Cameroon’s CFA8.8 Trillion 2026 Budget: Big Bet on Infrastructure, Youth Jobs and Heavy Borrowing

YAOUNDE, Cameroon – Cameroon has tabled an ambitious 2026 state budget of CFA 8,816.4 billion (around USD 14.7 billion), a 14% jump from 2025, as President Paul Biya’s new administration seeks to speed up infrastructure projects, expand opportunities for youth and women, and stabilize public finances – largely by taking on more debt. [1]

Prime Minister Joseph Dion Ngute outlined the political and economic roadmap before the National Assembly on 26 November 2025, while Finance Minister Louis Paul Motazé submitted the draft finance bill, which is widely expected to pass thanks to the ruling CPDM’s parliamentary majority. [2]

What’s new as of 29 November 2025?

By the end of the week of 27–29 November 2025, several key developments had crystallized around Cameroon’s 2026 budget:

• The government officially confirmed a CFA 8,816.4 billion envelope in the draft finance law, balancing revenues and expenditures at that level. [3]
• The Ministry of Finance (MINFI) published detailed figures showing a CFA 631 billion overall deficit, more than double the 2025 shortfall, and total financing needs of CFA 3,104.2 billion for 2026. [4]
• International business media and African policy outlets – including Reuters, Business in Cameroon, Ecofin Agency, and El‑Balad – highlighted the twin storylines of bigger infrastructure and social spending on the one hand, and heightened debt risk on the other. [5]
• Parliament’s budget session moved into high gear, with official calendars circulating online showing committee work and report adoption scheduled across 29 November, ahead of the final plenary debates. [6]

In other words: by 29 November, the numbers, the priorities and the political framing of the 2026 budget were fully on the table – even if the final vote was still pending.

Inside the CFA 8,816.4 billion budget

A sharp 14% increase

According to the official explanatory statement and MINFI’s briefing note, the 2026 state budget is set at CFA 8,816.4 billion, up CFA 1,080.5 billion – or 14% – compared with 2025. [7]

The breakdown is as follows:

• General budget:
  • CFA 8,683.9 billion in 2026
  • Up CFA 1,014.9 billion (+13%) from CFA 7,669.0 billion in 2025 [8]
• Special Accounts (CAS):
  • CFA 132.5 billion, almost double the CFA 66.9 billion in 2025, largely due to new earmarked funds. [9]

This increase comes against a backdrop of global economic uncertainty and a modest slowdown in world growth, but with a more positive regional and domestic outlook. MINFI projects Cameroon’s GDP growth at 4.3% in 2026, up from an estimated 3.9% in 2025, driven by the non‑oil sector, while inflation is expected to ease from 3.2% to 3.0%. [10]

Who pays? Internal revenues and debt

The government plans to mobilize CFA 5,887.0 billion in internal revenues in 2026, an increase of CFA 452.2 billion (+8.3%) over 2025: [11]

• Tax and customs revenues:CFA 4,889.5 billion
• Oil and gas revenues:CFA 523.7 billion
• Non‑tax revenues:CFA 400.0 billion
• Grants:CFA 73.8 billion

The rest will be covered by borrowing and other financing instruments (more on that below).

On the spending side (excluding principal on the debt), expenditures reach CFA 6,210.5 billion, up 10% from 2025, with public investment alone accounting for CFA 2,026.3 billion. [12]

High‑priority infrastructure: roads, bridges and energy

A central message in the Prime Minister’s Economic, Financial, Social and Cultural Programme is clear: infrastructure is back at the top of the agenda.

Roads and bridges across the country

The 2026 programme provides for:

• Rehabilitation of 335 km of asphalt roads
• Over 1,500 meters of engineering structures (bridges and related works) [13]

Specific new or continuing projects set out in Ngute’s address include: [14]

• Ebolowa–Kribi road – 179 km
• Bina–Mokranz–Andi road – 143 km
• Fedak–Babji–Beka–Butu–Lewa–Bikop road – 145 km
• Ndolape–Kampo express road – 39 km
• Gaou–Edéa–Kribi road – 110 km
• Nkambe–Garoua road – 242 km

In the north, work will continue on the Garoua bypass, including:

• A second bridge over the Benue River
• A new bridge over the Ntem River [15]

These projects are framed as essential not only for national integration but also for trade, especially with landlocked neighbours and for export corridors linked to cocoa, cotton, timber and other key commodities.

External loans tied to infrastructure

The infrastructure push is also reflected in Cameroon’s recent loan deals. In September 2025, the government approved about USD 298 million in loans from the Islamic Development Bank, Deutsche Bank Spain and Standard Chartered Bank to finance:

• Road sections on a key Ngati–Fébadi–Likok transport corridor,
• Rehabilitation of the Cameroon Development Corporation (CDC)’s agro‑industrial capacity, and
• Electricity transmission upgrades around Yaoundé. [16]

Officials describe this as part of a “debt‑driven development strategy” to modernise infrastructure and revive strategic state‑linked companies – a narrative that dovetails with the 2026 budget’s emphasis on roads and energy. [17]

A social turn: youth, women and a new CFA 50 billion fund

Beyond concrete and asphalt, the 2026 programme is heavily marketed as a socially oriented budget, aligned with President Biya’s inaugural pledges.

Policy shifts in education and employment

In his address to Parliament, Prime Minister Ngute announced several headline reforms focused on youth development and women’s empowerment: [18]

• Reopening PhD programmes in state universities, reversing earlier restrictions and aiming to boost research capacity.
• Reintroduction of competitive entrance exams for teacher training colleges, to improve the pipeline of qualified educators.
• Creation of a national spatial plan to promote youth employment, particularly through better alignment of projects with local economic potential.
• Expansion of labour‑intensive public works to create immediate jobs for young people and vulnerable groups.

Ngute framed these initiatives as part of a drive to make Cameroon “united, stable and prosperous,” explicitly linking them to President Biya’s 6 November 2025 inaugural speech and the country’s National Development Strategy 2020–2030 (SND30). [19]

New women and youth fund

One of the most concrete innovations in the 2026 budget is the creation of a “Special Fund for the economic empowerment of women and promotion of youth employment”, endowed with CFA 50 billion. [20]

This fund sits under the Special Accounts and is a major reason CAS nearly double compared with 2025. The government presents it as both:

• A response to social demands in the wake of post‑election tensions, and
• A flagship measure demonstrating that the budget is not only about debt metrics but also about inclusive growth. [21]

Structural budget reforms and territorial priorities

The 2026 draft finance law also introduces technical but important governance changes that could matter for implementation.

End of “chapitres communs” and new emergency buffers

MINFI’s note highlights several structural reforms: [22]

• Abolition of “chapitres communs” (common budget chapters), replaced by three specific “dotations” dedicated to accidental or unforeseen expenditures.
  • Operating contingencies are now housed at the Ministry of Finance (MINFI).
  • Investment contingencies are placed under the Ministry of the Economy, Planning and Regional Development (MINEPAT).
• Certain sovereign institutions will now appear in the budget as global “dotations” rather than detailed line‑items, changing how their appropriations are presented.
• The existing reconstruction fund for the Far North, North‑West and South‑West regions is split into two distinct funds to improve targeting and tracking.
• Full application of the state’s revised budget nomenclature, intended to make public finances more transparent and comparable across years.

These measures aim to modernise Cameroon’s public financial management and align it more closely with CEMAC convergence rules and international best practice. [23]

The price tag: a deficit that doubles and CFA 3.1 trillion in borrowing

Deficit and financing needs

Because spending is rising faster than revenues, Cameroon’s budget deficit is set to more than double:

• 2025 deficit: CFA 309.9 billion
• 2026 projected deficit: CFA 631.0 billion [24]

Once all financing charges and debt operations are included, total financing needs for 2026 climb to CFA 3,104.2 billion, up from CFA 2,326.5 billion in 2025 – an increase of roughly CFA 777.7 billion. [25]

How the government plans to borrow

To cover that gap, the draft finance bill and accompanying notes detail a multi‑channel borrowing plan: [26]

• CFA 1,000 billion in new external borrowing
• CFA 826.7 billion in project loan disbursements
• CFA 589.7 billion in domestic bank financing
• CFA 400 billion raised on the regional money market via government securities
• CFA 120 billion in budget support from partners
• CFA 167.8 billion in exceptional financing

Ecofin Agency calculates that this adds up to about USD 5.5 billion in fresh borrowing for 2026 alone, using the same CFA–USD exchange rate as the budget (CFA 566 per USD).

Rising debt and IMF pressure

High risk of debt distress

Cameroon’s growing appetite for debt does not come without warnings.

• As of 30 June 2025, public debt stood at around CFA 14.1 trillion, roughly 43% of GDP, according to official figures cited by Ecofin.
• Both the International Monetary Fund (IMF) and the African Development Bank (AfDB) classify Cameroon as at high risk of debt distress, even if the debt‑to‑GDP ratio remains under the 70% threshold used in CEMAC rules.

Domestic and external debt are both sizable:

• As of 30 September 2025, domestic debt (excluding arrears and floating debt) was about CFA 4,246 billion, while external debt reached CFA 8,568.2 billion, data from the National Sinking Fund show.

IMF programme repayments from 2026

Complicating the picture further, IMF‑linked repayments begin in 2026. Under its 2021–2025 IMF programme, Cameroon received about CFA 573 billion in support via the ECF/EFF facilities. From 2026 onwards, those loans must start being reimbursed.

Finance Minister Motazé has already warned lawmakers that 2026 will be “an extremely difficult year” for domestic debt, because the government is prioritising external repayments to protect Cameroon’s international credit reputation. That means local suppliers and banks may continue to face payment delays, even as budget and borrowing figures rise.

Political and diplomatic stakes

A budget wrapped in a political roadmap

Ngute’s programme speech not only detailed spending lines; it also reiterated a political pledge to work towards “a united, stable and prosperous Cameroon”, with strong emphasis on youth and women and on maintaining political stability.

The government also highlighted:

• Stricter oversight of political party activity and regulations governing associations and civil society groups;
• Continued reforms in territorial administration; and
• A proactive diplomatic push as Cameroon prepares to host the 14th WTO Ministerial Conference from 26–29 March 2026, seen as an opportunity to showcase the country as a regional trade hub.

International perception

For international partners and investors, the 2026 budget sends a mixed signal:

• On one hand, it shows serious intent to invest in infrastructure, national cohesion and social inclusion through education, jobs and new funds for women and youth.
• On the other, it leans heavily on borrowing in a context where Cameroon is already classed as at high risk of debt distress, and where the government itself acknowledges tightening room for manoeuvre on domestic payments.

What to watch in the coming days

As Parliament works through the detailed budget lines around 29–30 November 2025, several questions will determine how this story evolves:

1. Will MPs significantly amend the draft, or mostly rubber‑stamp it?
   With the CPDM holding a majority, most observers expect only limited changes, but pressure is rising from business groups and opposition MPs to ease tax burdens in sectors like forestry and to accelerate domestic arrears clearance.
2. Can the government actually raise CFA 3.1 trillion on acceptable terms?
   Global financing conditions are tighter, and Cameroon is competing with many other emerging markets for investors’ attention. Execution risks are high.
3. Will infrastructure projects move from paper to ground quickly enough to support the 4.3% growth target?
   Past audits have shown that public investment absorption is often hampered by slow procedures and security issues in some regions.
4. How will the new women and youth fund be implemented?
   Civil society groups are already calling for clear eligibility criteria, transparent governance and measurable impact indicators.

Le Barrage de Mekin : 35 Milliards Gaspillés, Zéro Électricité !

References

1. minfi.gov.cm, 2. panafricanvisions.com, 3. minfi.gov.cm, 4. minfi.gov.cm, 5. www.reuters.com, 6. www.facebook.com, 7. minfi.gov.cm, 8. minfi.gov.cm, 9. minfi.gov.cm, 10. minfi.gov.cm, 11. minfi.gov.cm, 12. minfi.gov.cm, 13. panafricanvisions.com, 14. panafricanvisions.com, 15. panafricanvisions.com, 16. www.ecofinagency.com, 17. www.ecofinagency.com, 18. panafricanvisions.com, 19. panafricanvisions.com, 20. minfi.gov.cm, 21. minfi.gov.cm, 22. minfi.gov.cm, 23. minfi.gov.cm, 24. minfi.gov.cm, 25. minfi.gov.cm, 26. minfi.gov.cm