CEMAC Member States Raise Regional Debt by 18.7% as Funding Pressures Intensify

Governments across the Central African Economic and Monetary Community (CEMAC) have increased their reliance on the regional debt market over the past year as they strive to address growing financing needs amid ongoing pressure on public finances.

According to the latest monetary policy report from the Bank of Central African States (BEAC), the six CEMAC member states raised CFA6.76 trillion on the regional government securities market by the end of March 2026, up from CFA5.70 trillion a year earlier. This CFA1.06 trillion increase represents an annual growth of 18.7%.

BEAC noted that the rise reflects governments’ continued dependence on the regional debt market to meet their financing requirements as public treasuries remain under strain.

Treasury Bonds Slightly Lead Issuance

CEMAC governments raised slightly more through Treasury bonds (OTA) – medium‑ and long‑term securities typically maturing between two and fifteen years. OTA issuance reached CFA3.48 trillion during the period, indicating a shift toward longer maturities for investment projects and refinancing.

Preference for One-Year Bills and Two- to Five-Year Bonds

The maturity profile shows a clear preference for 52‑week Treasury bills and Treasury bonds with two‑ to five‑year tenors. Among bills, the 52‑week tenor attracted the largest volume, accounting for CFA1.16 trillion (35.4% of total BTA issuance). On the bond side, securities with two‑ to five‑year maturities comprised 84.5% of total OTA issuance, reflecting governments’ effort to balance longer debt maturities with borrowing‑cost control.

Outstanding Debt Continues to Grow

The expansion of the regional market is also evident in the stock of outstanding government securities. BEAC reports that the outstanding amount rose 13.9% year‑on‑year, from CFA8.45 trillion in March 2025 to CFA9.63 trillion in March 2026, underscoring the market’s growing role as a key financing source for CEMAC governments.

The increasing reliance on regional debt brings higher financing challenges. Governments must raise additional resources while managing borrowing costs and preserving a sustainable debt maturity profile.

Overall, the rise in government debt issuance reflects both the continued development of CEMAC’s regional securities market and persistent pressure on public finances, highlighting BEAC’s central role in financing the bloc’s budgets.

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