Cameroon started 2026 on firmer ground in the Central African government securities market, posting stronger investor demand for short-term debt.
According to the Bank of Central African States (BEAC), the average subscription rate for Cameroon’s Treasury bills (BTA) reached 84.84% in January 2026, up sharply from 59.07% in December 2025 — a rise of 25.7%.
The subscription rate measures how much of the amount sought by the Treasury is covered by investor bids. Cameroon outperformed the broader CEMAC market, where the average subscription rate was 69.04% in the same period.
In practical terms, for every CFA100 billion sought through Treasury bill issuances across the CEMAC region, governments raised just over CFA69 billion on average, while Cameroon attracted nearly CFA85 billion for every CFA100 billion issued, signaling renewed confidence in the country’s short-term sovereign debt.
The improvement was also reflected in funding costs. The average interest rate on Cameroon’s Treasury bills fell to 6.87% in January 2026, down from 7.11% in December 2025 — a decline of 24 basis points.
The easing in yields follows several years of steady increases, driven by heightened competition among CEMAC member states and rising regional financing needs. Analysts say the combination of higher subscription rates and slightly lower yields is a positive indicator for Cameroon’s Treasury, potentially helping to stabilize domestic borrowing costs amid ongoing budget pressures.
