Cameroon’s CFA8.8 Trillion 2026 Budget: Big Infrastructure Push, Youth Jobs

YAOUNDE, Cameroon — As of 29 November 2025, Cameroon’s draft 2026 state budget has crystallised into one of the most ambitious – and controversial – spending plans in the country’s recent history: CFA 8,816.4 billion (about USD 14.7 billion), up 14% on 2025 and financed by a sharp increase in borrowing that will more than double the budget deficit. ^[1]

The package promises new highways, youth jobs and a dedicated fund for women and young people, but it also deepens concerns from economists, creditors and opposition figures about Cameroon’s growing debt burden. ^[2]

Key points

Record budget: 2026 draft finance bill sets spending and revenue at CFA 8,816.4 billion, roughly CFA 1 trillion more than 2025 and the highest in Cameroon’s history. ^[3]
Deficit doubles: The overall deficit is projected to jump from CFA 309.9 billion in 2025 to CFA 631 billion in 2026, lifting total financing needs to CFA 3,104.2 billion. ^[4]
Debt‑fuelled push for growth: Government prioritises roads, bridges, youth employment and a new CFA 50 billion women and youth fund, even as the IMF and AfDB classify Cameroon as at high risk of debt distress. ^[5]

A record‑high 2026 budget — and how we got here

The 2026 finance bill, submitted to Parliament on 26 November 2025 by Finance Minister Louis Paul Motazé, balances expenditure and revenue at CFA 8,816.4 billion. That’s about 14% higher than the 2025 budget and represents an increase of more than CFA 1,000 billion year‑on‑year. ^[6]

According to official documents and explanatory notes: ^[7]

The general budget accounts for CFA 8,683.9 billion, up CFA 1,014.9 billion compared with 2025.
Special Accounts (CAS) rise to CFA 132.5 billion, almost double the roughly CFA 65–67 billion recorded in 2025.

This surge in Special Accounts is largely due to the creation of a new “Special Fund for the economic empowerment of women and promotion of youth employment”, endowed with CFA 50 billion – one of the flagship promises from President Paul Biya’s 6 November 2025 inaugural speech. ^[8]

The broad direction of the budget was first signalled on 14 November, when a cabinet meeting chaired by Prime Minister Joseph Dion Ngute approved the pre‑draft and confirmed that the 2026 envelope would surpass the previous year’s allocation “to accommodate major development initiatives” promised by the president, especially those targeting youth employment. ^[9]

By 29 November, as highlighted in a synthetic update by TS2 Tech, all the key figures and policy priorities were firmly on the table: the total envelope of CFA 8,816.4 billion, the CFA 631 billion deficit, and the CFA 3,104.2 billion in financing needs, alongside a public debate that increasingly revolved around the trade‑off between growth and debt sustainability. TS2 Tech+1

What changed by 29 November 2025?

Between 27 and 29 November, several developments locked in both the numbers and the narrative around the 2026 budget:

International confirmation of the figures
- A detailed report from Reuters underlined that Cameroon’s overall deficit will more than double in 2026, reaching CFA 631 billion versus CFA 309.9 billion in 2025, as the government seeks to “support economic activity amid continued global instability.” ^[10]
- Regional economic outlets such as Ecofin Agency and Business in Cameroon (via Ecofin) echoed the figures and stressed the link between higher spending, new borrowing and the country’s already tight debt metrics. ^[11]
Detailed financing plan published
- The Ministry of Finance confirmed a CFA 3,104.2 billion financing requirement and released a breakdown showing heavy reliance on external and domestic debt instruments (more on this below). ^[12]
Parliament shifts into budget mode
- Parliamentary committees moved into an accelerated schedule, with examination of the finance bill compressed into the final days of the November ordinary session.
- Local outlets such as Cameroon News Agency noted that the bill’s submission came just eight days before the end of the session, falling short of legal provisions that require earlier filing, but also pointing out that the ruling CPDM’s majority makes eventual adoption highly likely. ^[13]
Narrative coalesces: big bet on infrastructure and youth, funded by debt
- Commentary across Ecofin, El‑Balad, TS2 and English‑language Cameroonian media converged on a common storyline: Cameroon is doubling down on infrastructure, social spending and youth employment, while accepting a significant rise in borrowing and living with a “high risk of debt distress” label from the IMF and AfDB. ^[14]

In other words, by 29 November, the budget was no longer just a set of numbers; it had become a political and economic test case for how far Cameroon can push debt‑fuelled development.

Infrastructure and connectivity at the heart of the 2026 plan

Prime Minister Joseph Dion Ngute’s Economic, Financial, Social and Cultural Programme for 2026, presented to the National Assembly on 26 November, gives infrastructure pride of place. ^[15]

Roads, bridges and motorways

According to Ngute’s presentation and coverage in El‑Balad and sector outlets: ^[16]

Around 335 kilometres of asphalt roads are slated for rehabilitation.
More than 1,500 metres of engineering structures (bridges and related works) are planned.
The second phase of the Yaoundé–Douala motorway – a critical corridor between the political capital and the economic hub – will continue.
Several major road projects are included, such as:
- Ebolowa–Kribi (179 km)
- Bina–Mokranz–Andi (143 km)
- Fedak–Babji–Beka–Butu–Lewa–Bikop (145 km)
- Ndolape–Kampo express road (39 km)
- Gaou–Edéa–Kribi (110 km)
- Nkambe–Garoua (242 km)

In the north, work on the Garoua bypass continues, including a second bridge over the Benue River and a new bridge over the Ntem River, aiming to ease bottlenecks on strategic routes. ^[17]

Beyond the headline projects, the Ministry of Public Works plans to devote more than 92% of its 2026 budget to the construction, rehabilitation and maintenance of the national road network, targeting nearly 650 km of new paved roads and over 1,300 metres of additional structures, while stepping up maintenance on key national and local roads. ^[18]

The underlying logic is straightforward: improved connectivity should lower transport costs, boost trade – especially for export crops like cocoa and cotton – and strengthen national integration in a country with persistent regional disparities. ^[19]

Youth, women and social priorities

The government is also presenting the 2026 budget as a “social turn”, with a cluster of measures aimed at young people and women.

New CFA 50 billion women and youth fund

At the centre is the Special Fund for the economic empowerment of women and promotion of youth employment, endowed with CFA 50 billion and housed within the Special Accounts. The fund is officially described as a concrete translation of President Biya’s commitment during his November inauguration to channel more investment into job‑creating projects for young people and women across the regions. ^[20]

Education and labour‑intensive projects

Ngute’s programme, as reported by El‑Balad, outlines several reforms and initiatives: ^[21]

Reopening PhD programmes in state universities to boost research and high‑level training.
Reintroducing competitive entrance exams for teacher training colleges, with the goal of improving the quality and supply of teachers.
Rolling out a national spatial plan that better matches public investment with local economic potential to create youth employment, notably through labour‑intensive projects.

Earlier, at the November 14 cabinet meeting, Finance Minister Motazé had already flagged that part of the investment budget would be earmarked for labour‑intensive projects targeting youth employment, to be implemented in collaboration with regional and local authorities as well as civil‑society organisations. ^[22]

The budget documents also mention support for socio‑economic initiatives benefiting women and youth, alongside measures to improve the tax climate, strengthen the mobilisation of non‑oil domestic revenue and increase transfers to regions – all framed as steps to align the budget with the National Development Strategy 2020–2030 (SND30). ^[23]

How Cameroon plans to pay for the 2026 budget

The most contentious part of the 2026 package is not how much the government wants to spend, but how it intends to finance it.

Domestic revenues vs. spending

Official projections show: ^[24]

Domestic revenues of CFA 5,887 billion in 2026, up CFA 452.2 billion (about 8.3%) compared with 2025.
Budgetary expenditures (excluding principal on the debt) of CFA 6,210.5 billion, a rise of about 10% year‑on‑year.

Even before debt service, spending outpaces revenue. Once interest and other financing charges are factored in, the overall deficit hits CFA 631 billion, and total government financing needs climb to CFA 3,104.2 billion, compared with CFA 2,326.5 billion in 2025 – an increase of roughly CFA 777.7 billion. ^[25]

Borrowing mix: external, project loans and local markets

To plug this gap, Cameroon plans a multi‑channel borrowing strategy set out in the finance bill and Ecofin’s analysis: ^[26]

CFA 1,000 billion in external borrowing (sovereign and multilateral lenders).
CFA 826.7 billion in project loan disbursements, tied to specific investments, notably in infrastructure and strategic state‑owned enterprises.
CFA 589.7 billion in loans from local banks.
CFA 400 billion via public securities issued on the regional money market.
CFA 120 billion in budget support from development partners.
CFA 167.8 billion in exceptional financing.

Ecofin Agency estimates that the new borrowing package totals about CFA 3,104.2 billion (USD 5.5 billion) of additional debt for 2026. ^[27]

This build‑up comes on top of an already heavy debt stock: by 30 September 2025, central government domestic debt (excluding arrears and floating debt) stood at about CFA 4,246 billion, while external debt reached CFA 8,568.2 billion, according to data from Cameroon’s National Sinking Fund cited by Ecofin. ^[28]

Both the International Monetary Fund (IMF) and the African Development Bank (AfDB) classify Cameroon as being at high risk of debt distress, even though its projected debt‑to‑GDP ratio for 2026 remains below the 70% threshold used in the Central African Economic and Monetary Community (CEMAC) convergence framework. ^[29]

Growth, inflation and the macroeconomic gamble

The government argues that the 2026 budget is not reckless but strategic, betting that higher, better‑targeted spending will support growth, job creation and long‑term debt sustainability.

Official forecasts, repeated across multiple outlets, point to: ^[30]

GDP growth rising from an estimated 3.9% in 2025 to 4.3% in 2026, driven mainly by the non‑oil sector, including manufacturing, services and major public investment projects.
Inflation easing from 3.2% to 3.0%, slightly below the 3% convergence criterion often cited in regional monetary policy.

In line with Guardian Post and Ecofin reporting, the finance bill and supporting memos stress that the 2026 budget: ^[31]

Aims to consolidate public finances and keep debt metrics within CEMAC convergence thresholds.
Is aligned with SND30, especially its focus on structural transformation through public investment, agropastoral development and industrialisation.
Seeks to mobilise more non‑oil domestic revenue, while protecting business competitiveness and improving the investment climate.

Critics, however, note that a slightly higher growth rate and marginally lower inflation may not be enough to offset the risks of a rapidly rising debt stock, especially in a context of global uncertainty and Cameroon’s reliance on imported fuel, wheat and automobiles – vulnerabilities flagged in the Reuters piece. ^[32]

Ecofin also warns that, starting in 2026, the government will need to begin repaying loans obtained under its IMF programme, and that authorities have signalled an intention to prioritise external debt servicing to protect Cameroon’s credit reputation — a stance that could prolong payment delays for domestic suppliers and banks. ^[33]

Politics, controversy and early reactions

While the numbers are eye‑catching, the politics around the 2026 budget are just as important.

Late filing and legal questions

Cameroon News Agency points out that the 2026 finance bill was filed late, arriving in Parliament on 26 November, just eight days before the end of the ordinary session, in apparent breach of a 2018 law that requires the finance bill to be tabled at least 15 days before the opening of the session. ^[34]

Despite this procedural hiccup, commentators note that the bill is very likely to pass, given the Cameroon People’s Democratic Movement (CPDM) holds a comfortable majority in both the National Assembly and the Senate – a point also underscored in Reuters’ coverage. ^[35]

Opposition voices and media scrutiny

Some opposition politicians have already voiced misgivings. Posts shared by My Media Prime highlight that Social Democratic Front (SDF) figure Joshua Osih and MP Djeumeni have publicly challenged and expressed dissatisfaction with the projected CFA 8,816.4 billion budget, though detailed counter‑proposals have yet to gain national traction. ^[36]

Meanwhile, independent and social media platforms such as Mimi Mefo Info have amplified discussion with “Flash Budget 2026” posts summarising the main figures (CFA 8,816.4 billion, 14% increase, and the focus on youth and women), contributing to a broader public awareness of the stakes involved. ^[37]

International profile: diplomacy and the WTO

Beyond domestic politics, the budget also has a diplomatic dimension. The Ngute programme notes that Cameroon intends to: ^[38]

Diversify international partnerships and update its diplomatic tools.
Prepare to host the 14th World Trade Organization (WTO) Ministerial Conference in March 2026, an event the government sees as an opportunity to showcase reforms and infrastructure upgrades.

That makes timely delivery of some flagship projects – especially transport and hotel infrastructure – even more politically sensitive.

Why this matters — and what to watch next

By 29 November 2025, Cameroon’s 2026 budget process had moved from broad promises to hard numbers and visible trade‑offs:

Yes, there will be more roads, bridges, and targeted funds for women and youth, backed by a macro framework that assumes growth can accelerate above 4%.
But this comes at the cost of higher borrowing, a doubled deficit and intensified scrutiny from creditors already warning of a high risk of debt distress.

In the coming days and weeks, observers will be watching for:

Parliamentary amendments – Will lawmakers try to trim borrowing, re‑prioritise spending, or tighten oversight of the new women and youth fund?
Signals from the IMF and AfDB – How will key partners react to the bigger‑than‑expected financing needs and debt trajectory?
Execution capacity – Cameroon has historically struggled with fully implementing public investment budgets; the impact of the 2026 plan will depend on whether projects actually move from paper to ground.
Domestic debt management – With external creditors prioritised, the pace at which the government clears arrears to local businesses and banks will be a crucial test of fiscal credibility at home. ^[39]

For now, Cameroon’s CFA 8.8 trillion 2026 budget stands as a bold bet: that borrowing big today on infrastructure and youth will pay off tomorrow — before the bill for rising debt comes due.

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