The mechanics behind Cameroon’s 15,607 billion FCFA debt position

Cameroon’s public debt stock reached 15,607 billion FCFA by the end of June, equivalent to 44.2 percent of GDP, up from 14,409 billion FCFA a year earlier. The figures, compiled by the autonomous sinking fund known as the Caisse Autonome d’Amortissement, reflect a government that kept tapping both domestic and external sources to fund infrastructure, cover budget financing needs and service existing obligations throughout 2026.

Yet the headline number tells only part of the story. What matters more is how the borrowing unfolded — and the gap between what was authorized and what was actually raised or disbursed.

Authorized ceilings versus actual disbursements

In January, President Paul Biya authorized the Ministry of Finance to contract domestic and external loans worth up to 1,650 billion FCFA. That ceiling included 400 billion FCFA in Treasury bills, 250 billion FCFA in direct loans from private national institutions, and 1,000 billion FCFA from international financial markets. The stated purpose was to fund development projects and clear payment arrears.

By the end of June, however, the government had raised 800.7 billion FCFA on the domestic financial market, according to the sinking fund’s data. The 1,650 billion FCFA figure was a borrowing authorization — not money already borrowed or disbursed.

New project commitments signed in the first half of 2026

Beyond market operations, fresh project financing commitments reached roughly 514 billion FCFA during the first six months of the year. Among the standout deals was a 130.4 billion FCFA loan for the Ebolowa-Akom II-Kribi road, signed in May with Standard Chartered Bank and backed by UK Export Finance. A separate commercial loan of 7.8 billion FCFA had already been arranged for the same project.

Borrowing continued into the second half. On October 2, the government approved a 347.5 million euro World Bank loan — about 228 billion FCFA — for the Douala-Bangui economic corridor. Another financing agreement of roughly 212.35 million euros, close to 139 billion FCFA, was also cleared for the rehabilitation of the Douala-Bafoussam road. Together, those two approvals represent an additional 367 billion FCFA in project financing.

How the 2026 budget frames the borrowing

Cameroon’s 2026 budget set aside 3,104 billion FCFA for borrowing and other financing needs within a total budget of 8,816 billion FCFA. Those needs cover the budget deficit, debt repayment and other obligations. Over the first half of 2026 alone, the country spent about 1,059 billion FCFA on debt service, based on figures from the IMF and the sinking fund.

Why the IMF is flagging high risk

The strain has drawn renewed attention from the International Monetary Fund. After a September mission, the IMF said on October 1 that its debt sustainability analysis continued to show a high overall risk of debt distress, even while describing the debt as sustainable over the medium term. The Fund called for tighter fiscal policy, stronger domestic revenue mobilization and greater reliance on concessional financing.

The IMF also warned of significant liquidity pressures, driven by large debt repayments and growing dependence on commercial borrowing. In its 2026 Article IV assessment, it stressed that the government needed to borrow prudently, given limited liquidity and the saturation of the regional domestic debt market.

The real question is no longer the ceiling

For Cameroon, the central issue is no longer simply how much the government is allowed to borrow. It is about how much was actually raised and disbursed, what the funded projects are, what the loans cost, and the total the country will eventually have to repay. With public debt already above 15,600 billion FCFA, that distinction is becoming harder to ignore as the government keeps financing major infrastructure while servicing obligations accumulated over previous years.

By Maimouna Kaboré — Journalist