Cameroon’s bond yields have climbed to over 11% as investors grow alarmed by the lack of a clear succession plan for 93-year-old President Paul Biya, the world’s oldest ruler. Fitch Ratings downgraded the country’s credit rating, citing risks of a “disorderly transition” if Biya’s position becomes vacant. Yields on the 2033 eurobonds have risen for five consecutive days, surpassing borrowing costs for lower-rated Republic of Congo for the first time.
Biya, who has not appeared in public since August 22, recently appointed Remy Nama to the Constitutional Council but has not named a vice-president. Political analysts warn that the ruling CPDM party may struggle to maintain control after Biya’s nearly 44-year tenure. The selloff has made Cameroon’s debt more expensive to service, with $1.7 billion outstanding across two dollar-denominated bonds.
The country, without an IMF program, faces growing financing pressures. Cameroon’s dollar debt has lost 5% in October, the worst performance in Africa. While the economy grew 3.5% in 2025, the IMF warns of weakening prospects in 2026 due to declining hydrocarbons production.
Source: Bloomberg Markets · Summarized by HeadlinesBriefing