Cameroon began 2026 on firmer ground in the Central African government securities market, with stronger investor demand for its short-term debt.
According to the Bank of Central African States (BEAC), the average subscription rate for Cameroon’s Treasury bills (BTA) reached 84.84% in January 2026. The figure marks a sharp increase from 59.07% in December 2025, a rise of 25.7%.
The subscription rate measures how much of the amount sought by the Treasury is covered by investor bids. The rebound is notable after a recent period marked by weaker demand and rising interest rates.
Above the Regional Average
BEAC data show that Cameroon outperformed the broader CEMAC market, where the average subscription rate stood at 69.04% in January 2026.
In practical terms, for every CFA100 billion sought through Treasury bill issuances across the sub-region, governments raised just over CFA69 billion on average. In Cameroon’s case, investors offered nearly CFA85 billion for every CFA100 billion issued.
The gap suggests renewed investor appetite for Cameroon’s sovereign signature in the short-term debt segment.
Borrowing Costs Edge Lower
The improvement was also reflected in funding costs. The average interest rate demanded by investors on Cameroon’s Treasury bills fell to 6.87% in January 2026, down from 7.11% in December 2025 — a decline of 24 basis points in one month.
The easing follows several years of steady increases in short-term yields, driven by heightened competition among CEMAC member states and elevated financing needs across the region.
The combination of stronger subscription rates and slightly lower yields offers a positive signal for Cameroon’s Treasury. At a time of ongoing budget pressures, the shift could help stabilize short-term domestic borrowing costs.
BRM
