• Cameroon seeks first local-currency credit rating from Bloomfield
• Aims to boost regional investor confidence, diversify funding sources
• Move supports shift from foreign to domestic debt strategy

The Cameroonian government has hired Bloomfield Investment Corporation, an Ivorian rating agency, to secure its first sovereign credit rating in local currency (XAF). The move aims to boost Cameroon’s standing in the regional debt market and diversify its financing sources.

Kelly Mua Kingsly, head of financial operations at Cameroon’s Treasury Directorate for Financial and Monetary Cooperation, said the initiative serves several strategic objectives.

“It reflects Cameroon’s intention to deepen its presence in the regional financial market. By developing a local-currency rating, the country can attract regional investors, strengthen economic ties with its neighbors, and diversify its funding sources,” Kingsly said.

Officials argue that a CFA franc rating will better capture the country’s economic and financial conditions and offer investors a clearer view of the risks associated with Cameroon.

The choice of Bloomfield, active across several Franc zone economies, stems from its methodology and capacity to account for regional realities. A Treasury official said Bloomfield’s approach may be more flexible than that of foreign agencies, which are often seen as less attuned to local contexts.

In contrast, Moody’s maintained Cameroon’s long-term debt rating at Caa1 with a stable outlook last August, though it warned that a liquidity-driven payment default remained possible. A stronger assessment from Bloomfield could boost regional investor confidence and help reduce borrowing costs through lower interest rates on government securities.

The initiative comes as Cameroon prepares to repay its $750 million Eurobond, issued in 2015 at 9.50% interest, which matures on November 19, 2025. Retiring this major foreign debt could provide new fiscal flexibility, enabling the government to shift its debt strategy toward local-currency financing and ease pressure on foreign reserves.

As of June 2025, Cameroon’s domestic debt, excluding arrears and floating liabilities, stood at 3.81 trillion CFA francs, about 11.6% of GDP, according to the Autonomous Sinking Fund (CAA). More than half (55%) of that debt consists of government securities issued on the BEAC market, the main domestic funding platform for CEMAC member states.

The CAA also reported an 11.6% year-on-year rise in Treasury bond issuance, highlighting a growing strain on the domestic market. By obtaining a CFA franc-denominated credit rating, Cameroon hopes to better showcase its risk profile, build investor confidence, and secure more stable access to regional financing.

Amina Malloum, Business in Cameroon