• Treasury securities issuance reached CFA5,272.8 billion from January to October
• Bond issues exceeded Treasury bills, signaling a shift to longer-term funding
• Gabon, Congo, and Cameroon led borrowing across the region

In 2025, member states of the Central African Economic and Monetary Community (CEMAC) made heavy use of investor demand, raising a record volume of funds on the regional public securities market. According to the latest report from the Bank of Central African States (BEAC), published in December 2025, Treasury securities issuance reached CFA5,272.8 billion, or $9.4 billion, between January and October, the highest level ever recorded in the sub-region.

This performance was driven mainly by Treasury bonds, which totaled CFA2,726.8 billion, compared with CFA2,546.0 billion for Treasury bills. The stronger weight of bonds reflects a shift toward longer-term financing, which is considered essential for infrastructure and large-scale development projects.

As a result of these cumulative issuances, the total outstanding debt on CEMAC’s public securities market rose to CFA9,315.9 billion at the end of October 2025.

All CEMAC countries contributed to this record mobilization. Gabon emerged as the largest issuer, raising a total of CFA1,648.5 billion. Congo ranked second with CFA1,531.8 billion, followed by Cameroon with CFA1,180.9 billion. Chad raised CFA472.2 billion, ahead of Equatorial Guinea with CFA323.2 billion and the Central African Republic with CFA116.1 billion.

The strong reliance on the regional financial market comes amid mixed economic conditions across the sub-region. CEMAC’s real growth rate is estimated at 2.7% for 2024, with a forecast of 4.6% for 2025. The region’s overall fiscal deficit widened to -1.0% of GDP in 2024, with a slight improvement expected in 2025. Governments are therefore turning to capital markets to finance deficits and support investment, at a time when oil revenues remain volatile.

Sandrine Gaingne