Cameroon Airlines Corporation (Camair-Co) has taken delivery of a Boeing 737-800, marking the launch of a five-year expansion plan aimed at transforming the national carrier into a competitive regional airline. The aircraft, leased from Czech operator Smartwings, is the first step in Camair-Co’s 2024–2028 strategy to rebuild and expand its fleet.

The project envisions an initial fleet of 14 aircraft—11 passenger and three cargo planes—before reaching 18 jets by the fifth year, comprising 16 passenger and two cargo planes. Financing is supported by a CFA47 billion ($76.8 million) direct loan from the Development Bank of Central African States (BDEAC).

Fleet Modernization Amid Challenges

Camair-Co currently operates six owned and two leased aircraft, with repeated breakdowns of aging planes causing operational disruptions. The wet lease of the Boeing 737-800 provides immediate reliability while management works to phase in additional aircraft.

“The new aircraft allows us to restore confidence in our existing routes while we prepare for broader expansion, this is about building the foundation for sustainable operations.” said General Manager Jean Christophe Ella Nguema.

The recovery strategy focuses on three key objectives: enhancing competitiveness, improving operational efficiency, and restoring profitability. Executives view short-term leasing as a necessary bridge to long-term modernization, although the higher costs of wet leasing weigh on already fragile finances.

Camair-Co’s network today serves six domestic destinations—Douala, Yaounde, Bafoussam, Garoua, Maroua, and Ngaoundéré—alongside three regional routes to Libreville, Bangui, and N’Djamena. The expansion plan includes resuming suspended regional services and opening new ones, with Douala and Yaounde targeted as transit hubs for Central Africa.

Management hopes to capture some of the regional traffic that currently transits through Addis Ababa, Nairobi, or Lomé. However, competition is intense, as Ethiopian Airlines, Kenya Airways, and ASKY already dominate the skies of Central and West Africa.

Financial Pressures

The expansion highlights both ambition and risk. Camair-Co carries a total debt of CFA 124 billion ($204 million), making it Cameroon’s second most indebted state-owned company. Since its creation in 2006 and operational launch in 2011, the airline has never posted a profit and has relied on repeated government bailouts.

Analysts note that successful African turnarounds—such as Ethiopian Airlines or Air Côte d’Ivoire—required heavy upfront investment. But they caution that Camair-Co must address fundamental operational weaknesses alongside fleet growth to avoid repeating past failures.

Government project documents indicate that the expansion could generate 3,000–4,500 indirect jobs over five years, with benefits extending across aviation services, logistics, and hospitality. New frequencies and additional domestic routes are also expected to improve integration between northern and southern Cameroon, strengthening national cohesion.

The initiative could create opportunities for local aviation professionals, though Camair-Co faces labor tensions. Reports of disputes between pilots and management over pay and working conditions underscore the importance of maintaining workforce stability as the fleet expands.

The wet-lease arrangement offers an immediate boost, but it also increases operating costs. With Camair-Co’s owned aircraft prone to breakdowns, sustainability hinges on the airline’s ability to modernize its core fleet while integrating leased capacity.

“The arrival of the new jet is encouraging, but execution will be decisive,” said one regional aviation consultant. “Expanding routes without fixing fundamentals risks repeating old mistakes.”

Looking Ahead

Management emphasizes that the 737-800’s arrival is only the first milestone in a staged program. Over the next five years, the fleet is expected to grow from 14 to 18 aircraft, encompassing both passenger and cargo segments. Long-haul ambitions remain on the horizon, with Paris identified as a potential route once regional expansion consolidates.

“This isn’t just about adding aircraft, it’s about building an airline Cameroon can be proud of. The real challenge lies in execution.” said Nguema.

As the aircraft begins commercial service, Camair-Co faces a dual test: delivering growth while addressing structural weaknesses. Success would strengthen Cameroon’s regional connectivity and help Douala and Yaounde emerge as aviation hubs. Failure could add to the financial burden of one of Central Africa’s most fragile carriers.

Source: Business in Cameroon

On the hillside of Olezoa in Yaoundé, the Concord International Hotel is taking shape, reshaping the skyline near Avenue Charles Atangana. Backed by the Mutual Fund of Treasury Staff (Mutresor), the five-star complex aims to redefine luxury hospitality in Cameroon’s capital.

The CFA18 billion ($29.6 million) investment was financed mainly through Mutresor’s own funds, supplemented by a bank loan, according to the Ministry of Finance. Construction is nearing completion, with every detail designed to meet international standards.

The facility will offer 119 rooms and suites, including 72 executive and 16 standard rooms, plus two presidential suites and two accessible rooms. Amenities include two restaurants, a snack bar, a panoramic terrace, a spa, an indoor pool, a night club, a casino, conference floors, and parking. Local artisans will supply art and décor to give the hotel a cultural touch.

A diversification strategy

Founded over a decade ago within the Ministry of Finance’s Treasury Directorate, Mutresor counts around 4,000 members including public servants, retirees, and contract staff. Already active in microfinance through Cremincam and owner of a commercial property in Yaoundé, the mutual is expanding its portfolio with the Concord project.

“The profitability of the Concord should increase our lending capacity and help finance health and retirement insurance products,” a Mutresor official said.

Competitive luxury market

Yaoundé’s high-end hospitality market is becoming increasingly competitive. Alongside established hotels like Hilton and Mont Fébé, new entrants are on the way: the 220-unit Radisson Serviced Apartment set for 2026, the 30-story Hôtel du Lac backed by Belgian firm IIDG, and a future Méridien. Investments in these projects range from CFA50 billion to CFA90 billion.

“Luxury hospitality is highly capital-intensive but also high risk,” noted a Douala-based consultant. “It takes more than a beautiful building. Clear marketing, agile management, and internationally trained staff are essential.”

To address these challenges, Mutresor hired Bekolo & Partners to conduct market studies, design the business plan, and lead staff recruitment.

The Concord illustrates a broader shift among public service mutuals in Cameroon. Once limited to member contributions and solidarity, these organizations are emerging as investment vehicles. The National Mutual of Tax Staff (Mundi) has also expanded into commercial real estate and hospitality.

This evolution positions mutuals as economic actors capable of creating wealth and strengthening their role in national development.

High stakes ahead

Venturing into luxury hospitality carries financial and operational risks for Mutresor, whose core mission remains mutual solidarity. Success will depend on governance, strong financial planning, and professional hotel management.

If the Concord succeeds, it could set a precedent for other African mutuals, showing that solidarity-based organizations can drive major investments while continuing to serve their members.

Source: Sbbc

Cameroon’s National Refining Company (Sonara) approved on August 13 the Acceleration Plan for Restructuring and Rehabilitation Measures for Refining Restart within 24 months (Parras 24). The initiative agreed upon during a Board Meeting aims to resume production by 2027 with government support.

 “Parras 24 is designed to relaunch Sonara’s core functions and ensure the continuity of petroleum product supply,” the company’s official statement said. The plan calls for recapitalization and new partnerships to fund the rehabilitation and quick restart of production. Sonara has not yet clarified whether recapitalization will involve debt buyback or fresh capital injection. In June, a joint delegation from UBAF, ING, and Mauritius Commercial Bank had proposed potential financing for the project.

Technically, Parras 24 aims to restore facilities to their state before the May 2019 fire that severely damaged part of the refinery. At the same time, Sonara will implement a workforce management program to strengthen staff skills and prepare for operations to restart.

The company continues to struggle with high debt. It currently owes CFA261 billion to banks, restructured over 10 years since 2021 at an interest rate of 5.5%. It also owes CFA185 billion to Vitol, CFA8.5 billion to PSTV, CFA14 billion to Trafigura, and CFA20 billion to Mercuria Energy. Repayment of these debts has been ongoing since 2022 through a state mechanism that collects CFA47.8 on each liter of fuel sold at the pump.

While Parras 24 is underway, Sonara has assured partners and customers of steady supply. “The supply of refined products on the national and international market will continue in both quantity and quality until the full restart of the refinery,” the company said.

This ambitious plan, combining strategic financing, technical rehabilitation, and workforce development, marks a decisive step for Cameroon’s oil sector and the stability of its domestic market.

Source: Business in Cameroon

As of end-June 2025, Cameroon’s domestic public debt, excluding arrears, which are invoices pending payment for around three months, and floating debt, stood at CFA3,814.4 billion, representing 11.6% of GDP. The figure was disclosed by the Autonomous Sinking Fund (CAA) in its latest update on Cameroon’s public debt situation.

According to the CAA, 55% of this debt is made up of public securities issued by the government on the BEAC market. This market, operated by the central bank of the CEMAC region (Cameroon, Congo, Gabon, Equatorial Guinea, Chad, and the Central African Republic), has become one of the Cameroonian state’s main financing sources.

On this market, the Treasury issues two main types of instruments: Treasury bonds (OTA), with maturities between two and ten years, typically used to finance infrastructure projects; and Treasury bills (BTA), with maturities under one year, mostly used to manage temporary cash flow needs.

However, as revealed in the CAA’s latest report, “with regard to Treasury bills in particular, which have increased by 11.6% year-on-year as of end-June 2025, discussions are underway to mitigate the underlying refinancing risk, due to mounting pressure on the domestic market’s capacity.”

In other words, faced with rising BTA issuance costs on the BEAC market in recent years—and the increasing difficulty for CEMAC states to raise targeted amounts because of competition and prudential limits on banks serving as primary dealers (SVTs)—the Cameroonian government is actively considering other financing options.

“It is within this context that the Head of State signed a decree on May 19, 2025, authorizing the Minister of Finance to raise loans on international financial markets, up to a maximum of CFA200 billion, for the purpose of financing 2025 Treasury operations,” the CAA noted.

At the same time, the government is working to secure the full mobilization of the funds it seeks on the domestic market, despite saturation among local intermediaries—mainly the SVT banks. To that end, it has taken steps to attract new investors to the subregional public securities market.

In July 2025, Cameroon raised CFA200 billion on the BEAC market through a bond issuance supported by a swap arrangement that allowed Afreximbank to convert foreign currency into local currency. This made it possible for the bank to subscribe to the public offering.

Thanks to this deal with the Cameroonian government, the African Export-Import Bank (Afreximbank) became the first foreign investor to participate in the BEAC public securities market, which has been operational for nearly 14 years.

The transaction also comes ahead of a leadership change at Afreximbank. Starting in September 2025, Cameroonian legal expert George Elombi is set to take over as head of the pan-African institution.

Source: Business in Cameroon

As of June 30, 2025, China remains Cameroon’s largest bilateral creditor, according to the Caisse autonome d’amortissement (CAA), the country’s public debt agency. China accounts for 65% of Cameroon’s bilateral debt, representing 20.2% of total external debt, officially estimated at CFA2,648.3 billion.

This puts China’s share at 2.5 times that of France, a historic partner, which holds 25.6% of Cameroon’s bilateral debt, or 8% of total external debt. The CAA said China continues to be “a preferred partner in the infrastructure and energy sectors.”

China has become Cameroon’s main investor over the past decade, driven by large infrastructure projects launched in the 2010s. These include bridges, roads, and dams, mostly financed by Eximbank China. The loans are tied to Chinese firms, meaning each agreement designates a Chinese contractor to carry out the work.

Chinese companies remain active in Cameroon’s infrastructure and energy sectors. Major players include CCCC, CWE, CHEC, and Sinohydro in construction, and Huawei and ZTE in telecommunications.

While these loans have funded key infrastructure, they come with high repayment obligations. Chinese loans are typically non-concessional, adding pressure to debt servicing. In the first quarter of 2024, Cameroon repaid CFA148.2 billion to Eximbank China—CFA34.7 billion in interest and CFA113.5 billion in principal. These were the country’s largest repayments to any creditor group during that period.

The size of China’s loan portfolio has created repayment difficulties. In July 2019, Cameroon secured a rescheduling agreement with Eximbank to avoid default. The deal covered 22 projects valued at about CFA150 billion and allowed 70% of the principal due from July 2019 to March 2022 to be rescheduled.

Source: Business in Cameroon

Cameroon has laid the foundation stone for the construction of a new oil refinery and petroleum reserve depot in the southern part of the country, according to the state-run National Hydrocarbons Corporation (SNH).

The refinery, which is constructed on a 250-hectare site within the Kribi industrial port zone, will have a processing capacity of 30,000 barrels per day, said Nathalie Moudiki, who represented the executive general manager of SNH at the occasion on Thursday.

She added that the fuel storage terminal will have an initial capacity ranging from 250,000 to 300,000 cubic meters.

The new refinery is designed to process Cameroon’s crude oil, aiming to reduce fuel imports by 30 percent, according to SNH.

The construction works are expected to take 18 months. It will be Cameroon’s second oil refinery upon completion. The country’s lone refinery in the seaside resort town of Limbe has been shut down since 2019 following a devastating fire. Cameroon has since relied on imported refined fuel.

Source: Xinhuanet

Given the Cameroonian government’s ongoing persecution and arbitrary detention of journalists, the country has failed to meet a US statutory requirement on progress toward the rule of law and the protection of human rights.

Ahead of the July 18 public hearing on country eligibility for US trade benefits under the African Growth and Opportunity Act (AGOA), Freedom House issued the following policy statement:

“In partnership with the Committee to Protect Journalists, Freedom House has submitted a written comment urging the US government to find that Cameroon should not be eligible for AGOA trade benefits for calendar year 2026 due to its repression and detention of journalists.

“To be eligible for trade benefits under AGOA, sub-Saharan African countries must meet statutorily defined criteria, several of which relate to human rights. They include (1) establishing, or making continual progress toward establishing, the rule of law and the right to due process, a fair trial, and equal protection under the law; (2) not engaging in gross violations of internationally recognized human rights; and (3) cooperating with international efforts to eliminate human rights violations. However, as the ongoing repression and detention of journalists makes clear, Cameroon does not fully meet these criteria.

“As detailed in our written comment, journalists in Cameroon who are charged, arrested, and criminally prosecuted are routinely subjected to egregious violations of their due process and fair trial rights. More generally, as Freedom House has documented in its annual reports, due process and the rule of law in Cameroon have declined in recent years. In Freedom in the World 2019 and Freedom in the World 2020, Cameroon received a score of 1 out of 4 on the indicator for due process and 1 out of 16 for the larger rule-of-law subcategory, but each year since based on collected evidence, the country has received a score of 0 for both subcategories. 

 “Moreover, by frequently subjecting journalists to prolonged arbitrary detention—which is often accompanied by torture, a lack of any formal charges or trial, and incommunicado conditions that amount to enforced disappearance—Cameroonian authorities are perpetrating gross violations of internationally recognized human rights. Finally, by ignoring the opinions of the United Nations Working Group on Arbitrary Detention—which has found that the detentions of journalists Tsi Conrad, Amadou Vamoulké, Mancho Bibixy Tse, and Thomas Awah Junior violate international law and called for their immediate release—the Cameroonian government is not cooperating with international efforts to eliminate human rights violations.

“Therefore, Cameroon should be designated as ineligible for AGOA trade benefits until it makes significant progress in its treatment of journalists. Such progress must include the release of the four detained journalists listed above, as well as a fifth, Kingsley Fomunyuy Njoka, who has been behind bars in violation of international law since 2020.”

Cameroon is rated Not Free in Freedom in the World 2025.

Culled from Freedom House