Cameroon’s Treasury raised CFA144.25 billion on March 30, 2026, through an issuance of Treasury bonds (OTA) with maturities ranging from two to six years on the BEAC public securities market, according to sources at the Ministry of Finance.
The operation, which targeted CFA150 billion, was carried out through a domestic syndication mechanism. This approach, approved by the central bank in 2021, allows governments to issue securities via a group of primary dealers acting as a syndicate, led by a designated arranger. In this case, the syndicate was led by SCB Cameroun, a subsidiary of Morocco’s Attijariwafa Bank, and included Société Générale and Ecobank.
The issuance forms part of Cameroon’s broader borrowing plan for the second quarter of 2026. According to the issuance calendar published by BEAC, the government aims to raise a total of CFA580 billion on the regional market between April and June.
A continued tilt toward short-term borrowing
The plan calls for CFA160 billion in April, CFA155 billion in May, and CFA265 billion in June. These funds will be raised through a mix of Treasury bills (BTA), with maturities between 13 and 52 weeks, and Treasury bonds (OTA), with maturities ranging from 2 to 15 years.
However, the structure of the issuance schedule points to a strong preference for short-term instruments. In June, BTA are expected to account for CFA195 billion out of the CFA265 billion planned, while in April they would represent CFA95 billion out of CFA160 billion. This pattern suggests ongoing pressure on the government’s cash position.
Treasury bills are typically used to cover short-term liquidity needs, including salary payments, supplier obligations, and refinancing of maturing debt. In contrast, longer-term bonds are generally intended to finance development projects.
In recent years, Cameroon’s Finance Ministry has relied heavily on issuing new Treasury bills to refinance maturing obligations on the same market. While this strategy helps preserve government revenues for other priorities, it also increases dependence on short-term refinancing.
BRM
