Cameroon disbursed 800.7 billion FCFA of domestic financing between January and June 2026. Public securities account for 731.4 billion of that, and within the securities a single instrument dominates: the 26-week Treasury bill, at 433.8 billion. Here the maturity structure says more than the headline number.

Blue Star Media · Daily Brief · Friday 7 August 2026

The monthly public debt bulletin to end-June 2026, published on 27 July by the Caisse autonome d'amortissement (CAA), records 800.7 billion FCFA of disbursements on domestic financing for the first half. For the whole of 2025 the same aggregate came to 1,525.9 billion. The half therefore represents roughly 52 % of the previous full-year figure, which at an unchanged pace would put 2026 broadly in line with 2025 rather than above it. These are recorded disbursements, not a borrowing target. The data were reported by Sikafinance on 30 July and Financial Afrik on 31 July.

The instrument mix is more instructive than the total. Securities issuance provided 731.4 billion FCFA, or 91.3 % of domestic financing on a Blue Star Media calculation from the CAA data. Direct lending by domestic banks makes up the balance at 69.3 billion, concentrated in just two months: 37.1 billion in May and 32.2 billion in June. Within the securities, Treasury bills (BTA) account for 509.8 billion against 221.6 billion for Treasury bonds (OTA).

In June alone, domestic disbursements reached 190.3 billion FCFA: 76.1 % in bills (close to 145 billion), 16.9 % in direct bank lending (about 32.2 billion) and 13.3 billion in three-year bonds.

The maturity detail is where the structure shows. The 26-week bill alone totals 433.8 billion FCFA, far ahead of the 52-week line (38.3 billion) and the 13-week line (37.6 billion). Against the 509.8 billion of bills issued, the six-month maturity represents roughly 85 %; against all domestic financing in the half, roughly 54 %.

The bond compartment also leans short and medium: 97.2 billion at two years, 51.7 billion at three, 49.3 billion at six, 12.1 billion at five and 11.3 billion at fifteen. The longest tranche is therefore about 5 % of bonds issued over the period.

Set against the annual programme, the pace becomes legible. The six CEMAC states are targeting 3,906.5 billion FCFA of public securities issuance in 2026, of which 1,165 billion for Cameroon, split 765 billion in bills and 400 billion in bonds, per the programmes reported by Sikafinance and Agence Ecofin. At 30 June, execution stands at roughly 67 % of the bill component and 55 % of the bond component, close to 63 % of the securities programme for half a year elapsed. Those ratios are Blue Star Media calculations and have not been published officially.

Monetary conditions eased over the period. The BEAC's Monetary Policy Committee cut the tender rate from 4.75 % to 4.50 % on 29 June 2026, lowered the marginal lending facility from 6.25 % to 5.75 % and reduced reserve requirement ratios. Demand at the weekly refinancing window followed: 680 billion FCFA requested on 22 July against 535.5 billion on 14 July, on central bank data reported by Africtelegraph.

A treasury funded mainly at six months returns to the market twice a year on every tranche. That buys flexibility when conditions ease, and it bunches maturities when they tighten. That parameter, rather than the debt ratio, governs how much of the regional banking balance sheet the sovereign occupies at any given moment, and therefore how much room is left for commercial credit.

For traders the practical question is the availability and price of import financing and export pre-financing lines. Neither the CAA nor the BEAC publishes a breakdown of bank exposure by end use, so the link remains analytical and cannot be quantified from the sources available today.

The same CAA data also list several receivable assignments recorded in 2026. Two involve the port sector directly: the Port autonome de Kribi for 17.1 billion FCFA and the Port autonome de Douala for 20 billion, both with AFG Bank, 37.1 billion in total. Also listed are Electricity Development Corporation for 15 billion with CCA Bank, CAMTEL for 15 billion and Thales for 2.2 billion with AFG Bank. The CAA records these operations without indicating a collection schedule.

The second half will be read less by the amount raised than by the maturity chosen. Two publications will answer the question: the CAA's monthly bulletin for July, due at the end of August, and the weekly auction results on the BEAC public securities market, which will give the cover ratio on Cameroonian issues. On freight, as a same-week reference point, the Drewry World Container Index edged up 1 % to $4,297 per 40ft container on 6 August, after three consecutive weekly declines.

Sources: Caisse autonome d'amortissement, monthly public debt bulletin to end-June 2026 (published 27 July 2026), reported by Sikafinance on 30 July 2026 and Financial Afrik on 31 July 2026; BEAC, Monetary Policy Committee decisions of 29 June 2026 and weekly refinancing window data via Africtelegraph; CEMAC 2026 public securities issuance programmes via Sikafinance and Agence Ecofin; Drewry, World Container Index of 6 August 2026; ONCC via Investir au Cameroun, 6 August 2026. Execution percentages and relative shares are Blue Star Media calculations on the cited data, not official publications. Where a euro conversion is used, the fixed peg of 1 EUR = 655.957 FCFA applies; no conversion was needed in this edition.

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