(Business in Cameroon) – In 2023, the Cameroonian government issued CFA853.3 billion worth of public securities on the regional market, marking its largest volume in five years, according to the Bank of Central African States (BEAC). Most of this came from CFA751.8 billion in Treasury bills (BTA), short-term debt instruments with maturities of up to 12 months. These are typically used to manage short-term cash flow challenges.
During the same period, Cameroon issued only CFA105.6 billion in Treasury bonds (OTA), which have longer maturities ranging from 2 to 10 years. This was the smallest volume of OTA issued by Cameroon in the past five years. OTAs are more suited to financing infrastructure projects due to their longer maturities.
Although BEAC’s report does not disclose the actual funds raised, an analysis of the data shows that 2023 saw Cameroon issue its highest volume of BTAs and OTAs on the BEAC market in five years. Previously, 2021 held the record with CFA834.9 billion in securities issued. The new record in 2023 reflects Cameroon’s growing need for funds, particularly to manage public cash flow pressures.
Despite its dynamic presence in the BEAC market in 2023, Cameroon was not the largest borrower. That title went to Gabon, which issued CFA1,054.2 billion in public securities, including CFA576.5 billion in OTAs and CFA477.7 billion in BTAs. Congo followed closely behind Cameroon, issuing CFA826.3 billion in securities, with CFA721.4 billion in BTAs.
In total, Cameroon, Congo, and Gabon, the leading issuers on the regional public securities market since its inception in 2011, collectively issued nearly CFA2,464 billion in 2023, accounting for 60.3% of the total volume issued in the region during that period.
