Afriland First Bank Guinea, a commercial banking subsidiary of the pan-African financial group Afriland First Group founded by Paul Kammogne Fokam, has recorded nearly CFA128 billion ($217.3 million) in participation across three Guinean government bond issues between 2024 and 2026, underscoring the bank’s growing role in financing the West African country’s public investment programme.

The amount, equivalent to about GNF1.92 trillion ($217.05 million), combines securities reported by the bank for the 2024 and 2025 offerings with its allocation in the latest bond issue. The figures are drawn from Afriland’s application documents for the 2026 offering and an allocation report published by the Central Bank of the Republic of Guinea on Oct. 23.

Afriland First Bank leads in Guinea’s 2026 bond allocation

Afriland First Bank Guinea received GNF1.37 trillion ($154.87 million), or approximately CFA90.8 billion, in the 2026 government bond allocation, according to the central bank. Its allocation represented 29.85% of the GNF4.58 trillion ($517.64 million) distributed among seven participating banks, placing it ahead of Vista Gui and Banque pour le Commerce et l’Industrie.

Vista Gui received GNF670.98 billion ($75.86 million), while BCI was allocated GNF664.7 billion ($75.16 million). The total allocation significantly exceeded the government’s initial fundraising target of GNF2.5 trillion ($282.59 million) when the offering opened on Sept. 25.

The bonds carry an annual interest rate of 11% and mature in October 2031. The Guinean government intends to use the proceeds to finance public investments, particularly in infrastructure, energy, agriculture, health care and education.

Holdings rise sharply from previous offerings

Afriland’s 2026 allocation was 4.48 times the GNF305 billion ($34.49 million), equivalent to about CFA20.3 billion, it reported holding from the 2025 bond issue. That investment represented 16.81% of the GNF1.81 trillion ($204.62 million) subscribed during the offering.

For one tranche of the 2024 bond issue, the bank reported holdings of GNF251.17 billion ($28.4 million), or approximately CFA16.7 billion. The amount accounted for 26.13% of the securities issued under that tranche.

The figures were disclosed in Afriland First Bank Guinea’s application for the 2026 bond issue, signed by managing director Guy Laurent Fondjo. Together with the latest allocation, they show the amounts recorded under the bank’s name across three consecutive government financing operations.

However, the combined figure should not be interpreted as Afriland’s current holdings of Guinean government debt. The documents cover different bond offerings and do not establish whether all previously reported securities remain on the bank’s books.

From Cameroon to Guinea’s government debt market

Afriland’s participation reflects the expansion of a banking group founded in Cameroon in 1987 by Paul Kammogne Fokam as Caisse Commune d’Épargne et d’Investissement. The institution became Afriland First Bank in 2002, while its parent company, Afriland First Group, was established in Switzerland in March 2008.

The group’s Guinean subsidiary opened in November 2012 and has since taken on a prominent role in government bond issuance. After participating in the placement syndicate for the 2019 offering, it served as arranger and lead manager for the 2024, 2025 and 2026 issues.

Those responsibilities include structuring offerings, coordinating participating financial institutions, and attracting investors. The available documents, however, do not disclose how much Afriland earns from arranging the bonds or establish whether the capital invested originated directly from Cameroon.