In Cameroon, individual investors' enthusiasm for investing in public securities, particularly in the Treasury bill market managed by the BEAC, is struggling to take off. The figures reveal a stark contrast with other countries in the CEMAC zone (Cameroon, Congo, Gabon, Equatorial Guinea, Chad, and Central African Republic).
According to data collected up to January 31, 2026, Cameroonians invested 25.9 billion FCFA in public securities issued by the states. In comparison, Gabonese investors subscribed for 71.7 billion FCFA, nearly three times more than Cameroonians. Congolese investors injected over 70 billion FCFA, also nearly three times more than their Cameroonian counterparts.
Chad stands out in particular. Despite its status as a "small player" in the CEMAC public securities market, investment in Treasury bills is more widespread there. Chadian individuals invested 108 billion FCFA, about four times the level observed in Cameroon.
Overall, individuals remain marginal investors on a CEMAC scale. At the end of January 2026, they held only 3% of the outstanding Treasury bills, for a total investment of 287.6 billion FCFA. Institutional investors (insurance companies, pension funds, etc.) are more active, with 1,808.8 billion FCFA in investments, representing 19.1% of the total outstanding amount. Banks approved as Treasury Security Specialists (SVT) dominate the market, holding 63.2% of the total outstanding amount, or 5,973.6 billion FCFA.
This dominance of SVTs is explained by their reluctance to sell securities to other investors, which increases their exposure to sovereign risk. Regulations require them to sell at least 30% of the securities acquired on the primary market, but they favor sales among themselves. Interbank repurchase agreement transactions, a financing mechanism consisting of exchanging securities for cash, reached 826.9 billion FCFA in January 2026, nearly three times more than sales to investors.
Faced with this situation, Cameroon is looking for ways to boost the public securities market and encourage the participation of individual investors. In February 2026, the country tested the market with an issue of 15-year Treasury bonds (OTA), a first in the CEMAC zone. In addition, from 2026, the exemption from the tax on income from movable capital (IRCM) is extended to public securities of other CEMAC member countries, with the aim of stimulating sub-regional investment.
In 2025, the CEMAC states raised a record amount of $9.4 billion on the regional public securities market, reflecting the growth of this market despite a fragile economic context.
