The government of Cameroon has unveiled its 2026 borrowing strategy, seeking to raise up to CFA1,650 billion (US$2.8bn) on domestic and international capital markets to finance development projects and clear outstanding payment arrears.
Finance Minister Louis Paul Motazé presented the state’s 2026 financing programme to investors in Douala, outlining how the government intends to supplement budget resources through structured market operations. The engagement aimed to attract strong investor participation in upcoming bond issuances and other fundraising initiatives.
The session followed thematic discussions led by the Directorate General of the Treasury under the theme “Diversification of funding sources and sustainable management of public debt.” Authorities used the platform to clarify the government’s borrowing framework and reassure market participants about its commitment to debt sustainability.
The legal basis for the borrowing programme was established through a presidential decree signed on January 21, 2026. Under the decree, President Paul Biya authorized the finance minister to mobilise up to CFA1,650 billion (US$2.8bn) from both domestic and international capital markets during the 2026 fiscal year.
According to officials, the funds will be channelled toward priority development projects while also addressing “restes-à-payer” (RAP) outstanding payment arrears owed to suppliers and contractors. These arrears, which represent invoices pending settlement by the Treasury for several months, have been cited as a liquidity constraint affecting private sector operators working with the state.
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By targeting both development financing and arrears clearance, the government is seeking to balance investment needs with fiscal stabilisation efforts. Clearing RAP is expected to improve cash flow for businesses, strengthen confidence among contractors and potentially stimulate broader economic activity.
The Douala investor presentation forms part of a broader strategy to structure borrowing plans early in the fiscal cycle. By engaging investors ahead of new issuances, authorities aim to improve transparency, manage refinancing risks and secure favourable terms in a competitive regional market environment.
Cameroon has increasingly relied on capital markets in recent years to diversify its funding base beyond traditional multilateral and bilateral loans. The emphasis on diversification reflects broader regional trends within Central Africa, where governments are seeking more flexible financing options while maintaining sustainable debt levels.
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Analysts say the success of the programme will depend on investor confidence, prevailing market conditions and the government’s ability to demonstrate prudent debt management. With the 2026 financing framework now clearly outlined, attention will shift to how effectively Cameroon executes its fundraising operations and deploys the proceeds toward growth-enhancing projects.
Cameroon has increasingly turned to capital markets in recent years as it balances infrastructure financing needs with rising debt obligations. Like many countries in the Central African Economic and Monetary Community (CEMAC), Cameroon operates within a regional monetary framework that limits direct monetary financing, making bond issuances and structured borrowing essential tools for budget support.
The government has been pursuing an infrastructure-driven growth strategy, investing in roads, energy, ports and social projects aimed at accelerating industrialisation and improving competitiveness. However, constrained revenues, pressure on foreign exchange reserves and lingering fiscal deficits have required careful debt management and diversification of funding sources.
In addition to financing development projects, authorities have faced the challenge of clearing “restes-à-payer” (RAP) outstanding arrears owed to suppliers and contractors. These arrears have periodically strained relations between the state and private sector operators, with businesses citing delayed payments as a constraint on liquidity and expansion. Clearing them has become a fiscal priority to restore confidence and stimulate economic activity.
Cameroon’s public debt has risen steadily over the past decade, prompting closer scrutiny from regional institutions and international partners. The government has therefore emphasised sustainable debt management, improved transparency and early engagement with investors to secure favourable terms and reduce refinancing risks.
The 2026 borrowing plan reflects this approach structuring financing needs early in the fiscal year, diversifying instruments and reassuring markets that new borrowing will support growth-enhancing projects while maintaining macroeconomic stability.
