While Cameroon is often seen as the economic engine of the CEMAC sub-region, recent data reveals a surprising reality: Chadian, Gabonese, and Congolese retail investors far outstrip their Cameroonian counterparts in investing in public securities. This trend raises questions about the factors hindering Cameroonians' participation in the Treasury securities market, a market that is essential for financing development projects and managing public debt.
According to figures collected by the BEAC as of January 31, 2026, Cameroonian individuals invested 25.9 billion FCFA in public securities. In comparison, Gabonese citizens subscribed for 71.7 billion FCFA, Congolese citizens for more than 70 billion FCFA, and Chadians reached 108 billion FCFA. The latter figure is particularly remarkable, given that Chad is often considered a "small player" in this market. These disparities highlight significant differences in investment culture and access to financial information between CEMAC countries.
Across the CEMAC region, individual investment in public securities remains marginal, accounting for only 3% of Treasury securities in circulation, totaling 287.6 billion FCFA. Institutional investors, such as insurance companies and pension funds, dominate the market with 1,808.8 billion FCFA in investments, followed by credit institutions not approved as Treasury securities specialists (SVT) with 1,297.3 billion FCFA. Banks approved as SVTs remain the main players, holding 63.2% of the total outstanding amount, or 5,973.6 billion FCFA.
This dominance of banks is partly explained by their reluctance to cede securities to other investors, which limits market diversification and increases their exposure to sovereign risk. Interbank repurchase agreement transactions, a financing mechanism consisting of exchanging securities for cash, reach 826.9 billion FCFA, surpassing transfers of securities to investors (287 billion FCFA). To boost the public securities market and encourage greater participation by individuals, it would be necessary to increase transparency, improve access to financial information, and encourage banks to cede a larger share of their portfolios to other categories of investors.
Cameroon is currently testing the market's ability to absorb longer-term bonds, with the issuance of a 15-year Treasury bond (OTA), a first in the CEMAC zone since the launch of the regional public securities market in 2011.
