While official figures present a controlled public debt, a closer look reveals increasing pressure on the Cameroonian government's cash flow. At the end of March 2026, the outstanding debt stood at 15,416 billion FCFA, representing 44.3% of GDP, according to the Caisse Autonome d'Amortissement (CAA). This ratio remains below the community threshold of 70% in the CEMAC zone and the national target of 50%.
However, Fitch Ratings' confirmation of Cameroon's sovereign rating at 'B' with a negative outlook on April 24, 2026, highlights weaknesses. The agency points to continued solid economic growth and a manageable debt maturity profile but warns of liquidity weaknesses, public finance management issues, and the accumulation of arrears.
Beyond the debt-to-GDP ratio, the state's ability to honor its financial commitments is crucial. Public-private partnerships (PPPs), committed but undisbursed balances (SEND), and outstanding payments are putting increasing pressure on public finances. The CAA estimates the state's explicit contingent liabilities, mainly related to PPPs, at 4,895.1 billion FCFA, or about 14.1% of GDP. These commitments can translate into actual budget charges if public guarantees are activated or if the economic balance of projects deteriorates.
SEND for central government reached 5,044.6 billion FCFA at the end of March 2026, consisting exclusively of external financing. These funds, already contracted but not disbursed, reflect difficulties in transforming financial commitments into concrete projects. Outstanding payments amount to 1,026.3 billion FCFA, of which 452.5 billion FCFA are more than three months overdue. These unpaid expenses put direct pressure on companies, leading to cash flow problems and investment postponements.
According to a presentation by Samuel Tela, Director of the Treasury, the state's payment delays have increased, exceeding 200 days in 2025. Debt service would now absorb 52.6% of the state's own revenue. The domestic public securities market also reflects this tension, with declining coverage ratios and rising refinancing costs. Direct debt of public enterprises reaches 960 billion FCFA, in addition to 825 billion FCFA of loans on-lent by the state. While these amounts do not automatically translate into charges for the Treasury, they constitute an indirect sovereign exposure.
Cameroon faces a complex budgetary and cash flow profile, marked by arrears, peripheral commitments, and difficulties in absorbing financing. The Cameroonian risk now lies in the ability to transform debt into productive assets without a lasting deterioration of its liquidity. Fitch Ratings affirmed Cameroon's sovereign rating at 'B' on April 24, 2026, with a negative outlook.
