(Business in Cameroon) – The average coverage rate for public securities issued by CEMAC states fell from 79.45% in February 2024 to 60.28% in February 2025, according to a new update from the Bank of Central African States (BEAC) published on April 21.
This means that while a country eyeing CFA100 billion could raise about CFA79.4 billion in February 2024, it would only get around CFA60.3 billion a year later. The drop signals growing difficulties for Cemac to attract buyers for their public debt—despite this market becoming one of their main sources of funding.
BEAC’s data also shows that the cost of issuing short-term debt is going up. The average yield on Treasury bills, known as BTA in the region, rose from 6.5% in February 2024 to 6.75% in February 2025. These securities, which mature in less than 52 weeks, are typically used to manage short-term cash flow gaps.
In contrast, interest rates on government bonds—used for medium and long-term investment financing—fell during the same period. The average dropped from 10.75% to 9.76%.
This shift points to rising pressure on public finances, especially when it comes to managing day-to-day expenses. While governments are paying more to borrow in the short term, their longer-term borrowing has become slightly cheaper. Still, with falling investor interest in short-term securities, the region faces a growing challenge in maintaining steady funding.
