Cameroon’s public debt stock reached 15,607 billion FCFA by the end of June 2026, representing 44.2% of GDP, up from 14,409 billion FCFA a year earlier, as the government continued to raise funds for infrastructure, budget financing and existing obligations, according to the Autonomous Amortization Fund (CAA).
The increase stems partly from new loan commitments signed during the first half of the year. Yet the total amount 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 in time.
In January, President Paul Biya authorized the Ministry of Finance to contract domestic and external borrowing up to a ceiling of 1,650 billion FCFA. This authorization included the issuance of Treasury bills for 400 billion FCFA, direct loans from private national institutions for 250 billion FCFA, and fundraising on international financial markets for 1,000 billion FCFA. The funds were intended to finance development projects and clear payment arrears.
However, the 1,650 billion FCFA figure represents an authorized borrowing ceiling, not funds already borrowed or disbursed. By the end of June, the government had raised 800.7 billion FCFA on the domestic financial market, according to CAA data.
The government also contracted new project financing during the first half of the year. CAA data show that new debt commitments reached approximately 514 billion FCFA during the first six months of 2026. Among the main operations was a loan of 130.4 billion FCFA for the construction of the Ebolowa-Akom II-Kribi road. The agreement was signed in May, with the loan from Standard Chartered Bank benefiting from a guarantee by UK Export Finance. A separate commercial loan of 7.8 billion FCFA had already been concluded for the same project.
Cameroon continued borrowing in the second half of the year. On October 2, the government authorized a loan of 347.5 million euros from the World Bank — about 228 billion FCFA — to finance the Douala-Bangui economic corridor. Another financing agreement, worth approximately 212.35 million euros (nearly 139 billion FCFA), was also approved for the rehabilitation of the Douala-Bafoussam road. Together, these last agreements represent an additional authorized project financing of about 367 billion FCFA.
The government’s borrowing plans go beyond individual projects. Cameroon’s 2026 budget provides for 3,104 billion FCFA for loans and other financing needs, out of a total budget of 8,816 billion FCFA. These financing needs cover the budget deficit, debt repayment and other obligations. The country spent about 1,059 billion FCFA on debt service in the first half of 2026, according to figures from the IMF and the CAA.
This debt pressure has drawn renewed attention from the International Monetary Fund. Following a mission in September, the IMF said on October 1 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, greater domestic revenue mobilization and more reliance on concessional financing.
The IMF also warned that Cameroon faces significant liquidity tensions, notably due to 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 in its borrowing, given limited liquidity and saturation of the regional domestic debt market.
For Cameroon, the central question is therefore no longer simply how much the government is allowed 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. As public debt already exceeds 15,600 billion FCFA, this distinction is becoming increasingly important, as the government continues to finance major infrastructure projects while servicing commitments accumulated over previous years.
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