18.98%. That is the participation rate of Treasury Bond Specialists (SVT) in the Treasury Bills (BTA) issued by Cameroon in July 2026, according to figures published by the Bank of Central African States (BEAC). The figure marks a sharp drop from the CEMAC zone average of 20.1% over the same period, and the lowest level recorded by the country since 2023.
The trend did not start this year. Cameroon's rate stood at 23.8% in July 2023, climbed to 26.3% in July 2024, then fell back to 23.3% in July 2025. This year's slide therefore confirms a gradual erosion of bank interest in Cameroonian public debt on the regional market, rather than an isolated accident.
The decline places Cameroon second-to-last in CEMAC, just ahead of Gabon (16.2%), which nonetheless has a far smaller banking network. Equatorial Guinea, by contrast, posts a participation rate of 41.6%, followed by the Central African Republic (25%) and Congo (23.3%) — three countries whose financial markets are, on paper, less developed than Cameroon's.
The gap is all the more striking given that Cameroon counts 22 licensed SVTs, the largest network in the sub-region. But numbers do not translate into commitment: the country pays an average interest rate of just 6.97% on its securities, against 7.87% in Equatorial Guinea and 7.24% in Congo. For banks chasing yield, the equation is less attractive in Yaoundé than elsewhere in the zone.
This relative disaffection among SVTs directly affects the Cameroonian state's ability to finance its budget deficit on the regional market, at a time when cash needs remain high. A less contested market usually forces the issuer to raise its terms to attract investors, or to lean more heavily on other sources of financing.
Still, the Cameroonian Treasury holds one card: its status as CEMAC's largest economy keeps drawing major regional banks, even on terms considered ungenerous. The next auction will show whether Yaoundé adjusts its rate policy to reverse the curve, or banks on its economic weight to sustain demand regardless.
