As of March 31, 2025, the total outstanding bond issuance from the six CEMAC countries stood at CFA 8,451.8 billion. This marks a 12.3% increase compared to the previous month, according to data released by the Bank of Central African States (BEAC).

The rise in bond issuance was primarily driven by Gabon, which saw a substantial 44.3% increase in its bond issuance in March 2025 alone. Despite this strong performance, Congo remained the dominant issuer in the region, accounting for 29.9% of the total market share by the end of March. Gabon and Cameroon followed with 29.7% and 20.8%, respectively.

In March, the bond market also saw a significant rise in participation by market intermediaries (SVTs), whose involvement in Treasury bill issues increased from 16.08% in February 2025 to 22.13% in March. During the same period, the average interest rates on bonds dropped from 8.20% in February to 7.58% by the end of March 2025.

This improvement in market conditions marks a shift from the rising resource costs that have characterized the CEMAC bond market over the past year. The decline in interest rates is likely a result of the BEAC’s monetary policy, which has included lowering its key policy rate from 5% to 4.5%. This move is designed to encourage economic growth in the region by reducing the borrowing costs for businesses and individuals, as commercial banks, which also act as SVTs on the BEAC bond market, pass on lower rates to the economy.

Source: Business in Cameroon