According to recent data from the Bank of Central African States (BEAC), Cameroon is among the most indebted countries in the CEMAC zone on the public securities market. As of January 31, 2026, the outstanding amount of public securities issued by Cameroon stood at 1,829.2 billion FCFA, representing 19.4% of the total outstanding amount of securities issued on this market. This situation highlights the country's increasing reliance on financing raised through the regional market to support its economy and finance its development projects.
Treasury bonds (OTA) dominate the CEMAC securities market, accounting for 82.9% of borrowings by member states, with an outstanding amount of 7,835.2 billion FCFA. These securities, with maturities ranging from two to more than ten years, are mainly used to finance development projects. The CEMAC states show particular interest in 2- to 5-year OTAs, which account for more than 5,900 billion FCFA, or 62.5% of the market's total debt. Conversely, Treasury bills (BTA), used to meet short-term cash needs, have an outstanding amount of 1,616.2 billion FCFA.
The increased use of the public securities market reflects the strategy adopted by the CEMAC states to compensate for the lack of own revenues and to finance their projects. Cameroon, like its neighbors, uses these issues to meet additional financing needs and absorb cash tensions. However, this growing dependence on debt raises concerns about the sustainability of the country's public debt.
In January 2026, the Cameroonian government initiated massive borrowing totaling over 1,900 billion FCFA, raising questions about the impact of this debt on the daily lives of Cameroonians. Experts are calling for full transparency on the use of these funds, stressing that every franc borrowed without creating real wealth places an additional burden on future generations.
The state budget for 2026 amounts to 8,816.4 billion FCFA, up 14% compared to 2025. This increase is intended to support infrastructure, social sectors and ensure sound management of public finances. However, the budget also forecasts a deficit of 631 billion FCFA, financed by borrowing. The IMF forecasts an acceleration of growth to 3.3% in 2026, and then to over 4% from 2028, subject to the removal of obstacles in the energy sector. Cameroon's public debt continues to generate debate and calls for caution, in an economic context marked by growing financing needs.
