Assessing the Financial Performance of Cameroonian Stocks on the Central African Stock Exchange (BVMAC)

Introduction

The stock market is a lever for economic development and financial inclusion due to its unique ability to bring capital providers and investors together to finance the growth and development of companies.  This is because businesses need capital to grow, hire, and innovate consistently.  In Central Africa, the stock exchange is referred to as the BVMAC (Bourse des Valeurs Mobilières de l’Afrique Centrale), created by the CEMAC-UMAC Regulation in November 2003 and established on June 27. 

Unlike most parts of the world, the stock market is viewed as an investment vehicle for the wealthy. In a region of 61 million people with still-high poverty rates, financial inclusion through stock market participation is dismally low. This is driven in part by structural and institutional factors such as information asymmetry, low levels of financial literacy, and little awareness about the stock market and its benefits. 

In this article, Section I will explain what the BVMAC is, its ownership structure, and the role of the stock exchange in ensuring a good functioning of the market. Section II outlines the laws governing the stock market (BVMAC), from its inception to operations. Section III is a brief overview of the performance of selected Cameroonian stocks that are listed on the stock exchange. Our policy recommendations are designed to support transparency, accountability,y and governance, which will reinforce trust in the BVMAC and attract more domestic investors.

What is the BVMAC?

The Central African Stock Exchange (BVMAC) was created by Regulation No. 01/22/CEMAC/UMAC/CM/COSUMAF of July 22, 2022, on the organization and operation of the financial market in Central Africa. It is owned by public entities including public entities, including Banks & Microfinance and Stock Exchange Companies (Fig. 1). BVMAC is a public entity with shareholders like every other stock exchange, as a mix of actors came together to create it. About one-third is owned by public entities, followed by banks, microfinance companies, and some stock companies.

Figure 1: Ownership Structure of BVMAC

Source: BVMAC (2025)

What is the role of the BVMAC in ensuring the good functioning of the stock market?

The BVMAC is responsible for authorizing the admission of financial instruments, controlling negotiations, trading of assets, and reporting, among others. The BVMAC must publish information on transactions carried out under the conditions specified in the General Regulations and the Instructions of COSUMAF after each trading session.

For a nascent stock market, the BVMAC must equally ensure that stock market information is fairly disseminated and ensure equal treatment for all stakeholders and market actors. Despite their best efforts, it is difficult to find standardized information, including financial statements, share price performance (daily, monthly, and yearly) on the BVMAC website.

For example, Société des Eaux Minérales du Cameroun (SEMC) did not publish audited financial statements for the years 2023 and 2024, with only an open report that details some quarterly financial information. Similarly, La Regionale also has quarterly instead of yearly audited financial statements, making it challenging for consumers who may not be financial market-savvy to determine its performance. SOCAPALM does not have audited statements for 2024 as well. Quite simply, the BVMAC should standardize reporting and ensure that financial statements are presented in a legible and easy-to-consume format. If consumers don’t have regular information, it will be challenging to build trust that is needed to support investment in listed companies or government bonds.

Table 1: What Laws and Policies govern the BVMAC?

Law or Regulation Name	Summary
Acte Additionnel n° 03/01-CEMAC-CE-03 portant création de la Commission de Surveillance du Marché Financier de l’Afrique Centrale (COSUMAF) December 8, 2001	It established COSUMAF as the regional financial market supervisory commission, mandated to protect savings, ensure investor information, and guarantee the proper functioning of the regional financial market.
Acte Additionnel n°06/17-CEMAC-COSUMAF-CCE-SE portant unification du marché financier de la CEMAC et mesures d’accompagnement – February 19, 2018	It unified the CEMAC financial market and laid the groundwork for a single, integrated regional financial market via the BVMAC.
Règlement n°01/22/CEMAC/UMAC/CM/COSUMAF portant organisation et fonctionnement du Marché Financier de l’Afrique Centrale July 21, 2022	It provides details about the organization and operational framework of the BVAMC, covering market structure, participants, issuance of securities, and general rules for market operations, bringing the unified market into effect.
Règlement Général de la Commission de Surveillance du Marché Financier de l’Afrique Centrale (COSUMAF) May 23, 2023	This is COSUMAF’s General Regulation, providing detailed rules for all entities and activities under its supervision. It sets out conditions for approval of market intermediaries, rules for public offerings, transparency requirements, and the sanctions regime to ensure market integrity.
Règlement n°02/18/CEMAC/UMAC/CM portant réglementation des changes dans la CEMAC December 21, 2018	It governs foreign exchange operations within the CEMAC zone. It impacts how foreign securities can be issued, traded, and settled, affecting capital flows and the participation of foreign investors and issuers on the BVMAC.
Instruction N° 12/GR/2019 On the issuance of foreign securities in the CEMAC (by BEAC)June 10, 2019	This instruction from the Governor of BEAC (Banque des États de l’Afrique Centrale) specifies the terms and conditions for issuing foreign securities in the CEMAC region. It outlines declaration and prior authorization requirements for such operations, depending on the amount.

All these laws state that consumers should have access to important information, and the BVMAC should ensure that individuals are privy to this information and trade effectively. Why the legal frameworks are well defined, implementation is progressing very slowly, with incomplete and irregular reporting, and the lack of a centralized digital platform to allow individual investments. In the next section, we look at how some Cameroonian stocks have performed recently to inform and educate civil society about said companies.

Section III: How are Cameroonian Listed Companies Performing?

Most of the shares of Cameroonian companies trading at the BVMAC are priced at relatively low levels. Except Bange Bank, most shares are affordable for the middle class. However, with the minimum age averaging $120 across the sub-region and a poverty rate of 32%, policymakers resorted to splitting shares to ensure that more CEMAC citizens can afford to participate in the stock market. In Figure 2, we provide a summary of the share price of Cameroonian companies that trade on the BVMAC. It is important to note that the share price of most companies ae closely linked to their net worth or market capitalization.

Figure 2: Share Price of Selected Stocks on the BVMAC

Source: BVMAC & Authors

The total value of transactions at the BVMAC is estimated at FCFA 3.4 billion, while the total market capitalization is estimated at FCFA 443 billion. The debt market is estimated at FCFA 1,400 billion, with a potential to develop at a faster pace over the medium-to-long term.

Figure 3: Summary of Dividends (FCFA)

Source: BVMAC & Authors

While Bange Bank and La Regionale have not paid out any dividends recently, all other traded stocks have paid out dividends to shareholders. For investors, it is vital to understand their investment strategy and whether long-term performance trumps dividends. It is no surprise that the companies that did not share dividends equally have irregular reporting. Even so, all companies have been profitable since 2020, illustrating bright prospects for the CEMAC region.

Fig 4: La Régionale Net Revenues (%)

Source: BVMAC

For example, La Régionale’s net income grew at an average annual rate of nearly 30% between 2015 and 2019 and rose from FCFA 555 million in 2015 to FCFA 1,561 million in 2019. It should be noted that the continued generation of positive results was accompanied by a policy of not distributing dividends in order to strengthen the company’s equity capital. Beyond looking at revenue, investors should also check when and how much dividends companies pay to their shareholders.

Conclusions

THE BVMAC presents a unique Opportunity for citizens of the CEMAC region to invest and contribute to the development of their countries, whether by purchasing government bonds or stocks. It is generally assumed that stock market investing is a niche sport, usually reserved for the wealthy. However, if we are to achieve true financial inclusion, we should make stock market investing more accessible to all citizens. The decision to split shares is a start, but it is not sufficient. In a low-trust environment riddled with financial market scams, it is important for transparency to be the norm and for the BVMAC to enforce this. Cameroon stocks on the BVMAc have performed well, but they must improve reporting and communication with shareholders to build trust and attract a new generation of investors.

Recommendations

• Listed companies should present their audited financial statements every quarter, as much of the world does, to ensure that citizens have access to relevant and updated information about the performance of the companies they plan to invest in.

• Digital Platform to Buy and Sell Shares: The BVMAC should ensure that shares are bought online – via stockbrokers – to improve transparency and better accountability over the long run. This project should start now to ensure that it can be fully functional by 2030. If younger connected citizens cannot buy shares online, they are unlikely to contribute to the financial systems in any meaningful way.

• Financial Education should be included in National Curricula: Schools and Universities should have financial education as a mandatory course. This will ensure that citizens have the capacity to invest and trade financial assets effectively and reduce their reliance on foreign investors.

About the Authors.

Henri Kouam is the Founder and Executive Director of the Cameroon Economic Policy Institute (CEPI). he leads CEPI’s policy advocacy on trade policy, financial inclusion, agriculture policy, and economic freedom. As one of the most impactful thinktanks from a policy standpoint, CEPI works to support the development of deep, liquid, and useful capital markets in central Africa with our partner Stoneshed FX – one of the largest Asset Managers in Central Africa. Haiwang Djamo is the National Coordinator at CEP and leads the CEPI trade and entrepreneurship research division, while Mr. Dang Attouh is a Research Fellow in Financial Affairs at CEPI.