• Cameroon raised CFA1,318 billion on BEAC market in 2025
• Interest rates climbed; subscription and coverage ratios fell
• 2026 plan targets CFA400 billion net domestic borrowing

On February 19 in Douala, during the presentation of the state’s 2026 financing program to investors, Finance Minister Louis Paul Motazé reviewed the Treasury’s operations on the BEAC government securities market in 2025.

According to the minister, issuances of Treasury bills (BTA) and Treasury bonds (OTA) enabled the government to mobilize CFA1,318.17 billion (around $2.4 billion) last year.

However, he stressed that these funds were raised under more restrictive conditions, marked by higher interest rates offered to investors, declining subscription and coverage ratios, and stronger competition from other states seeking financing on the subregional monetary market.

“The assessment of our interventions on the domestic market shows that maturities and subscription rates continue to decline, while exit yields are rising. Between 2020 and 2025, the weighted average interest rate on BTA rose from 2.67% to 6.65%, alongside a drop in the weighted average price of OTA from 98.1% to 95.23% over the same period,” Motazé said.

The deterioration in market conditions has reduced the Treasury’s ability to raise the full amounts targeted, the Ministry of Finance said. The coverage rate of Cameroon’s expressed demand, which averaged 206.98% in 2020, fell to 69.71% in 2025.

In practical terms, investors who previously submitted bids exceeding twice the amount sought are now offering just over half of the requested financing.

“This evolution calls for realism and adaptation,” the minister noted, as the 2026 public securities issuance program on the monetary market plans net borrowing of CFA400 billion.

BRM, with Business in Cameroon