Cameroon entered a new fiscal chapter in 2026 when its public debt crossed 15,607 billion CFA francs by the end of June — a decisive threshold that marks both a turning point and a test of the government’s ability to keep borrowing without losing control.
For years, the country had been steadily accumulating obligations. But the latest figures from the Autonomous Amortization Fund (CAA) show a sharp acceleration: the debt stock stood at 44.2% of GDP at the end of June, compared with 14,409 billion CFA francs a year earlier. The jump reflects a wave of new borrowing commitments taken on during the first half of the year.
Yet the amount Cameroon borrowed in 2026 cannot be reduced to a single figure, because the government authorized loans, signed agreements and raised funds on domestic markets at different points throughout the year.
In January, President Paul Biya authorized the Ministry of Finance to contract domestic and external loans up to a ceiling of 1,650 billion CFA francs. The authorization covered Treasury bill issuance of 400 billion CFA francs, direct loans from private national institutions worth 250 billion CFA francs, and fundraising on international financial markets amounting to 1,000 billion CFA francs. The funds were intended to finance development projects and clear payment arrears.
That 1,650 billion CFA franc figure, however, represents an authorized borrowing limit — not money 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.
The government also signed new project financing during the first half of the year. CAA data show that new debt commitments reached about 514 billion CFA francs over the first six months of 2026.
Among the major operations was a 130.4 billion CFA franc loan for the construction of the Ebolowa-Akom II-Kribi road. The agreement was signed in May, with the Standard Chartered Bank loan backed by a guarantee from UK Export Finance. A separate commercial loan of 7.8 billion CFA francs had already been secured for the same project. Cameroon continued borrowing into the second half of the year.
On October 2, the government approved a 347.5 million euro loan from the World Bank — about 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 latest agreements represent roughly 367 billion CFA francs in additional authorized project financing.
The government’s borrowing plans go beyond individual projects. Cameroon’s 2026 budget provides 3,104 billion CFA francs for borrowing 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 spent about 1,059 billion CFA francs on debt servicing in the first half of 2026, according to figures from the IMF and the CAA.
That debt pressure has drawn renewed attention from the International Monetary Fund.
After a mission in September, the IMF said on October 1 that its debt sustainability analysis for Cameroon still showed an overall high risk of debt distress, while describing the debt as sustainable in the medium term. The Fund called for tighter fiscal policy, stronger domestic revenue mobilization and greater reliance on concessional financing.
The IMF also warned that Cameroon faces significant liquidity pressures, notably because of high debt repayments and growing dependence 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 the saturation of the regional domestic debt market.
For Cameroon, the central question is no longer simply how much the government is authorized to borrow.
It is about the amounts actually raised and disbursed, the nature of the projects financed, the cost of those loans and the total the country will have to repay. With public debt already above 15,600 billion CFA francs, that distinction is becoming increasingly important as the government continues to fund major infrastructure projects while servicing obligations accumulated over previous years.
