(Business in Cameroon) – Cameroon has raised CFA8.65 trillion from capital markets since December 2010, when the government began diversifying its funding sources with its first-ever bond issue on the Douala Stock Exchange (DSX). This figure was disclosed on February 27, 2025, in Douala by Samuel Tela, the Treasury Director at the Ministry of Finance, during a seminar on structured financing for infrastructure development.
Over the past 15 years, Cameroon’s Treasury has raised CFA1.2 trillion from the Central African Stock Exchange (Bvmac), which now serves as the unified financial market for the six CEMAC countries—Cameroon, Congo, Gabon, Equatorial Guinea, Chad, and the Central African Republic—after absorbing the DSX. During the same period, CFA1.24 trillion was secured on international financial markets through Eurobond issues and private placements.
On the public securities market managed by the Bank of Central African States (BEAC), Cameroon has raised over CFA6.2 trillion since the market was launched in 2011. These figures highlight that the money market has become the primary source of funding for the country’s Treasury. In fact, Cameroon has raised five times more funding on the BEAC securities market than on regional and international financial markets combined.
Cost-Effective and Flexible Financing
After successfully issuing several bonds starting in 2010, Cameroon shifted its focus to the money market in 2019 to raise funds for development projects and address cash flow pressures. Other CEMAC countries soon followed suit, making the money market their primary capital-raising destination while financial markets took a backseat.
Experts attribute this shift to cost competitiveness, flexibility, and financial prudence. “The government has refocused on the BEAC money market, which is the traditional market for Treasury departments and banks, to issue assimilable Treasury bonds (OTA),” explained Samuel Tela. “These bonds have longer maturities than traditional bonds and offer a grace period since the principal is only repaid at maturity, unlike bonds that require repayment in installments starting from the second year.”
The process for issuing securities on the money market is also faster. “All necessary steps—including awareness campaigns, communication, and subscription—can be completed within 45 days, whereas a bond issue takes six to eight months,” according to an internal Finance Ministry document accessed by Business in Cameroon.
Moreover, issuing OTA bonds on the BEAC securities market is more cost-effective. Compared to traditional bonds, these issuances save the Treasury an estimated 2% of the total subscription amount, making them an attractive option for financing public projects.
