Cameroon: 80% of on-lent debt held by four public enterprises

In Cameroon, the State regularly contracts external loans which it then on-lends to public enterprises to finance strategic projects, particularly in infrastructure. This mechanism, managed by the Caisse autonome d'amortissement (CAA), is subject to monthly monitoring. According to the CAA's economic report published on July 27, 2026, the total outstanding amount of these on-lent loans reached 845.2 billion of FCFA (nearly 1.5 billion USD) at the end of June 2026, distributed among eleven public enterprises and institutions. Notably, 672.3 billion of FCFA (approximately 1.16 billion USD), or nearly 80% of the total, are concentrated in just four structures: CAMTEL (telecoms), CAMWATER (water), SONATREL (electricity transmission), and EDC (electricity development). This concentration reveals where Cameroon's public investment effort is focused: energy and water infrastructure, sectors deemed priorities. For the State, the risk is that the repayment capacity of these companies depends on their own tariff revenues; in the event of difficulties, the debt could weigh directly on the public budget. The analysis raises questions about the real financial health of these four entities, which is not detailed in the CAA note. Without data on their own revenues, collection rates, or foreign exchange exposure, it is difficult to assess the real contingent risk for Cameroon's public finances.