According to recent data from the Bank of Central African States (BEAC), Cameroon ranks as the third most indebted country in the CEMAC region on the public securities market. As of January 31, 2026, Cameroon's outstanding securities amount to 1,831.35 billion CFA francs, representing 19.4% of the total outstanding securities in the sub-region.
This amount places Cameroon behind Gabon, which has a debt of 2,887 billion CFA francs (30.5% of the total outstanding), and Congo, whose debt amounts to 2,790.5 billion CFA francs (29.5% of the total). Together, these three countries account for nearly 80% of the total public securities issued in the CEMAC zone, a sign of increased dependence on this mode of financing.
The BEAC's analysis reveals a marked preference by states for Treasury Bonds (OTAs), long-term securities (2 to 10 years) intended to finance structural projects. As of January 31, 2026, the outstanding amount of OTAs stood at 7,835.2 billion CFA francs, or 82.9% of the borrowings made by CEMAC states. Bonds with maturities of 2 to 5 years are particularly popular, accounting for more than 5,900 billion CFA francs.
Treasury Bills (BTAs), used to cover short-term cash flow gaps (less than one year), weigh less, with an outstanding amount of 1,616.2 billion CFA francs, or 17.1%. These figures illustrate the growing importance of the public securities market in financing the economies of the CEMAC.
In 2025, CEMAC member states heavily utilized the public securities market, reaching a record level of 5,272.8 billion CFA francs between January and October. This trend reflects a profound transformation in the financing of CEMAC economies, where the public securities market has become a central pillar of states' financing strategies. While this development demonstrates the liquidity of the market and investor confidence, it also raises the question of the sustainability of debt in the medium term for CEMAC countries.
