(Ecofin Agency) - Cameroon's public debt has reached CFA13,070 billion ($21.61 billion) at the end of June 2024, according to data from the national sinking fund CAA. This is equivalent to around 43.3% of GDP, up 0.8% compared to the previous quarter and 4.9% compared to the same period last year.

The majority of this debt, 93.5%, is the direct debt of the central administration, divided into 67.5% external debt and 32.5% domestic debt. The remaining portion is shared between public enterprises and institutions (6.4%) and decentralized local authorities (0.1%).

Focusing on the external direct debt of public enterprises and institutions, it stood at CFA493.9 billion at the end of June 2024, marking a decline of 0.4% from the previous quarter and a 2.5% decrease year-on-year. A significant part of this debt, 95.5%, is attributed to the National Refining Company (Sonara) and the Cameroon Airlines Corporation (Camair-Co).

Sonara, the only oil refinery in Cameroon, had an external debt of CFA410.2 billion at the end of June 2024. This figure shows a slight increase of CFA1.8 billion from the previous month when the debt was CFA408.04 billion. This rise highlights the ongoing challenges the refinery faces in meeting its obligations to foreign suppliers. Sonara remains the most indebted public company, significantly ahead of Camair-Co, the national airline, which had an external debt of CFA61.6 billion as of the end of June 2024.

Additionally, the state's contingent liabilities, mainly composed of public-private partnerships (PPP), are valued at CFA4901 billion, representing 16.2% of GDP. This category of liabilities also includes a small portion of debt guaranteed by the central administration.