The average cost of funds raised by CEMAC governments through the regional Treasury securities market fell from 8.74% in August to 7.05% in September 2026, a decline of 1.69 percentage points, according to monthly figures from the Bank of Central African States (BEAC).
Lower average costs coincided with weaker demand for new issues. The average subscription rate dropped from 76.48% to 70.99% over the same period. The two measures describe different sides of Treasury financing: the average cost of funds raised and the volume of bids relative to the amounts offered.
Different trends across bills and bonds
For Treasury bills (BTA), the average borrowing cost fell to 6.64% in September from 7.11% in August. The average for Treasury bonds (OTA) moved more narrowly, from 9.76% to 9.69%. The overall figure combines issues with different maturities and financing terms.
There were also differences between issuers. For Treasury bills, Cameroon’s average declined from 7.26% to 6.43%, while the Republic of the Congo’s edged up from 7.27% to 7.33%. Among bonds, Gabon’s average rose from 9.18% in August to 11.40% in September.
Outstanding securities exceed CFAF11 trillion
At the end of September, outstanding Treasury securities across the six CEMAC countries totalled CFAF11,016.7 billion, up 2.35% from CFAF10,763.3 billion a month earlier. Gabon accounted for CFAF3,663.4 billion, followed by the Republic of the Congo with CFAF3,038 billion and Cameroon with CFAF2,184.4 billion.
Primary dealers, mainly licensed banks authorised to bid at auctions, held CFAF6,920.4 billion of government securities at month-end. Their holdings represented 62.8% of regional outstanding securities, compared with 3.3% held by individuals.