Cameroon could return to regional capital markets in 2026 with a sovereign bond issuance worth between US$163 million and US$245 million, as the government explores new financing options to support its budget and manage public debt obligations.
The country’s Treasury is considering a fresh public bond offering on the Central African Stock Exchange, Finance Minister Louis Paul Motazé said during a presentation of Cameroon’s 2026 financing plan in Douala on February 19.
The proposed issuance, estimated at CFA100 billion to CFA150 billion, is equivalent to roughly US$163 million to US$245 million at current exchange rates. Officials said the final size of the operation will depend on investor demand, liquidity conditions and borrowing costs in the regional financial market.
Authorities plan to conduct a market survey before proceeding. The Treasury indicated that the bond sale would move forward only if financial arrangers can mobilize the targeted funds at acceptable interest rates. If market conditions prove unfavorable, Cameroon may instead rely on alternative domestic or external financing instruments.
The move would mark Cameroon’s return to the regional bond market after a pause following its last public issuance in 2023. That operation was initially planned at CFA200 billion but was later reduced to CFA150 billion due to tighter market liquidity. Despite the adjustment, investor demand exceeded expectations, allowing the government to raise about CFA176.7 billion, or approximately US$288 million, after regulatory approval for oversubscription.
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The 2023 transaction also introduced a multi-rate bond structure a first within the Central African Economic and Monetary Community (CEMAC) financial market aimed at attracting a wider pool of institutional investors.
In recent years, Cameroon has increasingly relied on domestic and regional debt markets alongside active debt management strategies. In 2024, instead of launching another public bond, authorities executed a CFA260 billion (US$424 million) refinancing operation on the regional government securities market overseen by the Bank of Central African States.
That transaction combined debt buybacks with new issuances, enabling the government to extend repayment maturities while securing fresh liquidity for fiscal operations. Officials say such liability management helps ease short-term cash pressures and reduces refinancing risks at a time when many African governments face rising financing needs.
If completed, the planned 2026 issuance would become Cameroon’s eighth sovereign bond offering on the BVMAC since 2010. Over that period, the country has mobilized roughly CFA1,206.2 billion, equivalent to about US$1.97 billion, making it one of the most active sovereign borrowers on the regional exchange.
Cameroon currently ranks as the second-largest issuer on the BVMAC after Gabon, highlighting its strategic use of regional savings pools to finance infrastructure, development programs and budget priorities.
Analysts say renewed sovereign issuance could also test investor confidence and the depth of Central Africa’s regional capital market, as authorities seek to strengthen local financing channels and reduce reliance on external commercial borrowing.
The government’s final decision on the bond is expected after consultations with investors and financial institutions later in 2026.
