State-Owned Companies Dominate Cameroon’s Public Debt

As of June 2026, Cameroon’s public debt reached approximately 845.2 billion FCFA (around 1.5 billion USD). This figure includes both domestic and external debts, with a significant portion being attributed to state-owned enterprises. The Caisse autonome d’amortissement (CAA) reported these figures in its monthly debt note, highlighting the precarious financial situation of the country.

The concentration of debt among a few companies raises concerns about the sustainability of Cameroon’s public finances. With SONARA, Camair-Co, and CAMTEL accounting for 93% of the public enterprise debt, the government’s reliance on these entities could pose risks to economic stability.

SONARA, the national oil refinery, is a critical player in the economy but has faced operational challenges that affect its financial performance. Similarly, Camair-Co, the national airline, has struggled with profitability, leading to increased reliance on government support. CAMTEL, the telecommunications company, also faces competition and operational inefficiencies that hinder its ability to contribute positively to the national debt situation.

The financial difficulties of these companies not only impact their operations but also place a heavy burden on the national budget. The government may need to consider restructuring or reforming these enterprises to mitigate the risks associated with their debt levels.

Given the current debt situation, the Cameroonian government may need to explore alternative strategies to manage its public enterprise debt. This could include privatization efforts, partnerships with private investors, or restructuring existing debts to improve financial stability.

Monitoring the performance of these state-owned companies will be crucial in the coming years. The government’s ability to implement effective reforms could determine the trajectory of Cameroon’s public debt and overall economic health.