Individual investors favor long-term bonds

Individual investors in the Economic and Monetary Community of Central Africa (CEMAC) mainly invest in assimilated treasury bonds (OTA), which make up over 80% of their holdings in public securities. As of September 30, 2026, they held 366.2 billion CFA francs in these bonds.

Total public securities in CEMAC

The total amount of public securities outstanding in CEMAC was 11,016.7 billion CFA francs, equivalent to about 18.8 billion USD, as of September 30, 2026. This includes both long-term bonds and short-term securities.

Individuals hold a small share of the market

Individual investors hold 3.3% of the total public securities in the region, involving 2,773 individuals. Their holdings are concentrated in OTA, with 300 billion CFA francs, compared to 66.2 billion in assimilated treasury bills (BTA), which are short-term instruments.

Chad and Congo lead in individual participation

Chad has the highest proportion of individual holdings relative to its national public debt, with 7.65% of its outstanding securities held by individuals. The Congo has the largest absolute value, with 145.63 billion CFA francs in individual holdings, representing 4.79% of its total.

Country-specific individual participation

In the Central African Republic, individuals hold 20.3 billion CFA francs, or 4.2% of the national outstanding amount. In Gabon, individual holdings are 67.39 billion CFA francs, or 1.84% of the total. Cameroon and Equatorial Guinea show similar proportions.

Individuals’ role remains unclear

The 3.3% share of individual investors raises questions about their role in the market. Factors like subscription rules, minimum investment amounts, and secondary market accessibility may influence their participation, but current data do not identify specific barriers.

Institutional investors dominate the market

Treasury securities specialists (SVT) hold the largest share of public securities in CEMAC, with 6,920.4 billion CFA francs, or 62.8% of the total. Institutional investors hold 2,357 billion CFA francs, and non-SVT credit institutions hold 1,334.4 billion.

Geographic concentration of investors

Investors based in Cameroon hold the largest share of CEMAC public securities, with 5,536.5 billion CFA francs, or 50.3% of the total. Investors from Gabon, the Congo, and Chad hold 19.1%, 13.3%, and 9.6%, respectively.

Individuals could diversify the market

Increasing individual participation could help diversify the funding sources for CEMAC states, reducing reliance on institutional investors. This could be especially important given the current concentration of holdings among a few countries and financial actors.