According to official figures published by the Central African Financial Market Supervisory Commission (COSUMAF), the BVMAC recorded only 1.7 million US dollars (1.02 billion FCFA) in trading volume in Q1 2025, compared to over 72 million US dollars (47 billion FCFA) in the last quarter of 2024. This drop of over 98% is mainly due to the lack of newly listed products and low liquidity in the secondary market (equities). Transactions were nearly non-existent outside of SAFACAM and SCG-Ré, with a very low diversification of securities (fewer than 10 listed companies) and weak participation from individual investors less than 2% of all investors.
Despite the decline, a few companies like SAFACAM (Société Africaine Forestière et Agricole du Cameroun) and SCG-Ré (Société Commerciale Gabonaise de Réassurance) carried out significant transactions. SAFACAM recorded 441,890 US dollars (256 million FCFA) in February 2025, while SCG-Ré reached over 690,453 US dollars (400 million FCFA) during the same period. Among the most active brokerage firms, Financia Capital stood out with a trading volume of 91,312 US dollars (52.9 million FCFA) spread over 27 transactions, followed by Elite Capital Securities, which carried out 66,974 US dollars (38.8 million FCFA) across 31 operations. Out of the 25 licensed brokerage firms, only 12 actually participated in trades, while the others recorded no transactions during the period.
On the investment fund side, some performances drew attention. The Enko Capital Palmarès fund showed a return of +14.2%, while the FCP ABD Komo registered a solid increase of +12.6%. However, most collective investment schemes (UCITS) posted more modest quarterly gains, ranging from +0.97% to +2.32%, reflecting cautious management in an uncertain economic context.
Structural causes of weakness and untapped potential: a market of 55 million inhabitants
Several factors explain the persistent stagnation of the BVMAC: too few IPOs only 5 to 6 listings in 5 years; unappealing tax system lack of strong tax incentives for stock market investors; and weak institutional communication. The BVMAC covers six CEMAC countries with a combined population of over 55 million inhabitants and a regional GDP of over 90 billion USD. Yet, less than 0.3% of the population invests in the stock market; the market capitalization/GDP ratio is below 1.5%, compared to 30% in South Africa. …
For bold investors, the current sluggishness is a low-cost entry window. The medium-term outlook, particularly with planned reforms and the relative macroeconomic stability of the CEMAC region, allows for the possibility of attractive returns provided one invests long term and chooses the right stocks.
