- Cameroon seeks first local-currency credit rating to boost market credibility
- Move comes as Eurobond repayment and political uncertainty weigh on economy
YAOUNDÉ, CAMEROON – Cameroon has appointed Ivorian credit rating agency Bloomfield Investment Corporation to deliver its first-ever sovereign rating in CFA francs, a move aimed at strengthening its standing on the regional debt market.
Kelly Mua Kingsly, Head of Finance Operations at the Ministry of Finance, said the initiative marks a “strategic shift” toward relying more on regional financing.
“By developing a local-currency rating, the country can attract regional investment, deepen economic ties with its neighbours, and diversify its funding sources,” he said.
Finance ministry officials added that the choice of Bloomfield — which operates across several Franc Zone economies — was guided by its deep understanding of local financial dynamics. Unlike global rating agencies that assess in U.S. dollars, Bloomfield measures a country’s intrinsic capacity to meet obligations in its own currency.
“A country may be poor in dollars but rich in CFA francs,” Bloomfield often notes, stressing that liquidity in local markets tells a more accurate story of fiscal strength.
The agency has previously rated Cameroon’s port of Douala, highlighting the facility’s creditworthiness and operational resilience.
Eurobond maturity looms amid fiscal strain
Cameroon’s decision comes as it faces a major financial test: the upcoming maturity of its $750mn Eurobond issued in 2015, which carries a 9.5% interest rate and is due on 19 November 2025. Listed on the Dublin Stock Exchange, the bond’s refinancing has become more expensive as investor risk premiums on Cameroon’s debt widened to 7.13 percentage points last week, up from 6.81 points at the end of September.
The Ministry of Finance says repaying the Eurobond could open fiscal space for a strategic pivot toward CFA franc-denominated borrowing, easing pressure on foreign reserves and reducing vulnerability to global market shocks.
According to the Autonomous Sinking Fund (CAA), Cameroon’s domestic debt stood at 3,814.4bn CFA francs — or 11.6% of GDP — at the end of June 2025. More than 55% of that debt consists of securities issued on the Bank of Central African States (BEAC) market, underscoring the growing reliance on regional sources. Treasury bill issuance also rose 11.6% year-on-year, reflecting tightening liquidity across the CEMAC bloc.
Officials believe the new local-currency rating will help diversify funding, enhance credit transparency, and reduce external vulnerability, while sending a strong message to regional investors.
“This is not just about credit assessment,” Kingsly said. “It’s about redefining how we finance our development — from within the region.”
Meanwhile, yields on Cameroon’s dollar bonds spiked last week after opposition leader Issa Tchiroma Bakary claimed victory in the 12 October presidential election, fuelling investor concern over potential political instability in the cocoa- and oil-producing nation.
