains a major player in the CEMAC government securities market. In January 2026, President Paul Biya authorized the Minister of Finance to use capital markets to raise up to 1,650 billion FCFA in loans, for the financing of development projects and the settlement of outstanding payments. However, observers are questioning the real impact of this debt on the lives of Cameroonians, highlighting the risk of over-indebtedness and the need for greater transparency in the use of borrowed funds.
