Cameroon kept signing new financing deals throughout 2026 as the government sought to bankroll infrastructure projects, close its budget gap and meet existing obligations. By the end of June, the national debt stock had climbed to 15,607 billion FCFA, according to the Autonomous Sinking Fund (CAA). That milestone has triggered a fresh wave of public debate, renewed scrutiny from the International Monetary Fund, and tough questions about what happens next.
The outstanding debt represented 44.2% of gross domestic product at the end of June, up from 14,409 billion FCFA a year earlier. Part of that increase stems from new loan commitments taken on during the first half of the year.
Still, the amount Cameroon borrowed in 2026 cannot be captured by a single figure. The government authorised borrowing, signed loan agreements and raised money on domestic markets at different points during the year.
In January, President Paul Biya gave the Ministry of Finance the green light to contract domestic and external loans worth up to 1,650 billion FCFA.
That authorisation covered the issuance of Treasury securities worth 400 billion FCFA, direct loans from private national institutions totalling 250 billion FCFA, and fundraising on international financial markets of up to 1,000 billion FCFA. The money was meant to finance development projects and clear payment arrears.
However, the 1,650 billion FCFA figure is an authorised 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. CAA figures show that new debt commitments reached about 514 billion FCFA in the first six months of 2026.
Among the main 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 Standard Chartered Bank loan backed by a guarantee from UK Export Finance. A separate commercial loan of 7.8 billion FCFA had already been secured for the same project. Cameroon continued borrowing in the second half of the year.
On 2 October, the government approved a World Bank loan of 347.5 million euros — 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, those latest agreements represent additional authorised project financing of around 367 billion FCFA.
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. Those financing needs cover the budget deficit, debt repayment and other obligations.
The country spent about 1,059 billion FCFA on debt servicing in 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.
After a mission in September, the IMF said on 1 October that its debt sustainability analysis still showed a high overall risk of debt distress for Cameroon, while describing the debt as sustainable over the medium term. The Fund called for tighter fiscal policy, stronger domestic revenue mobilisation and greater reliance on concessional financing.
The IMF also warned that Cameroon faces significant liquidity strains, driven in part by heavy debt repayments and growing dependence on commercial borrowing. In its 2026 Article IV assessment, the Fund stressed that the government needed to borrow prudently, 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 how much has actually been raised and disbursed, what kind of projects are being financed, what those loans cost and how much the country will ultimately 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 commitments built up over previous years.