Cameroon experienced an encouraging start to 2026 in the BEAC public securities market. According to the report on the "monthly statistics of the Cemac Treasury securities market," the average subscription rate for Treasury bills (BTAs) issued by the country reached 84.84% in January 2026.
This indicator, which measures the coverage level of the amounts sought by the Treasury, increased by 25.7% compared to December 2025, when it stood at 59.07%. This rebound is all the more significant as it comes in a recent context marked by an erosion of demand and pressure on rates.
Data published by the BEAC reveals that Cameroon outperformed the Cemac market average, which stood at 69.04% in January 2026. Specifically, for 100 billion FCFA sought through BTA issues, the sub-region's states mobilized an average of just over 69 billion FCFA, while investors offered nearly 85 billion FCFA to Cameroon. This differential reflects a renewed interest in the Cameroonian sovereign signature on the short-term securities segment.
Another piece of good news is the slight decrease in the cost of financing. The average interest rate demanded by investors on Cameroonian BTAs fell to 6.87% in January 2026, compared to 7.11% in December 2025, a decrease of 24 basis points over one month.
This decrease comes after several years of continuous increases in yields on short-term securities, in an environment marked by increased competition between Cemac states and high financing needs. The simultaneous improvement in the subscription rate and the slight easing of yields constitute a positive signal for the Cameroonian Treasury.
In a context of persistent budgetary pressures, this development could contribute to stabilizing the cost of domestic short-term financing. In February 2026, the Minister of Finance, Louis Paul Motazé, presented the State's financing program for the year 2026, aiming to mobilize up to 1,650 billion FCFA.
In 2026, Cameroon plans to raise 1,165 billion FCFA on the regional public securities market. Of this amount, 765 billion is expected to be raised through Treasury bills, and 400 billion FCFA in the form of Treasury bonds for financing the budget deficit.
Despite a slight decline, the cost of Cameroonian BTAs remains higher than the rates observed before the health crisis. In January 2018, the average rate was 2.81%. It then gradually increased, reaching 4.3% in January 2023, 6.4% in January 2024, and then 6.62% in January 2025, reflecting a gradual deterioration in financing conditions.
Cameroon also issued a Eurobond of 750 million dollars (approximately 420.3 billion FCFA) with a five-year maturity and a yield of 10.12%.
