Central African Bank Maintained Policy Rate at 4.5%
Regional businesses face steady borrowing costs as the central bank lowers its 2026 growth forecast to 3%.
Updated on Sept. 29, 2026 in Economic Policy
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The Bank of Central African States held its main policy rate at 4.5% during its September session in Yaounde. This decision arrives alongside a downward revision of the 2026 economic growth forecast for the CEMAC region to 3%.
Why it matters
The decision reflects a regional economy operating below potential with a heavy dependence on imports, signaling a cautious stance for businesses managing capital investment. Operators should prepare for slower growth projections compared to the 3.7% rate observed in 2025.
The central bank maintained its main policy rate at 4.5%, alongside a 5.75% marginal lending facility rate and a 0% deposit facility rate. These measures accompany a projected 2026 inflation rate of 2.2% and an expected fiscal deficit of 3.3% of GDP.
The players
Bank of Central African States
The central bank responsible for monetary policy, currency issuance, and banking supervision across the six-member CEMAC region.
Yvon Sana Bangui
The Governor of the Bank of Central African States who chaired the latest Monetary Policy Committee session.
The details
The bank maintains a compulsory reserve ratio of 6.5% for sight liabilities and 4% for term liabilities to manage liquidity across the CEMAC region. By holding rates steady, the bank aims to balance inflationary pressures, currently projected at 2.2% for 2026, against the need to support an economy currently underperforming relative to its growth potential. Businesses relying on import-heavy supply chains should monitor how these liquidity constraints and interest rates impact their cost of credit.
Timeline
2025 saw a growth rate of 3.7% and average inflation of 2%.
The central bank lowered the tender rate in June 2026.
The Monetary Policy Committee held its third ordinary session on September 28, 2026.
The CEMAC economic growth forecast for 2026 is 3%.
Market Landscape
The bank's move to hold rates reflects a cautious approach to the CEMAC regional growth strategy, which remains under pressure. This follows a period where the region struggled to meet performance benchmarks, necessitating a downward revision of expectations for the coming year.
Operators should stress-test their 2026 budgets against the lower 3% growth forecast and the ongoing 4.5% policy rate. Finance teams should monitor liquidity access, as the current reserve requirements for sight and term liabilities remain fixed.
The takeaway
The central bank is prioritizing stability over stimulus as it navigates a period of slowing regional growth. Monitor the next Monetary Policy Committee session to see if the fiscal deficit narrows to the projected 3.3% of GDP, which would indicate a stabilization of public finances.
Further reading
For more information on how regional rate decisions affect firms, visit the Economic Policy section.
Source note: This article includes information reported by Business in Cameroon.
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