Individual participation in government securities remains weak in Cameroon, particularly in the regional bond market managed by the Bank of Central African States (BEAC). As of January 31, 2026, Cameroonian individuals held 25.9 billion CFA francs in government securities, according to market data.
This level remains significantly lower than in several neighbouring countries. In Gabon, the largest sovereign issuer in the CEMAC market, individuals held 71.7 billion CFA francs in government securities, nearly three times the amount recorded in Cameroon.
During the same period, individuals in Congo invested more than 70 billion CFA francs in public securities issued on the CEMAC market. This is also roughly three times the level observed in Cameroon.
Chad stands out even more clearly. Although it is generally considered a smaller participant in the regional public securities market, alongside Equatorial Guinea and the Central African Republic, retail investment in Treasury securities appears far more developed there. By the end of January 2026, individuals in Chad held 108 billion CFA francs in government securities, according to BEAC data. This is about four times the level recorded in Cameroon, which is often described as the economic engine of the sub-region.
Individuals remain marginal investors
Despite these national differences, individuals account for only a small share of investors in the CEMAC public securities market. At the end of January 2026, individuals held 3% of Treasury securities in circulation across the region. This represents a total investment of 287.6 billion CFA francs.
Institutional investors play a much larger role. Insurance companies and pension funds held 1,808.8 billion CFA francs, equivalent to 19.1% of the total outstanding stock of securities. Credit institutions that are not accredited primary dealers accounted for 13.7% of the market, with holdings valued at 1,297.3 billion CFA francs.
Repos allow banks to retain securities
Banks accredited as primary dealers, known as SVTs, remain the dominant investors in the regional market since its launch in December 2011.
According to BEAC data, their holdings of government securities reached 5,973.6 billion CFA francs at the end of January 2026. This represents 63.2% of the outstanding stock. Part of this dominance reflects the limited redistribution of securities to other investor categories. As a result, banks continue to carry a large share of sovereign risk.
Regulations require primary dealers to support the development of the secondary market by reselling at least 30% of the public securities they acquire on the primary market each year. In practice, however, banks largely trade these securities among themselves rather than placing them with individuals or other institutional investors. This keeps most of the securities within the banking system.
The trend is reflected in the growing use of repurchase agreements between banks. A repurchase agreement, or repo, is a short-term financing transaction in which securities are exchanged for cash and repurchased at a predetermined date.
According to official figures, repo transactions on the secondary market for public securities reached 826.9 billion CFA francs in January 2026. During the same period, securities worth 287 billion CFA francs were sold to investors. This is almost three times less than the volume of repo transactions.
Brice R. Mbodiam