The government of Cameroon is seeking to raise CFA1,650 billion, approximately US$2.7 billion, on domestic and international capital markets to finance its 2026 budget and clear outstanding payment arrears.
Finance Minister Louis Paul Motazé is presenting the country’s 2026 state financing program in Douala on February 19, aiming to attract investors to participate in the planned fundraising operations.
The initiative follows a presidential decree signed on January 21, 2026, by Paul Biya, authorizing the finance ministry to mobilize up to CFA1.65 trillion (about US$2.7 billion). The funds are earmarked for development projects and the clearance of “restes à payer” (RAP), outstanding invoices that have remained unpaid at the Treasury for more than three months.
The Treasury Department organized thematic discussions ahead of the presentation under the theme “Diversification of Financing Sources and Sustainable Public Debt Management.” The messaging is clearly designed to reassure investors that the borrowing plan will not destabilize public finances.
Cameroon’s reliance on capital markets reflects broader fiscal pressures across Central Africa, where governments are balancing infrastructure ambitions with rising debt servicing costs. By tapping both domestic and international markets, Yaoundé is signaling an effort to broaden its financing base while maintaining access to liquidity.
Clearing arrears is also a strategic priority. Delayed payments to suppliers have created cash flow strains for private contractors and service providers, potentially slowing project execution and dampening business confidence. Settling these liabilities could inject liquidity into the local economy and restore trust in public procurement systems.
However, market conditions will matter. Investor appetite will depend on Cameroon’s debt sustainability outlook, macroeconomic stability, and transparency in fund utilization. With global borrowing costs still elevated compared to pre-pandemic levels, pricing and demand will be closely watched.
The planned CFA1.65 trillion ($2.7 billion) raise underscores the scale of Cameroon’s financing needs in 2026 and the government’s determination to secure resources without resorting to excessive monetary expansion.
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