Cameroon’s Treasury could return to the Central African Stock Exchange (Bvmac) in 2026 with a public bond offering of between CFA100 billion and CFA150 billion, depending on market conditions.

Speaking on February 19 in Douala during a presentation of the government’s 2026 financing plan, Finance Minister Louis Paul Motazé said a market survey would be conducted to assess the feasibility of a new domestic bond issue. The final size of the operation would depend on liquidity conditions and investor appetite.

The minister indicated that the fundraising would proceed only if potential arrangers are able to secure the targeted amount at acceptable interest rates. Otherwise, the Treasury may resort to alternative financing instruments.

In 2024, for example, instead of proceeding with a previously announced public bond offering, the government opted for a CFA260 billion operation combining debt buybacks and new issuances on the BEAC government securities market, according to a source at the Finance Ministry.

That strategy allowed the state both to secure fresh liquidity and to extend the maturity of certain obligations nearing repayment, preserving cash for other priorities.

If executed, the 2026 bond would mark Cameroon’s eighth public offering on the Bvmac. The last took place in 2023. Initially set at CFA200 billion, the issue was reduced to CFA150 billion due to challenging market conditions. Cameroon introduced, for the first time in the Cemac region, a multi-rate bond structure. The strategy ultimately proved effective, with the Treasury raising CFA176.7 billion following an oversubscription approved by the regional market regulator.

Although absent from the unified Cemac financial market since 2023, Cameroon remains one of the leading sovereign issuers on the Bvmac. Since 2010, the country has mobilized CFA1,206.2 billion on the exchange, ranking as the second-largest issuer after Gabon, according to Finance Ministry data.

Source: Business in Cameroon