Cameroon’s public debt hits 15,416 billion FCFA – CAA.

The development is contained in CAA’s latest debt bulletin. It shows that the country’s debt stock increased by 6% year-on-year, amid continued financing needs by the State. 

The CAA stated that the evolution reflects “prudent and coherent management” aligned with national debt sustainability objectives.

Despite the rise, the CAA said the debt trajectory remains consistent with the government’s Medium-Term Debt Strategy for 2025-2027, and remains below both the national debt ceiling of 50% and the 70% threshold set by the Central African Economic and Monetary Community, CEMAC.

According to the bulletin, the structure of the country’s public debt remains heavily concentrated around the central administration, which accounts for 93.6% of the total debt stock. 

The document shows that public enterprises represent 6.2%, while decentralised territorial authorities account for only 0.2%. 

It revealed that at the end of March 2026, direct debt owed by the central administration reached FCFA14,431 billion, equivalent to 41.5% of GDP. 

The CAA reported that this component rose by 0.2% over one month, 4.5% over the quarter and 7% year-on-year.

According to the CAA, external debt continues to dominate the State’s liabilities, with 64.5% of the central administration’s debt stock made up of external borrowings, while domestic debt accounts for 35.5%, including payment arrears exceeding three months.

The CAA indicated that the debt held by public enterprises is largely composed of domestic liabilities, which account for 53.8% of the stock, mainly through bank debt and floating debt, while external liabilities account for 46.2%.

The report also highlights the weight of contingent liabilities linked mainly to public-private partnerships, PPPs. 

Explicit contingent liabilities were estimated at 4,895 billion FCFA, representing 14.1% of GDP, a level the CAA bulletin noted as broadly stable for more than one year.

Gov’t repays 445 billion FCFA to creditors

According to the CAA, Cameroon had already repaid 445.3 billion FCFA to creditors by March 31, representing 18.4% of the total debt service planned for the 2026 financial year. 

The institution revealed that out of the total amount paid during the first quarter, 268.9 billion FCFA went towards external commitments. 

The CAA stated that the external debt service recorded during the first three months of the year remained below the quarterly projection of 332 billion FCFA because part of the outstanding amount was settled in April during the grace period provided under financing agreements. 

Foreign currency exposure remains high

The CAA also warned about Cameroon’s continued exposure to exchange rate risks, with 68.3% of the central administration’s debt portfolio denominated in foreign currencies.

Out of a debt stock estimated at 13,567 billion FCFA for the central administration excluding arrears and floating debt, nearly 9,266 billion FCFA corresponds to external debt.

The agency stated that the debt portfolio is mainly denominated in the CFA franc, euro, US dollar and the IMF’s Special Drawing Rights. The euro alone represents 30.7% of the total portfolio, while the US dollar accounts for 18.5%.

The report stated that fluctuations in international currencies could increase the real cost of debt servicing even without additional borrowing, since most government revenues are collected in CFA francs.

Finance minister justifies debt

During an international conference on sovereign debt management in CEMAC countries held in Yaounde in April 2025, the Minister of Finance, Louis Paul Motaze, said debt itself was not necessarily a problem, but rather the ability of States to sustain repayments while maintaining economic activity.

“The problem is the sustainability of the debt. How can countries borrow without strangling public treasuries? Each time we calculate the debt ratio, people forget there are two elements: the numerator, which is the debt, and the denominator, which is the wealth, meaning GDP,” the minister said.

This article was first published in The Guardian Post Edition No:3793 of Tuesday May 19, 2026