Cameroon’s government owed CFA520.2 billion to suppliers of goods and services as of March 31, 2026, according to the latest public debt report released by the national debt office, the sinking fund (CAA).
The amount represents more than half of the state’s total unpaid obligations, known locally as Restes à payer (RAP), which reached CFA1.03 trillion at the end of the first quarter.
That figure was up from CFA853.7 billion a year earlier, an increase of CFA172.6 billion year over year.
Suppliers accounted for most of the rise. Unpaid bills owed to government contractors and service providers climbed from CFA386.7 billion in the first quarter of 2025 to CFA520.2 billion by the end of March 2026.
In Cameroon’s public finance system, RAP refers to expenditures that have already been approved and validated but have not yet been paid by the Treasury. They can include payments linked to goods and services, subsidies, personnel expenses, transfers, counterpart funding, and parts of domestic debt obligations.
Treasury pressures continue to build
The latest increase was driven largely by short-term unpaid obligations.
According to the CAA, arrears outstanding for less than three months more than doubled over the past year, rising from CFA126.3 billion in March 2025 to CFA308.4 billion a year later.
The trend points to ongoing liquidity pressure within Cameroon’s public finances.
For businesses working with the state, payment delays can quickly translate into cash-flow problems, slower investment, difficulties paying suppliers or employees, and growing pressure from banks and creditors.
To clear part of those obligations, the Treasury regularly raises funds on the Cemac regional debt market through Treasury bills and bonds. But that financing has become more expensive as liquidity conditions tighten and competition for capital increases across the region.
Rising arrears add to debt concerns
The buildup in unpaid obligations is also feeding broader concerns about public debt dynamics.
In practice, clearing arrears often requires the government to mobilize new financing, including additional borrowing, which can further increase pressure on state finances.
At the end of March 2026, Cameroon’s total public debt stood at CFA15.4 trillion, according to the CAA, up 6% year over year and equivalent to 44.3% of GDP.
The government continues to argue that the debt remains sustainable, noting that it is still well below the Cemac regional ceiling of 70% of GDP.
But the steady rise in unpaid domestic obligations — especially those owed to private suppliers — is becoming an increasingly visible sign of stress for both public finances and the wider economy.
Brice R Mbodiam
