• CEMAC member states plan to raise between $2.9 billion and $3.1 billion in Q2 2026.
• The issuance target rises by 67% to 80% compared with Q1 2026.
• Cameroon leads with CFA750 billion in planned issuances.

CEMAC member states plan to raise CFA3,906.5 billion (about $7 billion) on the regional government securities market of the BEAC in 2026, according to their indicative issuance programs.

The six member states of CEMAC aim to mobilize between 1,669.5 billion and CFA1,797 billion ($2.9 billion to $3.1 billion) during the second quarter of 2026, based on national treasury issuance calendars.

This target represents an increase of 67% to 80% compared with the first quarter of 2026, when planned issuance exceeded slightly more than CFA1,000 billion.

Governments will raise funds through Treasury bills (BTA) and Treasury bonds (OTA), including securitization operations, particularly for Cameroon. Cameroon and Gabon prioritize BTAs, which are short-term instruments designed to meet immediate liquidity needs. In contrast, Chad and the Central African Republic focus more on OTAs, which offer longer maturities ranging from two to seven years and support debt structuring over time.

Cameroon, the sub-region’s main economic driver, will account for 750 billion FCFA in planned issuance. Congo plans to raise CFA380 billion, while Gabon targets between 293 billion and CFA335.5 billion. Chad expects to mobilize between 155 billion and CFA240 billion, Equatorial Guinea plans CFA70 billion, and the Central African Republic forecasts a more modest CFA21.5 billion, concentrated in April and May.

These resources will finance government budgets and support economic activity as public finances remain fragile. The regional budget deficit stands at around 1.3% of GDP, while public debt exceeds 70% of GDP in some countries, notably Congo and Gabon, according to the World Bank in its December 2025 CEMAC Economic Barometer.

Moreover, public revenues remain insufficient to cover rising expenditures, and tighter policy rates by the BEAC could constrain access to credit.

During a meeting held in Paris on March 17, 2026 with French authorities, CEMAC finance ministers stressed the need to mobilize more domestic resources. They aim to complement programs supported by the International Monetary Fund, strengthen foreign exchange reserves and support reforms required to enhance economic and monetary stability in the sub-region.

Sandrine Gaingne