Investors based in Cameroon hold CFA franc 5,536.5 billion in CEMAC public securities as at end-September 2026, according to the bulletin published by the BEAC on 2 November.
This represents 50.3% of a regional outstanding amount of CFA franc 11,016.7 billion. This portfolio includes Cameroonian securities as well as those of other states, notably Gabon.
The distribution by issuing state tells a different story. Gabon has CFAF 3,663.4 billion in outstanding securities, ahead of Congo (CFAF 3,038.0 billion) and Cameroon (CFAF 2,184.4 billion). Regional outstanding securities rose 2.35% from CFAF 10,763.3 billion at end-August to CFAF 11,016.7 billion at end-September.
Financing organised around banks
This concentration fits within a market designed to finance national treasuries. Launched in November 2011, the regional scheme supported the gradual end of central bank advances to states, offering them another channel for mobilising resources.
Issues are organised by auction. In the primary market, only specialists in treasury securities, namely approved credit institutions, take part directly. They must then place all or part of the securities acquired with their clients, which opens indirect access for other investors.
The breakdown by category confirms their weight. These specialists hold 62.8% of regional securities, compared with 3.3% for individuals.
Savers also have access to the secondary market, where securities are traded after issue. The BEAC's official presentation provides that specialists post buying and selling prices and respond to investor requests at the posted prices. Their role thus covers initial subscription and the subsequent circulation of securities.