Cameroon’s debt stock hits 15,607 billion FCFA by mid-2026
Cameroon’s public debt reached 15,607 billion CFA francs at the end of June 2026, equivalent to 44.2 percent of GDP, up from 14,409 billion CFA francs a year earlier, according to the Autonomous Sinking Fund (Caisse autonome d’amortissement, CAA). The increase reflects fresh borrowing contracted during the first half of the year as the government sought to fund infrastructure projects, cover budget financing needs and meet existing obligations.
However, the total amount borrowed in 2026 cannot be reduced to a single figure. The government authorised loans, signed lending agreements and raised funds on domestic markets at different points in the year.
Biya authorises 1,650 billion FCFA borrowing ceiling in January
In January, President Paul Biya authorised the Ministry of Finance to contract domestic and external loans for a maximum of 1,650 billion CFA francs. The authorisation covered the issuance of Treasury securities worth 400 billion CFA francs, direct loans from private domestic institutions worth 250 billion CFA francs, and fundraising on international financial markets worth 1,000 billion CFA francs. The funds were intended to finance development projects and clear payment arrears.
This 1,650 billion CFA francs figure represents an authorised borrowing ceiling, not funds already borrowed or disbursed. By the end of June, the government had raised 800.7 billion CFA francs on the domestic financial market, according to CAA data.
New project loans reach 514 billion FCFA in first half
The government also contracted new project financing during the first half. CAA data show that new debt commitments reached approximately 514 billion CFA francs during the first six months of 2026.
Among the main financing operations was a loan of 130.4 billion CFA francs for the construction of the Ebolowa-Akom II-Kribi road. The agreement was signed in May, with the Standard Chartered Bank loan benefiting from a guarantee from UK Export Finance. A separate commercial loan of 7.8 billion CFA francs had already been concluded for the same project. Cameroon continued borrowing during the second half of the year.
World Bank-backed deals add 367 billion FCFA for transport corridors
On 2 October, the government authorised a loan of 347.5 million euros from the World Bank — around 228 billion CFA francs — to finance the Douala-Bangui economic corridor. Another financing agreement, worth about 212.35 million euros (nearly 139 billion CFA francs), was also approved for the rehabilitation of the Douala-Bafoussam road.
Together, these last agreements represent an additional authorised project financing of approximately 367 billion CFA francs.
2026 Budget plans 3,104 billion FCFA in borrowing
The government’s borrowing plans go beyond individual projects. Cameroon’s 2026 budget provides 3,104 billion CFA francs for loans and other financing needs, out of a total budget of 8,816 billion CFA francs. These financing needs cover the budget deficit, debt repayment and other obligations.
The country disbursed about 1,059 billion CFA francs for debt service during the first half of 2026, according to figures from the IMF and the CAA.
IMF warns of high overall risk of debt distress
This debt pressure has drawn renewed attention from the International Monetary Fund. Following a mission in September, the IMF said on 1 October that its debt sustainability analysis for Cameroon still showed a high overall risk of debt distress, while describing the debt as sustainable in the medium term. The Fund recommended tighter fiscal policy, stronger domestic revenue mobilisation and greater use of concessional financing.
The IMF also warned that Cameroon faces significant liquidity pressures, notably due to high debt repayments and growing reliance on commercial borrowing. In its 2026 Article IV assessment, the Fund stressed that the government needed to be prudent about borrowing, given restricted liquidity and saturation of the regional domestic debt market.
The real issue: what is raised, disbursed and repaid
For Cameroon, the central question is no longer simply how much the government is authorised to borrow. It is rather to determine the amounts actually raised and disbursed, the nature of the projects financed, the cost of these loans and the total amount the country will have to repay. With public debt already above 15,600 billion CFA francs, this distinction is becoming increasingly important as the government continues to finance major infrastructure projects while servicing commitments accumulated over previous years.