Cameroon is facing budgetary challenges, particularly in financing and servicing public debt. How do you see the current situation?

The weight of public debt is a major concern, but things must also be put into context.

• In 2024, Cameroon’s public debt represented around 45% of GDP, compared to an average of 60% for sub-Saharan Africa.

• Debt servicing absorbs almost 30% of public revenues, which reduces the State’s capacity to invest in infrastructure and social services.

• Of the 12,000 billion FCFA of debt, approximately 60% is external, which exposes Cameroon to currency fluctuations and interest rate increases.

However, debt is not a problem in itself if it is well managed and directed towards productive investments. The main thing is to ensure faster economic growth than the accumulation of debt.

How can Cameroon better manage public debt servicing?

Three levers must be activated simultaneously:

1. Rebalance debt in favor of long-term and less costly financing

• External debt is often more attractive, but one must be careful of exchange rate risks.

• A more strategic use of Eurobonds indexed to productive assets may be a solution.

2. Optimize tax revenue collection without suffocating the economy

• The tax burden in Cameroon is around 13% of GDP, well below the average of 20% in Africa.

• Increasing tax digitalization and combating informality could generate more than 500 billion FCFA per year without raising taxes.

3. Develop a more dynamic local financial market to refinance debt

• Currently, only 20% of public debt is financed by local issues.

• A deeper bond market would allow the State to raise funds at a lower cost while mobilizing national savings.

You often talk about public-private partnerships (PPPs). Are they a solution for Cameroon?

Absolutely. Cameroon needs to invest more than 10,000 billion FCFA over the next few years to fill its infrastructure deficit.

PPPs make it possible to build infrastructure without increasing public debt. Some concrete ideas:

• Toll roads: The Douala-Yaoundé highway project has shown the benefits of mixed financing.

• Energy: Currently, only 62% of Cameroonians have access to electricity. Private investments in renewable energy could accelerate the rate of electrification.

• Port and airport infrastructure: The extension of the Kribi deep-water port is a good example of a successful PPP.

However, to attract private investors, more transparency in the awarding of contracts and a more stable regulatory framework are needed.

What is your position on subsidies? Are they sustainable in the long term?

Subsidies are an essential tool to protect populations and stabilise certain strategic sectors, but they must be targeted and well calibrated.

• In 2023, fuel and electricity subsidies cost nearly 800 billion FCFA, more than the health budget.

• A sudden phase-out would be socially difficult, but a shift towards smarter subsidies is needed, for example targeting low-income households rather than subsidising the entire market.

A better alternative would be to invest these funds in wealth-creating projects, such as industrial agriculture or renewable energy, which would ultimately reduce dependence on imports and subsidies.

Is privatization a possible path for Cameroon?

Privatization should not be seen as a simple transfer of assets to foreign investors. The objective must be to create national champions capable of carrying the Cameroonian economy and strengthening our economic sovereignty.

• State-owned companies may be sold as a priority to local investors in order to preserve added value within the country.

• Partnering with foreign companies can be a good strategy, not to cede control, but to attract the know-how and technology we need.

• Financing must be local: rather than selling everything to multinationals, we can raise capital by privatizing via private placements or by introducing these companies to the BVMAC (Central African Stock Exchange).

This model would work perfectly for strategic companies like Eneo, where a technical partnership with a global player, combined with local financing, would improve efficiency, profitability and electricity supply.

The ultimate goal is not just to privatize, but to build strong businesses that will become pillars of Cameroon’s economic resilience and a source of national pride.

Despite these challenges, are you optimistic about the future of Cameroon?

Absolutely. Cameroon has solid fundamentals: a diversified economy with a GDP of nearly 45,000 billion FCFA; a strategic position in Central Africa, with access to the sea and expanding infrastructure; a young and dynamic population, which represents an immense potential for consumption and innovation. Certainly, there are challenges, but the countries that succeed are those that transform difficulties into opportunities.

What message would you like to convey about the way forward for Cameroon?

We need to adopt a long-term vision and economic pragmatism.

1. Improve economic governance – Transparency and fiscal rigour will strengthen investor confidence.

2. Boosting the financial market – Better access to capital will accelerate growth without increasing debt.

3. Promote private investment – ​​The private sector must be an engine of growth, supported by clear and stable policies.

With strategic economic decisions and good management of public finances, Cameroon has all the cards in hand to become an economic leader in Africa.