Directorate General of Treasury: Nation's heartbeat in resource mobilisation, debt servicing.

Addressing local financial demands, sustaining increasing revenue mobilisation and not defaulting on debts, are the key issues facing treasuries of countries the world over.

Yet, in Cameroon, multiple specific realities such as terrorist Boko Haram incursions in the Far North Region and armed conflict in the North West and South West Regions have made tranquilising a tension-free treasury a miracle of sorts.

The quest for equitable development, meeting the country’s monthly financial needs and powering security operations to guarantee the territorial integrity of the country have become a nerve-racking experience.

Despite the myriad of challenges, the Directorate General of Treasury, Financial and Monetary Cooperation, DGTCFM, of the Ministry of Finance, MINFI, has lived through the strains, serving as the heartbeat for revenue mobilisation and debt servicing.

Under the coordination of the Minister of Finance, Louis Paul Motaze, the Director General of Treasury, Moh Sylvester Tangongho and team, have remained witty, tough and proactive.

How the Directorate General of Treasury continues to hit equilibrium with a debt of 15,416 billion FCFA going by the last update of the Autonomous Sinking Fund, CAA, earlier this year, which is 44% of Gross Domestic Product, GDP, is what has remained marveling.

It is estimated that over 9,000 billion FCFA of the country’s debt portfolio is owed externally. This also comes with the constant headache of foreign currency instability, especially the United States, US Dollar and the Euro.

11 years success, credibility on international financial markets

The Directorate General of Treasury has continued to successfully handle the situation, servicing external debts without defaulting externally. 

Since Cameroon entered the international financial market in November 2015, it has maintained its credibility.

Thanks to the meticulous work of the Directorate General of Treasury, the country’s Eurobond sales to finance major development projects have always beat expectations.

Investors have continued to find in the country sustained credibility. This has made revenue mobilisation sustained and fluid across the years.

Records show that in November 2015, the Treasury Department raised 750 million US Dollars (over 430 billion FCFA at current exchange rate) at an interest ratio of 9.5%. 

In 2021, the Directorate General of Treasury again raised 450 million US Dollars (over 258 billion FCFA at current exchange rate) on the international financial market to partially refinance the 2015 Eurobond. That was at an interest rate of 5.95%.

Then came the July 2024 private placement that raised for the country, 550 million US Dollars (an estimated 315 billion FCFA) at an interest rate of 10.75. 

At the start of this year, the country through Citigroup, Cygnum Captial and J.P. Morgan raised 750 million US Dollars (430 billion FCFA) to finance the State budget.

Subregional fundraising 

Within the Economic and Monetary Community of Central African States, CEMAC, the Directorate General of Treasury has been doing Cameroon’s fundraising bidding since 2010. 

From the days of the Douala Stock Exchange, DSX, to the CEMAC Stock Exchange, BVMAC, now serving the entire sub region, the Directorate General of Treasury has recorded huge successes in getting money to address Cameroon’s needs.

It holds a clean slate across the last 16 years and still counting, raising money through bonds and paying back including the interest for investors without any default.

Innovations, transparency… 

Aside the Directorate General of Treasury being a success story in transparently going through the international financial markets to get much needed money, there have been reforms on ground that continue to minimise leakages.

The Directorate General of Treasury has stayed at pace with key developments in technology and appropriating same to boost revenue generation, monitoring expenditure and meeting local needs without stress.

From the institution of the Single Treasury Account to adapting to international shifts in revenue mobilisation and handling, the accounts of the Directorate General of Treasury are regularly submitted to competent national and international institutions for oversight.

The Directorate General of Treasury has computerised and digitalised its operations, creating special accounts to handle specific pressing budget heads, especially those dealing with debt servicing.

IMF optimistic on debt situation

In April this year, the International Monetary Fund, IMF, produced a Debt Situation Analysis, DSA, on the fine undertones of Cameroon’s economy.

Amid certain reservations, the IMF saluted reforms within the Treasury sector that have improved revenue mobilisation, monitoring and other fiscal measures that align with contemporary demands.

It praised the Directorate General of Treasury for an exhaustive understanding of the debt situation of all State-Owned Enterprises, SEOs; Public Private Partnerships, PPPs and other financial obligations that abound.

In the face of weaker export earnings and the increasing cost of managing debts, many, the IMF inclusive have been concerned but the Directorate General of Treasury has continued to work out things on good fortunes for the country.

Treasury helping country survive odds

From a macroeconomic perspective, the length and breadth of how successful the Directorate General of Treasury has been may be complex for the common man.

But in basic terms, the milestones have remained visible. One of such hurdles is steadying subventions to State institutions and supporting petroleum products imports since the May 2019 National Oil Refining Corporation, SONARA, fire incident.

Even in the electricity sector facing liquidity crisis, it is the Directorate General of Treasury that has consistently stood the gap to ensure stakeholders get what is due for homes to remain lighted and companies powered.

With SONARA holding the highest debt among SOEs in distress, the Directorate General of Treasury has remained a key player in stabilising the uncertainties and minimising what would have been catastrophic consequences for Cameroon and the entire CEMAC Subregion.

Today, a 700 billion FCFA rehabilitation and modernisation plan is underway for SONARA, with the Directorate General of Treasury serving as the ombudsman on behalf of government for the good of country.

Aside that, Cameroon has been in the face of storms since 2014. 

Yet, the hurdles have not affected the flow of public services. The State has continued to meet its obligations especially in terms of paying civil servants regularly.

Supporting democracy, decentralisation

The Directorate General of Treasury has raised money which has seen the State finance operations to strengthen security. 

Beyond holding key elections such as the Presidential elections of 2011, 2018 and 2025, the treasury in terms of the huge financial burdens associated with elections answered present in the 2013 and 2020 twin polls.

It also stayed alive when Regional Councils saw the light of day. With the devolution of more powers to Regional and Local Authorities, RLAs, through resource transfer, the Directorate General of Treasury continues to meet urgent financial needs.

Recognitions crown Treasury’s strides 

The years of successes, gains and foresighted moves at the Directorate General of Treasury have not gone unnoticed. 

Recently, the Department and its Director General, Moh Sylvester, have earned several recognitions for the many gains made.

Among the recognitions is that of “Resource Mobilisation and Sustainability Champion”.

The recognition was welcomed with unending ripples of applause during the 23^rd edition of the valued The Guardian Post Achievement Award, staged in Ebolowa, South Region recently.

According to the award jury, the decoration is for the Directorate General of Treasury’s “wittiness and consistency in raising revenue, especially on the international market and for sustainably addressing the State’s financial needs to keep the economy resilient in a difficult context”.

This added to the award of, “Optimal Management of State Resources and Digital Transformation”. 

The recognition came from the authoritative, The Voice Newspaper. 

The recognition, according to the award committee, is in recognition of the Directorate General of Treasury’s excellent reforms, transparency and for serving as “an engine of emergence through disciplined and resource performance management”.

Treasury DG also honoured

As it is often said that uneasy lies the head that wears the crown, the Directorate General of Treasury, Moh Sylvester, has also been celebrated for keeping the Treasury Department productive, including under extreme conditions.

He also recently received a merited award during The Voice ceremony in Yaounde. Moh was conferred the: “Best Performant Director General for Fiscal Stability and Managerial Expertise” recognition. 

Organisers were clear that the decoration is in celebration of his “excellence and steadfastness in managing the State purse”.

This article was first published in The Guardian Post Edition No:3840 of Tuesday July 07, 2026