The International Monetary Fund (IMF) has issued a warning regarding the ability of Cameroon's banking system to support the country's growth ambitions. In its annual consultation published on March 30, 2026, the IMF emphasizes that several factors could hinder Cameroon's ability to finance its development, including the rise in sovereign risk, the weight of public banks, and delays in implementing anti-money laundering reforms.
The Bretton Woods institution insists that structural reforms are necessary for the banking system to fully play its role in supporting investment and economic activity. The IMF urges Cameroonian authorities to exercise caution regarding the expansion of the state in the banking sector and to strengthen the governance of public banks.
Credit to the private sector, a key indicator of the banking system's health, shows signs of slowing down, with an expected increase of 11.2% in 2025 compared to 12.3% in 2024. The IMF forecasts a slight recovery to 11.7% in 2026, but stresses that this will depend on the implementation of "decisive and sustained" reforms. The institution projects growth of 3.3% in 2026, then 4.6% in the medium term, conditional on the banking system's ability to mobilize savings and finance investments, particularly in infrastructure and the mining sector.
Cameroon has been on the gray list of the Financial Action Task Force (FATF) since June 2023, due to delays in implementing international standards for combating money laundering and terrorist financing. As of October 2025, 13 of the 24 measures planned in the FATF action plan were still pending. The IMF stresses the importance of accelerating these reforms to exit the gray list, which would improve Cameroonian banks' access to international financial circuits and reduce the cost of external financing. Hubert Nde Sambone, director of the National Financial Investigation Agency, stated in February 2026 that authorities expected significant progress after submitting the next report to the FATF this year. Cameroon aims to exit the FATF gray list by the end of 2026.
The IMF emphasizes whether Cameroon will be able to sustain its growth ambitions with a banking system weakened by exposure to the state, governance weaknesses, and the increasing cost of compliance. The institution warns that without rapid reforms, financing the economic transformation could become a major obstacle in the coming years.
