In the first quarter of 2026, the states of the Economic and Monetary Community of Central Africa (CEMAC) mobilized 6,764.7 billion XAF (nearly USD 12 billion) on the public securities market of the Central African States Bank (BEAC). This represents an increase of 1,064.8 billion XAF (approximately USD 1.9 billion), or 18.7%, compared to the 5,699.9 billion XAF (nearly USD 10 billion) raised in the first quarter of 2025.
These figures, revealed by the recent BEAC monetary policy report, reflect the dynamics observed in the regional Treasury securities market over the past four years. The common issuing institute of the CEMAC states indicates that this performance is the result of “a sustained use of the regional public securities market to cover their financing needs in a context of persistent tensions on public finances.”
In terms of structure, the amount mobilized by the CEMAC states is largely dominated by assimilable Treasury bonds (OTA) for an estimated amount of 3,481.7 billion XAF (approximately USD 6 billion). This represents about 51.5% of the total amount. This reflects the trend of these states to use longer-term instruments than Treasury bills (BTA), especially to finance investment projects or refinancing operations.
As for the BTA, with maturities of up to 52 weeks, the BEAC reports that during the period under review, these states mobilized 3,283 billion XAF (approximately USD 5.7 billion). These public securities, with a maturity of no more than one year, are generally used to cover short-term cash needs, such as payment of certain current expenses, bills, or domestic debts due.
