The configuration of interest rate benchmarks illustrates the sedimentation of watertight banking compartments, impermeable to the theoretical mechanisms of regional financial integration.

Analysis of the interest rate scale reveals a gradation of credit conditions that undermines the macroeconomic convergence of the zone. Behind Gabon's ceiling, the Central African Republic records a borrowing cost of 14.04%, followed by Equatorial Guinea at 11.19%, Congo at 10.66%, and Chad at 10.31%. The explanatory factors for such divergences lie in the asymmetry of banking liquidity and the structure of non-performing loan portfolios. Banks operating in Cameroon benefit from a more diversified economic fabric and intense interbank competition, which compresses intermediation margins. In contrast, economies heavily dependent on extractive sectors suffer from credit rationing, which increases the cost of money for private operators and public institutions.

The pricing gaps penalize the competitiveness of companies based in high-rate areas, creating competition distortions within the ZLECAf common market. The high cost of credit outside Cameroon's borders hinders investments in industrial modernization and limits the refinancing of short-term working capital needs. For credit policy planners, reducing customs fractures and harmonizing counterparty rating rules are prerequisites for unifying capital costs. Convergence of debtor rates towards the Cameroonian average remains essential to fluidify the circulation of financial flows and ensure the optimal allocation of regional savings to Central Africa's productive sectors.


Nlend Flore

Tags: cémac taux crédit banque cameroun intégration financière zone cemac crédit bancaire économie africaine marché financier