In its public debt outlook note for Cameroon released on May 15, 2026, the Autonomous Amortization Fund (CAA) estimates the amount of Committed But Undisbursed Balances (SEND) to be XAF 5,044.6 billion (approximately USD 9 billion) as of March 31, 2026. This includes budget support amounting to XAF 246.3 billion (approximately USD 438 million). On an annual basis, these balances show a decrease of 5.2%, compared to a quarterly increase of 4.4%, while on a monthly basis, a slight increase of 0.2% is observed.
The CAA document also indicates that excluding budget support, XAF 4,798.3 billion (approximately USD 8.5 billion) from these SENDs concern unutilized external loans. According to Sob Amyn Fouejeu, a political analyst and expert in strategic communication, “this immobilized monetary mass in administrative circuits is a major financial anomaly.” He argues in a column published following the aforementioned debt outlook note that “nearly 70% of this portfolio is classified as ‘constrained’ or ‘problematic.'”
These amounts are not abstract. They correspond to key projects stalled in energy, water, transportation, and urban development. Author of several critical columns on governance and national policy, Sob Amyn Fouejeu lists various projects such as “the Nachtigal dam, operational in 2026 but penalized by delays in power transmission lines; the Yaoundé drinking water supply project suffering from partial disbursements; the Yaoundé-Douala and Yaoundé-Nsimalen highways, as well as regional corridors to Chad and the Central African Republic, facing recurrent construction delays; and finally, Douala where the Bus Rapid Transit project and several urban roads struggle to meet financial schedules agreed with donors.”
An analysis of the CAA data on SENDs reveals that inaction comes with a high cost, broken down into four levels. Firstly, the Treasury incurs commitment fees on unused funds, amounting to over XAF 4 billion (approximately USD 7.1 million) per year. Secondly, delays expose projects to material inflation, increasing their final cost and requiring budget extensions. Thirdly, halted construction sites weaken awarded companies and local Small and Medium Enterprises (SMEs), delaying the impact on growth. Lastly, Cameroon’s credibility is tarnished with financial partners such as the World Bank, the African Development Bank (AfDB), and the French Development Agency (AFD), jeopardizing access to new funding.
Faced with this situation, in his column, Sob Amyn Fouejeu proposes “an immediate action plan with four key levers.” The first involves “mobilizing counterpart funds through the presidential decree of January 21, 2026, authorizing up to XAF 1,650 billion (nearly USD 3 billion) in public securities issuances, with a portion to be earmarked for state compensations and shares.” The second aims to “cleanse the portfolio through strict application of the decree of June 17, 2025, by canceling or reallocating immature projects.” The third recommends “mandatory use of the CAA’s digital platform to drastically reduce disbursement delays.” Lastly, the author suggests “managing major projects through task forces under performance contracts, with results obligations.” Ultimately, for the Cameroonian economy, this is a matter of public salvation. Resources exist and the legal framework is in place. The unlocking of XAF 5,044.6 billion of SEND now depends on political will and a culture of performance.
