Cameroon’s Treasury is considering a return to the Central African Stock Exchange (Bvmac) in 2026 with a public bond offering ranging from CFA100 billion to CFA150 billion, contingent on market conditions. Finance Minister Louis Paul Motazé announced on February 19 in Douala that a market survey would assess investor appetite and the feasibility of the proposed domestic bond issuance. The final size of the operation will depend on liquidity conditions and the ability of arrangers to secure the targeted amount at acceptable interest rates, with alternative financing instruments considered if necessary.
In 2024, instead of issuing a public bond, the government opted for a CFA260 billion operation combining debt buybacks and new issuances on the BEAC government securities market. This approach allowed Cameroon to secure liquidity while extending maturities of obligations nearing repayment, preserving cash for other priorities.
If the 2026 bond proceeds, it would be Cameroon’s eighth public offering on the Bvmac. The country’s last issuance in 2023, initially planned at CFA200 billion, was reduced to CFA150 billion due to challenging market conditions. That issuance introduced a multi-rate bond structure—the first in the Cemac region—which ultimately proved successful, raising CFA176.7 billion following an oversubscription approved by the regional market regulator.
Although Cameroon has been absent from the unified Cemac financial market since 2023, it remains one of the leading sovereign issuers on the Bvmac. Since 2010, the country has mobilized CFA1,206.2 billion on the exchange, making it the second-largest issuer in the region after Gabon.
