Cemac public securities market: Cameroon struggles to attract treasury dealers

Cameroon’s Treasury bill market is losing appeal among the financial institutions expected to support it. In July 2026, the participation rate of the country’s primary dealers, known in the Cemac region as Specialists in Treasury Securities, fell to 18.98%.

That was below the Central African Economic and Monetary Community average of 20.1%, and represented Cameroon’s lowest rate since 2023. The indicator stood at 23.8% in July 2023, 26.3% in July 2024 and 23.3% in July 2025, according to BEAC figures cited by Journal du Cameroun.

The decline leaves Cameroon as the second-least attractive Cemac market for Treasury bills. Only Gabon recorded a lower participation rate, at 16.2%. Cameroon’s position is notable because it has the community’s largest network of licensed primary dealers, with 22 approved institutions.

Other markets performed better. Equatorial Guinea recorded a 41.6% participation rate, followed by the Central African Republic at 25% and Congo at 23.3%. Cameroon’s interest rate stood at 6.97%, compared with 7.87% in Equatorial Guinea and 7.24% in Congo. BEAC did not comment on the figures.