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PUBLIC SECURITIES MARKET : Cameroon Seek for 60 billion FCFA

The Cameroonian government returned to the public securities market of the Bank of Central African States (Beac) on December 4th in order to mobilize 60 billion FCFA. The Public Treasury has carried out two issues of Equivalent Treasury Bills (Btas) at 26 and 52 weeks of maturity.

In detail, the Cameroonian public authorities intend to raise an envelope of 45 billion CFA francs through the OLTs at 26 weeks of maturity, and another in the amount of 15 billion CFA francs thanks to the OLTs at 52 weeks of maturity. The results of these two operations, which was scheduled for December 6, 2023, have not yet been made public. This operation is one of the largest operations carried out by Cameroon on the central bank market since the start of 2023.

Indeed, Cameroon, like its neighbors in the subregion, faces challenges on the market, exacerbated by a tightening of borrowing conditions and a tightening of monetary policy, orchestrated by the Central Bank to contain rising inflation. This new situation forces Cameroon, historically fond of low interest rates, to adapt to this new situation.

However, in accordance with the Presidential Order of June 2, 2023 amending the 2023 Finance Law of the State adopted in November 2022, Cameroon’s debt requirement for the current budget year has increased from 1,713 billion FCFA in the initial budget to 1,950 billion FCFA, an increase of 12.1 % equivalent to 237 billion FCFA. This debt requirement was to be covered as follows : 40.0 % by project loans, representing an amount of 795 billion FCFA ; 18.3 % by the issue of public securities, for a total of 550 billion FCFA ; 11.3 % of budget support, or an envelope of 221 billion Cfa francs ; 2 % by financing from the African Development Bank (AfDB), representing a total of 40 billion FCFA ; and 6.41 % by exceptional financing , for a total amount of 125 billion FCFA, including 80 billion Special Drawing Rights (SDR).

Sorelle Ninguem

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