Cameroon kept raising fresh financing in 2026 to fund infrastructure projects, cover budget needs and service existing obligations. Public debt stood at 15,607 billion FCFA at the end of June, according to the Autonomous Sinking Fund (CAA). That is 44.2% of GDP, up from 14,409 billion FCFA a year earlier.
The higher debt stock is already translating into real pressure on the economy: more public money is being channelled into debt service, leaving less fiscal room for spending that directly supports households and businesses.
However, the amount borrowed in 2026 cannot be reduced to a single figure. The government authorised loans, signed financing agreements and raised money on domestic markets at various points during the year.
In January, President Paul Biya authorised the Ministry of Finance to contract domestic and external borrowing for a maximum of 1,650 billion FCFA.
That authorisation included the issuance of Treasury bills for 400 billion FCFA, direct loans from private domestic institutions for 250 billion FCFA, and fundraising on international financial markets worth 1,000 billion FCFA. The funds were intended to finance development projects and clear payment arrears.
The 1,650 billion FCFA figure is a 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 signed new project financing during the first half of the year. CAA data shows new debt commitments reached about 514 billion FCFA in the first six months of 2026.
Among the main operations was a 130.4 billion FCFA loan for the Ebolowa-Akom II-Kribi road. The agreement was signed in May, with the Standard Chartered Bank loan backed by UK Export Finance. A separate commercial loan of 7.8 billion FCFA had already been arranged for the same project. Cameroon continued borrowing in the second half of the year.
On 2 October, the government authorised a 347.5 million euro World Bank loan — about 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 an additional authorised project financing of about 367 billion FCFA.
The government’s borrowing plans go beyond individual projects. Cameroon’s 2026 budget provides 3,104 billion FCFA for borrowing 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 in the first half of 2026, according to figures from the IMF and the CAA.
That debt burden has drawn renewed attention from the International Monetary Fund.
After a mission in September, the IMF said on 1 October that its debt sustainability analysis for Cameroon still showed a high overall risk of debt distress, while describing the debt as sustainable over the medium term. The Fund recommended tighter fiscal policy, stronger domestic revenue mobilisation and greater use of concessional financing.
The IMF also warned that Cameroon faces significant liquidity pressures, partly because of large debt repayments and growing reliance on commercial borrowing. In its 2026 Article IV assessment, the Fund stressed that the government should be cautious about borrowing, given limited 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 how much is actually raised and disbursed, what the money finances, what these loans cost and how much the country will eventually have to repay. With public debt already above 15,600 billion FCFA, that distinction matters more than ever, as the government keeps funding major infrastructure projects while servicing obligations built up in previous years.
