(Business in Cameroon) – The Republic of Congo has launched a CFA70 billion fundraising operation on the public securities market of the Bank of Central African States (BEAC), enlisting the support of eight Cameroonian banks designated as Treasury Securities Specialists (SVTs).
The participating banks include Afriland First Bank, Commercial Bank Cameroon (CBC), United Bank for Africa (UBA), Ecobank, Société Générale, Union Bank of Cameroon (UBC), Société Commerciale de Banque (SCB), and CCA-Bank. These financial institutions facilitated the operation, which consisted of three distinct issuances.
The first two involved Assimilable Treasury Bills (BTAs): CFA15 billion with a 52-week maturity and CFA30 billion with a 26-week maturity. These short-term securities were issued at a discount, meaning interest is deducted upfront from the face value.
The third issuance concerned Assimilable Treasury Bonds (OTAs) worth CFA25 billion, with a three-year maturity and a fixed annual interest rate of 5.7%, paid once a year.
Alongside the fundraising, Congolese Finance Minister Christian Yoka held an inaugural meeting with the SVTs in Douala, Cameroon. The session aimed to establish a regular consultation framework between the Congolese Ministry of Finance and the financial market. Marie Ghislain Yebas, Director General of the Congolese Amortization Fund, stated that the discussions focused on public securities acquisition plans for the second half of 2025.
While the government has not disclosed the precise allocation of the funds, market analysts suggest that BTAs generally address short-term needs, such as salary payments, debt servicing, or public procurement, while OTAs typically finance medium- and long-term investment projects.
This operation reflects the growing dynamism of the CEMAC securities market. According to the BEAC Economic and Statistical Bulletin published on February 20, 2025, the six CEMAC member states (Cameroon, Congo, Gabon, Equatorial Guinea, Chad, Central African Republic) had mobilized CFA6,914.5 billion in public securities as of September 30, 2024 — an annual growth of 14.7%.
BTAs dominate the market, accounting for CFA4,670 billion of total funds raised. Among these, 26-week BTAs lead with CFA1,695.4 billion (55.2%), followed by 52-week BTAs (CFA801.9 billion) and 13-week BTAs (CFA571.5 billion). Congo remains the top issuer of 13-week BTAs, having raised CFA396.8 billion.
As of March 31, 2025, total outstanding bond issuances across the six CEMAC countries reached CFA8,451.8 billion, marking a 12.3% increase from the previous month. Congo alone held 29.9% of this market share.
Meanwhile, average bond interest rates fell from 8.20% to 7.58% in March. This drop reflects the BEAC’s decision to lower its key policy rate from 5% to 4.5%, a move intended to stimulate regional economic growth by reducing the cost of borrowing.
This article was initially published in French by Frédéric Nonos
Edited in English by Ange Jason Quenum
