The operation, in two phases will be launched on February 4 and 18, 2016.

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The government of Cameroon is expected to mobilise FCFA 14 billion from treasury bills through the Bank of Central African States public stock market. The calendar for the first quarter of the year, published by BEAC, indicates that two comparable treasury bills will be issued this February. The bills have been announced for February 4 and 18, 2016 with each expected to fetch FCFA 7 billion into the State coffers. The yield period is 26 and 52 weeks respectively. Treasury bills in January were also fixed at FCFA 14 billion.

Later in March this year, government will be seeking over FCFA 20 billion from the BEAC money market. Information from the Directorate General of Treasury, Financial and Monetary Operations at the Ministry of Finance indicates that two comparable treasury bills worth FCFA 14 billion and one comparable treasury bonds to the tune of FCFA 10-15 billion is expected this month. In all, bills issued in March are expected to raise FCFA 29 billion.  Government bills for 2016 are expected at FCFA 300 billion.

Government bonds from the BEAC market have short and medium-term value of maximum two years. The interest rates started at 4 per cent, but dropped to 3.75 per cent since 2014, sources at the Ministry of Finance reveal. The government bonds, sources say, seek to make up for budget shortfalls, unlike treasury bonds that finance treasury deficits. At the level of the money market, investors are allowed to obtain reimbursable financing on short or medium term maturity.

Increasing Figures

Information from the Ministry of Finance reveal that since Cameroon embarked on sourcing for funding from the sub-region in 2011, figures have been on a gradual increase, with the country and partners respecting all commitments. The capital market in 2011 fetched FCFA 50 billion. In 2012, the amount increased to FCFA 110 billion. It dropped in 2013, with FCFA 149,511 billion garnered from the BEAC market. FCFA 155 billion was raised in 2014 and FCFA 115,150 billion gotten in 2015 as at November 30.

Bonds issued on the BEAC market are at two levels. The first are comparable treasury bills with a maximum maturity term of 52 weeks. They are issued when revenue forecasts are not met. There are also comparable treasury bonds with a maturity period of two years, meant for budgeted development projects. Comparable treasury bills are short term, with one year maximum as maturity period (13, 26 and 52 weeks in the CEAMC sub-region); while comparable treasury bonds are medium-term, with minimum yield period of two years. This can go up to 30 years, though Cameroon has limited hers to two.

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