By Radarr Africa Business Desk
LAGOS, October 29 (Radarr Africa) – Cameroon could issue up to $2.5 billion in international bonds in 2027, a senior finance ministry official told Reuters, weeks after Fitch Ratings cut the country’s sovereign rating citing uncertainty over the presidential succession.
The official, who spoke on condition of anonymity, said the amount being considered ranges from $1.7 billion to $2.5 billion. At the top of that range, the sale would equal about 4% of Cameroon’s economy, which Reuters put at roughly $59 billion.
The official said the timing and other details of the issuance would be set out in the 2027 finance law, and that officials were still working on the economic analysis, according to the report, which was published on Wednesday.
Earlier in October, Fitch downgraded Cameroon to B- with a stable outlook, Reuters said. The agency cited the risk of “a disorderly transition of power associated with uncertainties surrounding the presidential succession”.
According to the French-language outlet Koaci, the downgrade took place on 16 October and lowered the rating from B. The local-currency rating fell by the same amount, and the country ceiling dropped from B+ to B. Koaci reported that President Paul Biya, 93, was re-elected in October 2025 for an eighth term and has not named a successor, and that the vice-presidential post created by an April 2026 constitutional reform remains vacant.
Reuters described Biya as the world’s oldest serving head of state and said his recent absences from the country have raised concerns about his health.
Fitch also pointed to financing pressure. Koaci reported that the agency expects gross financing needs to rise from 5% of gross domestic product in 2025 to 7.3% in 2026, and that it does not expect an International Monetary Fund programme before 2028.
The market reaction was swift. Koaci said the yield on Cameroon’s 2033 Eurobond rose 30 basis points to a record 10.65% on Monday, 19 October, while the 2031 bond gained 20 basis points to 10%, its fourth straight daily rise. The downgrade came ten days after Yaounde announced a $300 million add-on issuance on the 2033 Eurobond, the outlet reported.
Other Fitch figures cited by Koaci include economic growth of 3.7% in both 2026 and 2027, public debt of 42.5% of GDP at the end of 2025, expected to fall to 39.1% by 2028, and a budget deficit of 2.2% of GDP. The current account deficit could reach 5% of GDP in 2026 because of falling cocoa prices, according to the same report.
Koaci also reported that outstanding payables to suppliers reached 703.5 billion CFA francs at the end of June 2026, citing the Caisse autonome d’amortissement. It said talks between the government of Prime Minister Joseph Dion Ngute and the business federation GECAM, led by Celestin Tawamba, were scheduled for 22 and 23 October.
Cameroon is the largest economy in Central Africa and a producer of oil, gas, cocoa and timber, Reuters noted.
The finance ministry official did not say whether the issuance would be a single deal or several tranches, and the report did not name a lead bank or give a target date within 2027. Reuters did not report any comment from Fitch on the proposed issuance.
