Cameroon’s public debt has climbed past 15,600 billion FCFA as of the end of June, according to the Autonomous Amortization Fund (CAA), as the government kept tapping new financing in 2026 to fund infrastructure projects, cover budget needs, and service existing obligations. The real-world consequences are already rippling through household budgets, business costs, and the government’s ability to deliver public services.
The outstanding debt stock represented 44.2% of gross domestic product at the end of June, up from 14,409 billion FCFA a year earlier. The increase was driven in part by fresh borrowing commitments taken on during the first half of the year.
However, the amount Cameroon borrowed in 2026 cannot be reduced to a single figure, because the government authorized loans, signed lending agreements, and raised funds on domestic markets at different points during the year.
In January, President Paul Biya authorized the Ministry of Finance to contract domestic and external loans for a maximum of 1,650 billion FCFA.
That authorization included issuing Treasury securities worth 400 billion FCFA, securing direct loans from private domestic institutions for 250 billion FCFA, and mobilizing funds on international financial markets to the tune of 1,000 billion FCFA. The money was intended to finance development projects and clear payment arrears.
The 1,650 billion FCFA figure is, however, an authorized borrowing ceiling, not money 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 took on new project financing during the first half of the year. Data from the CAA shows that new debt commitments reached about 514 billion FCFA during the first six months of 2026.
Among the major financing operations was a 130.4 billion FCFA loan for the construction of the Ebolowa-Akom II-Kribi road. The agreement was signed in May, with the loan from Standard Chartered Bank backed by a guarantee from the UK’s Export Finance agency. A separate commercial loan of 7.8 billion FCFA had already been arranged for the same project. Cameroon continued borrowing during the second half of the year.
On October 2, the government authorized a 347.5 million euro loan from the World Bank — roughly 228 billion FCFA — to finance the Douala-Bangui economic corridor.
Another financing agreement, worth about 212.35 million euros (nearly 139 billion FCFA), was also approved for the rehabilitation of the Douala-Bafoussam road.
Together, these latest agreements represent approximately 367 billion FCFA in additional authorized project financing.
The government’s borrowing plans go beyond individual projects. Cameroon’s 2026 budget earmarks 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 during 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.
Following 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 use of concessional financing.
The IMF also warned that Cameroon faces significant liquidity strains, largely because of high debt repayments and growing reliance on commercial borrowing. In its 2026 Article IV assessment, the Fund stressed that the government needed to be cautious about borrowing, given tight liquidity and saturation of the regional domestic debt market.
For Cameroon, the central question is no longer simply how much the government is allowed to borrow.
It is about the amounts actually raised and disbursed, the nature of the projects being financed, the cost of those loans, and the total amount the country will have to repay. With public debt already above 15,600 billion FCFA, that distinction matters more than ever, as the government continues to fund major infrastructure projects while servicing obligations built up over previous years.
