- (Business in Cameroon) – The Central Africa Stock Exchange (BVMAC) posted a net loss of CFA322.2 million in 2024, reversing a small profit of CFA8.5 million in 2023.
- Revenue fell 1.8% to CFA876 million amid weak trading activity and no new listings.
- Despite the loss, total assets rose 15% to CFA7.3 billion, supported by a CFA1 billion restructuring loan from the CEMAC development fund.
The Central Africa Stock Exchange (BVMAC) ended 2024 with a net loss of CFA322.2 million, according to its latest annual report reviewed by Investir au Cameroun. The result marks a return to deficit after the bourse reported a modest profit of CFA8.5 million in 2023, which had briefly interrupted a four-year losing streak.
Between 2019 and 2022, BVMAC had accumulated successive losses of CFA647 million, CFA787 million, CFA237 million, and CFA557.7 million respectively.
Declining Revenue and Weak Market Activity
The exchange’s turnover dropped to CFA876 million in 2024 from CFA891.7 million the previous year, a 1.8% decline. The report attributes the downturn to subdued activity in both the equity and bond segments, coupled with the absence of new listings—traditionally a key revenue source.
BVMAC cited several factors behind the weak performance, including the delayed listing of Gabonese sovereign bonds issued in 2023 and 2024, as well as setbacks in implementing the Dépositaire Central Unique (DCU), a major project meant to modernize the regional capital market. The report also noted that Cameroon’s government failed to clear outstanding arrears owed to the exchange, which strained its cash flow.
Balance Sheet Strengthens Despite Deficit
Despite the loss, BVMAC’s total assets grew by 15% to CFA7.317 billion. The improvement was driven in part by a CFA1 billion community loan from the CEMAC Development Fund (FODEC) to support the exchange’s restructuring plan.
The deficit was also mitigated by internal cost reductions, improved bond market activity supported by benchmark issues from the Development Bank of Central African States (BDEAC) and Alios Finance Cameroon, and a rise in trading volumes on the exchange platform that boosted brokerage income.
Several multi-tranche Gabonese sovereign bond issues were listed in 2024, including:
- EOG 6.25% NET 2023–2028
- EOG 6% NET 2024–2027
- EOG 7.5% NET 2024–2031
These operations injected momentum into the bond segment, one of the few areas of growth in an otherwise sluggish regional market.
Despite the setback, BVMAC plans to strengthen its market position in 2025. The exchange’s priorities include the full implementation of the Dépositaire Central Unique (DCU), the promotion of a new General Regulation approved by regional regulator COSUMAF, and the revival of the equity segment.
Management said these reforms aim to expand the base of issuers and investors and turn the regional stock market into a genuine financing lever for Central Africa’s economies.
This article was initially published in French by Amina Malloum
Adapted in English by Ange Jason Quenum
