After raising 415 billion FCFA in January: MINFI announces next operation to raise 585 billion FCFA on int’l market.

The announcement was made on February 18, 2026, via the ministry’s official Facebook account. 

According to the ministry, the operation will enable the government to complete its targeted 1,000 billion FCFA mobilisation on the international market for the current financial year.

To secure more favourable terms on the forthcoming operation, the ministry disclosed that government is seeking the backing of the African Development Bank, AfDB, and the Africa Trade and Investment Development Insurance agency, ATIDI, which could provide guarantees for the transaction.

The planned 585 billion FCFA represents the balance required after an initial successful bond issuance carried out in January this year in London. 

During that operation, the State raised 750 million US dollars, equivalent to approximately 415 billion FCFA, through a seven-year bond with a two-year grace period. 

The issuance, initially set at 600 million US dollars, attracted demand close to 1 billion US dollars, according to the Ministry of Finance.

The January transaction was jointly arranged by Citi, J.P. Morgan and Cygnum Capital. The funds mobilised are intended for the settlement of outstanding budgetary arrears, payment of certified expenditures on priority projects, continuation and completion of public investments, and securing the financing of the 2026 State budget. 

The government also implemented a USD/EUR currency swap mechanism, bringing the effective coupon to 7.79 per cent in euro terms.

Under authorisation granted by the President of the Republic, Paul Biya, the State is permitted to raise up to 1,650 billion FCFA in 2026. 

This includes 400 billion FCFA on the domestic market, 250 billion FCFA from local banks, and 1,000 billion FCFA on the international market.

Minister defends debt strategy

It should be recalled that in April 2025, during a symposium in Yaounde on sovereign debt management in CEMAC countries, Finance Minister, Louis Paul Motaze, said debt in itself was not the issue, but rather its sustainability. He was speaking in an interview with the State broadcaster. 

“It would be very important for everyone to understand that debt is not a problem. You can only finance your development if you have sufficient own resources, which is not the case for a country like Cameroon, notably with declining oil production,” he stated, stressing that the key indicator remains the debt-to-GDP ratio, which compares total public debt to national wealth.

“Each time we calculate the debt ratio, we forget there are two elements: the numerator, the debt and the denominator which is wealth, that is to say GDP,” Motaze had explained.

As at the end of 2024, Cameroon's general government debt stood at 43.4 per cent of GDP, well below the 70 per cent debt ceiling established by the Central African Economic and Monetary Community, CEMAC. 

Authorities maintain that the country’s debt level remains serviceable. According to the government, the forthcoming 585 billion FCFA raise remains consistent with its commitment to securing the resources needed to deliver on its economic and social priorities for the 2026 fiscal year.

This article was first published in The Guardian Post Edition No:3709 of Friday February 20, 2026