According to data from the Bank of Central African States (BEAC) published by Investir au Cameroun, participation by Cameroon's Primary Dealers in Treasury Securities (SVT) in Treasury bill (BTA) auctions fell to 18.98% in July 2026, below the regional average of 20.1%. It is the lowest level recorded since July 2023.
This market is a key gear in financing states across the Central African Economic and Monetary Community (CEMAC): Treasury bills let public treasuries raise capital from primary dealers, financial institutions accredited by the BEAC.
Cameroon's decline is part of a broader regional slowdown, but it contrasts with two neighbours. Equatorial Guinea shows a participation rate of 41.6% for an interest rate of 7.87%, and Congo 23.3% for 7.24%, while Cameroon offers only 6.97% on its Treasury bills. Only Gabon fares worse, with 16.2% participation.
The paradox is clear: Cameroon nonetheless has the largest network of accredited primary dealers in the CEMAC zone, with 22 institutions, yet fails to turn that structural advantage into actual participation in auctions.
This interest-rate gap, combined with the broader market slowdown, may reflect investors' heightened perception of risk toward Cameroonian debt, in a regional context where several states compete for the same available capital.
The BEAC, which oversees this market, has not publicly commented on the decline. A persistently low participation rate would nonetheless complicate the financing of Cameroonian public projects, at a time of strong infrastructure and social-service needs, and could push Yaoundé toward higher rates or other funding sources.
Cameroon stands at a crossroads in this regional market: while Equatorial Guinea and Congo pull ahead with more attractive rates, Yaoundé needs to quickly find ways to restore its competitiveness, or risk seeing its borrowing costs keep climbing before year's end.
