AGP Executive Report

Border Trade: Cameroon, Nigeria and Benin are working with Afreximbank on modernised border corridors, including linked customs systems, better data exchange and infrastructure to speed cargo and support AfCFTA. Credit Outlook: Fitch downgraded Cameroon to B- with a stable outlook, citing succession uncertainty, tighter regional financing and increased reliance on external commercial borrowing. Oil & Gas: SNH has reopened six exploration blocks, including Zina and Makary, which have been off the market for 12 years; bids are due by May 2027. Refining: The government’s stake in Sonara has risen to 98.09% after recapitalisation, while TotalEnergies’ share fell to 0.42%. Development Finance: The World Bank approved $5 billion for Cameroon, with $4.13 billion in financing deals signed.

Oil Investment: Cameroon has opened a licensing round for six exploration blocks across the Rio del Rey, Douala-Kribi/Campo and Logone-Birni basins. Bids are due by May 28, 2027; Zina and Makary are being offered after 12 years without exploration. Development Finance: The World Bank has approved $5.01 billion for 21 projects in Cameroon, while signed agreements cover $4.129 billion for 18 active projects. The gap reflects different stages in the financing process, not necessarily funds awaiting signature. Refining: A recapitalisation raised the government’s direct stake in Sonara to 98.09%, diluting TotalEnergies Marketing Afrique’s share to 0.42%. Mobile Money: Orange Money and MTN MoMo earned CFA21.5 billion in interest on customer funds held in banks, highlighting the growing financial weight of mobile-money balances.

Oil Investment: Cameroon has opened six exploration blocks across the Rio del Rey, Douala-Kribi/Campo and Logone Birni basins, including Zina and Makary, where exploration stalled for 12 years. Bids are due by May 28, 2027, as the government seeks to attract investors and raise production. Refining: The state’s direct stake in Sonara has risen to 98.09% after a recapitalisation, leaving public shareholders with 99.58% of the refinery. TotalEnergies Marketing Afrique’s share has fallen to 0.42%. Development Finance: The World Bank has approved $5.01 billion for 21 projects in Cameroon, while signed agreements cover 18 active projects worth $4.129 billion; the figures reflect different stages of financing. Mobile Money: Orange Money and MTN MoMo earned CFA21.5 billion in interest on customer funds held in banks, highlighting the growing financial weight of mobile wallets. Public Spending: Cameroon spent CFA57 billion to stabilise fuel prices in September, according to the finance minister.

Oil and Refining: The government has raised its direct stake in Sonara to 98.09% after recapitalisation, sharply diluting minority shareholders. State oil company SNH has also reopened six exploration blocks to investors, including Zina and Makary, where exploration stopped in 2014 amid security threats. Development Finance: The World Bank has approved $5.01 billion for 21 Cameroon projects, while financing agreements signed for 18 active projects total $4.13 billion; the government says the difference does not necessarily represent unsigned or unpaid funds. Digital Payments: dLocal and Western Union have expanded their partnership to include remittance payouts in Cameroon, with recipients able to receive money through supported local wallets. Local Industry: Cameroon’s municipalities and French partners are discussing small-scale power projects to support businesses and agricultural processing, but no funding or rollout dates have been announced. Agribusiness: A women-led cooperative in Djoum plans a cassava-processing facility for regional exports, though financing, equipment and transport remain hurdles.

Development Finance: The World Bank has approved $5.01 billion for 21 Cameroon projects, while agreements signed for 18 active projects total $4.129 billion. The $881 million difference does not necessarily represent unsigned or undistributed funds. Separately, Cameroon signed CFAF 139.2 billion in financing for the Douala–Bafoussam road. Digital Payments: Orange Money and MTN MoMo earned a combined CFAF 21.5 billion in interest on customer funds held in banks in 2025. Remittances: dLocal and Western Union have launched wallet payouts in Cameroon, their first African market under the expanded partnership. Energy Investment: Cameroon has opened a six-block oil licensing round as it seeks to attract exploration investment. Startups: A French-backed CFAF 1.3 billion program has supported 100 Cameroonian startups with funding, equipment and mentorship. Agribusiness: A women-led cassava cooperative in Djoum plans a processing plant for flour, starch and other products, targeting regional export markets but still needs financing, equipment and transport.

Mobile Money: Orange Money and MTN MoMo earned CFA21.5 billion in interest in 2025 on customer funds held in bank accounts. Together, they held CFA473 billion, according to Cameroon’s financial committee. Oil and Gas: Cameroon has opened a six-block licensing round and aims to double crude output from 50,000 to 100,000 barrels a day, seeking fresh investment in its oil basins. Air Cargo: The National Shippers’ Council is investigating clearance delays and other bottlenecks at Douala and Yaounde-Nsimalen airports, following complaints from freight operators. Infrastructure: U.S. firm A. Epstein and Sons International and partner ITF are discussing a proposed $2 billion airport near Douala and $230 million in theatre projects in Yaounde, Douala and Bamenda. Startups: A French-backed CFA1.3 billion program supporting 100 Cameroonian startups has ended after three years, providing funding, equipment and mentorship. Public Finance: Cameroon spent CFA57 billion to stabilize fuel prices in September, the finance minister said, warning that sustained subsidy costs could prompt a policy rethink.

Oil and Gas: Cameroon has opened a six-block licensing round as it seeks to attract investment and double crude output from about 50,000 to 100,000 barrels a day; results are expected in June 2027. Trade and Investment: Indonesia’s embassy in Yaoundé is targeting at least US$19.5 million in deals at Trade Expo Indonesia, where 81 Central African business delegates are participating. A separate US$15 million agreement will supply equipment for a cassava-processing plant in Cameroon. Business Finance: From November 1, CEMAC companies can raise any amount through private placements, but each issuer will be limited to two such transactions in 24 months. Infrastructure: Cameroon has signed a CFAF139.2 billion financing deal for the Douala–Bafoussam road, a key transport corridor. Public Finances: CONAC says corruption-related losses climbed 54% to CFAF6.27 billion in 2025, while CFAF5.82 billion in assets was recovered; the figures cover different cases and cannot be directly offset.

Agro-processing: Indonesian firm PT Asindo Tech has a US$15 million contract to equip a cassava-processing plant in Cameroon, partnering with Nego-Titans. Completion is targeted in two to three years, with the project expected to build local processing capacity. Capital Markets: From November 1, CEMAC issuers can raise more than CFA20 billion through private placements, though each issuer will be limited to two placements over 24 months. Industry: Keda has begun building a third tile line at its Kribi factory, which will lift annual capacity by nearly 67% to 33.5 million square metres. Infrastructure: Cameroon secured US$238 million from the Islamic Development Bank to rehabilitate the Douala–Bafoussam corridor, including feeder roads and local facilities. Public Finance: Reported corruption-related losses rose 54% to CFA6.27 billion in 2025, while CFA5.82 billion in assets was recovered; the figures concern different cases and cannot be directly offset. Mining: The government wants more gold revenue in 2027, but questions remain over whether communities and councils received their shares of earlier proceeds.

Agro-Industry and Trade: Indonesian firm PT Asindo Tech has a US$15 million contract to equip a cassava-processing plant with Cameroonian partner Nego-Titans, with completion targeted in two to three years. The Indonesian Embassy in Yaoundé is also aiming for at least US$19.5 million in deals at Trade Expo Indonesia 2026. Transport Investment: Cameroon signed a €212.35 million Islamic Development Bank financing agreement to upgrade the Douala–Bafoussam corridor, including 218 kilometres of highways and 108 kilometres of feeder roads. The route links the port to a major agricultural region and neighbouring countries. Public Finance: Cameroon’s reported corruption losses rose 54% to CFA2.3 billion in 2025, prompting calls for stronger financial controls and reform. Oil and Gas: SNH has opened bidding for six exploration blocks across three basins, as the government seeks investors while working to lift Cameroon’s EITI suspension and address transparency concerns.

Oil and Gas: Cameroon has opened six exploration blocks across three sedimentary basins, with bids due by May 28, 2027. The push to attract investors comes as the government seeks to lift its EITI suspension and address transparency concerns. Transport: Cameroon signed a €212.35 million IsDB loan to rehabilitate the Douala–Bafoussam road, including feeder roads and market facilities to improve links between farms and consumers. 2027 Budget: The government plans to direct at least 30% of spending to public investment, while prioritising unfinished projects and unpaid bills over new starts. Power: Socadel launched CFA44.54 billion in tenders to add generation capacity in the north and replenish distribution equipment. Agriculture: Banana exports rose 21.5% in the first nine months of 2026, but leading exporter PHP has recorded CFA10.4 billion in losses over the past two years.

Transport Investment: Cameroon and the Islamic Development Bank signed a €212.35 million financing agreement to rehabilitate the Douala–Bafoussam corridor, including 218 kilometres of main roads and 108 kilometres of feeder roads, easing the movement of goods to Douala port. Banana Exports: Shipments rose 21.5% to 194,273 tonnes in the first nine months of 2026, but market leader PHP reported combined losses of CFA10.4 billion over 2024 and 2025, despite only a slight fall in export volumes. Insurance Capital: Chanas Assurances has renewed its call for shareholders to subscribe to a CFA3.326 billion capital increase. State-owned SNH would need to contribute about CFA1.505 billion to maintain its 45.26% stake, but its commitment is unclear. Industrial Finance: Prometal and ProAlu secured CFA80.6 billion in financing deals for expansion and operations. Currency Changes: Five older CFA franc coin series will cease to be legal tender across CEMAC on November 1, with exchanges available until October 2027. Public Finance: Cameroon’s budget transparency score rose eight points to 58/100, though public participation and legislative oversight remain weak.

Transport Investment: Cameroon and the Islamic Development Bank signed a €212.35 million financing deal to rehabilitate the Douala–Bafoussam corridor, including 218 km of national roads and 108 km of feeder roads, to cut transport costs and improve market access. Housing and Currency: Cameroon is targeting 20,000 affordable homes built with local materials; meanwhile, five older CEMAC coin series lose legal-tender status on November 1, with exchanges allowed through October 2027. Public Finance: Cameroon’s budget transparency score rose eight points to 58/100, but public participation and legislative oversight remain weak. Business Funding: A Finance Ministry study found only four of more than 300 identified Cameroonian businesses had raised funds through the regional capital market, and proposed ways to widen access. Agriculture and Industry: Banana exports climbed 21.5% to 194,273 tonnes in January–September, despite continued losses at market leader PHP. Prometal also secured a CFA26.2 billion revolving credit facility for working capital, bringing announced financing for it and ProAlu to about CFA80.6 billion.

Digital Connectivity: CAMTEL and state property firm SIC will extend fibre broadband across existing housing estates and wire future developments, with discounted packages for residents. Castel Dispute: A Singapore court upheld Pierre Castel’s daughter’s voting rights in a holding company, but the ruling does not remove the beer group’s CEO or change control; the family fight adds uncertainty to the suspended Sosucam sale. Electric Mobility: China’s Jinguan Electric says a subsidiary could win up to $296 million in contracts to build 50 solar-powered charging stations across Africa for Spiro, which operates in Cameroon. Trade Infrastructure: Cameroon has launched a tender to rebuild 167 kilometres of the Douala–Yaoundé trade route, while Kribi Port is investing CFA21.5 billion to expand container capacity by 30%. Company Results: MTN Cameroon’s profit rose 15.5% to CFA68 billion, despite a sharp increase in tax expenses. Agriculture: Cameroon is exploring new financing for cocoa and coffee, while banana exports climbed 21.5% as market leader PHP faces profitability pressures.

Fuel Supply: Cameroon’s energy minister inspected more than 18 Yaounde stations and plants, ordering faster kerosene restocking after shortages and checking safety compliance. Banking: Ecobank expanded its partnership with the University of Ngaoundere, offering tailored services and plans for digital payments, financial literacy and entrepreneurship support. Clean Energy: China’s Jinguan Electric says its unit has a contract worth up to US$296 million to build 50 solar-storage and charging stations across Africa for Spiro Mobility, which operates in Cameroon; locations and schedules are still to be agreed. Trade Infrastructure: Cameroon launched a tender to rebuild 167 km of the Douala–Yaounde trade route, while Kribi Port plans a CFA50 billion agricultural terminal but still needs to raise 80% of the funding. Business Results: MTN Cameroon’s profit rose 15.5% to CFA68 billion despite higher tax costs. Cameroon’s banana exports climbed 21.5%, though market leader PHP faces profitability challenges. Agricultural Finance: The government is exploring new financing for cocoa and coffee, sectors where access to funding remains a key concern.

Fuel Supply: Cameroon’s energy minister inspected more than 18 Yaoundé filling stations and plants, checking cooking-gas and kerosene availability and ordering faster kerosene replenishment at one station. He also stressed fire-safety measures at gas facilities. Banking: Ecobank has formalised its partnership with the University of Ngaoundéré, offering tailored banking services, digital payments and financial-literacy and entrepreneurship programmes for students and staff. Trade Infrastructure: Cameroon has launched a tender to rebuild 167 km of the Douala–Yaoundé trade route. At Kribi Port, plans for a CFA50 billion agricultural terminal are advancing, but 80% of the funding remains to be raised. Industrial Power: Delays to the Nachtigal power line are leaving 150 MW of industrial demand unmet, a constraint on businesses seeking reliable electricity. Exports: Cameroon’s banana exports rose 21.5%, though market leader PHP faces profitability pressures. CEMAC Currency: Five older coin series will lose legal-tender status on November 1 as the regional central bank tackles coin shortages.

Maritime: An Indian court has ordered the crew of the Cameroon-flagged tanker MT Unity, abandoned off Paradip since May, to be repatriated within three weeks; the vessel remains under arrest in commercial disputes. Port Investment: Kribi’s planned CFA50 billion agricultural terminal aims to expand export logistics, but CFA40 billion in financing is still unraised. Construction is targeted for 2027. Transport: Cameroon has opened a tender to rebuild 167 km of the Yaoundé–Edéa road, a key freight route, with work expected to take 30 months. Power Supply: Delays to Nachtigal’s second transmission corridor are leaving an estimated 150 MW of industrial demand unmet; the government now expects work to finish in November. Trade: Banana exports rose 21.5% to 194,273 tonnes in the first nine months of 2026, though market leader PHP is coming off two years of losses. CEMAC Currency: Five older coin series will lose legal tender status on November 1 as the regional central bank addresses coin shortages.