Guinea-Bissau paid a weighted average yield of 8.16% on three-year bonds at a regional market auction on November 2, up from 8.10% on October 19, the regional debt agency UMOA-Titres said. The Treasury raised 7.5bn FCFA (€11.4mn) in all. Investors bid 2.5bn FCFA (€3.8mn) for one-year bills, matching the planned amount, but the Treasury retained only 500mn FCFA (€0.76mn). It sold 7bn FCFA (€10.7mn) of bonds instead, 2bn FCFA more than planned.
Analysis: Three-year borrowing costs have climbed 0.94 percentage points since September 8 and now exceed Côte d'Ivoire's comparable October 27 yield by 1.79 points, by our calculation. Demand improved, with bids roughly double the amount offered, but most bond orders came from Burkina Faso, Benin and Togo, while domestic investors preferred bills. By accepting more three-year bonds and fewer one-year bills than planned, the Treasury secured longer funding at a higher cost. The next 7.5bn FCFA auction, scheduled for November 16, will test whether demand and yields hold.
Source: UMOA-Titres (regional agency, Dakar), UMOA-Titres, results report (compte rendu) of the Guinea-Bissau Treasury bill and bond auction of November 2, 2026, Auction of November 2, 2026; UMOA-Titres (regional agency, Dakar), UMOA-Titres, results page of the Côte d'Ivoire Treasury bill and bond auction of October 27, 2026, Auction of October 27, 2026; UMOA-Titres (regional agency, Dakar), UMOA-Titres, Compte rendu d'adjudication GW ES 19.10.2026, 19 October 2026; UMOA-Titres (regional agency, Dakar), UMOA-Titres, Compte rendu d'adjudication GW ES 12 October 2026, 12 October 2026; UMOA-Titres (regional agency, Dakar), UMOA-Titres, Compte rendu d'adjudication GW ES 28 September 2026, 28 September 2026; UMOA-Titres (regional agency, Dakar), UMOA-Titres, Compte rendu d'adjudication GW ES 08.09.2026, 8 September 2026; UMOA-Titres, UMOA-Titres, Calendrier d'émissions oct.-nov.-déc. 2026, 2 November 2026; UMOA-Titres (regional agency, Dakar), UMOA-Titres, Bulletin des statistiques du Marché des Titres Publics, 3e trimestre 2026 (42e numéro, posted October 19, 2026), Q4 2026; UMOA-Titres (regional agency, Dakar), UMOA-Titres, Compte rendu d'adjudication GW ES 11 August 2026, 11 August 2026; UMOA-Titres (regional agency, Dakar), UMOA-Titres, results page of the Guinea-Bissau Treasury auction of May 4, 2026, Auction of May 4, 2026
Guinea-Bissau must repay 193.3bn FCFA (€295mn) of principal on its regionally auctioned Treasury securities in 2027, plus 27.7bn FCFA (€42.2mn) in interest, regional debt agency UMOA-Titres said in its third-quarter bulletin. That compares with 24.0bn FCFA (€36.6mn) of principal due in the last quarter of 2026. The Treasury raised 70.0bn FCFA (€107mn) in the third quarter at an average maturity of 2.3 years, against 3.3 years across the West African Economic and Monetary Union (WAEMU).
Analysis: Principal and interest due in 2027 total 221bn FCFA (€337mn), equivalent to about 42% of the 2026 budget, by our calculation. Heavy reliance on short-dated securities means the Treasury may need substantial refinancing, exposing it to auction demand and rising borrowing costs. Another repayment peak of 199.6bn FCFA (€304mn) falls in 2029. No 2027 budget proposal had appeared in cabinet announcements through October 27. Meanwhile, 18.55bn FCFA (€28.3mn) of planned fourth-quarter borrowing remained after the November 2 sale, by our calculation. The maturity profile leaves little room for prolonged disruption in regional funding.
Source: UMOA-Titres (regional agency, Dakar), UMOA-Titres, Bulletin des statistiques du Marché des Titres Publics, 3e trimestre 2026 (42e numéro, posted October 19, 2026), 2027 and 2028-2029 and Q3 2026 and Q4 2026; Ministério das Finanças da Guiné-Bissau, Orçamento Geral do Estado para 2026 – Lei do Orçamento, 2026; International Monetary Fund, IMF Country Report No. 26/140, 2025
Guinea-Bissau launched on October 29 a two-year project to strengthen its framework for public-private partnerships, funded with 1mn units of account, the African Development Bank's (AfDB) accounting currency, director-general of public administration Augusto da Silva said, according to state news agency ANG. The AfDB approved a $5.3mn grant on June 27, 2025, for the project in Guinea-Bissau, The Gambia, Madagascar and Togo, it said at the time.
Analysis: The initiative arrives as the government seeks $280mn in private investment for its energy compact, equivalent to 40% of the required funding. The two-year project is intended to strengthen the framework for public-private partnerships and support local firms, including employment opportunities for women and young people. But implementation began 16 months after the AfDB approved the regional grant, and authorities have not released a pipeline of potential deals. On the stated timetable, the new framework may not be ready until around October 2028, by our calculation, leaving prospective investors without clear rules in the interim.
Source: Agência de Notícias da Guiné (state news agency, Bissau), ANG, 'Administração Pública/Governo lança Projecto de Reforço de Ambiente de Parcerias Público-Privadas para promoção de investimentos', October 29, 2026, October 2026; APA (Dakar), APA, 'Bad : 5,3 millions $ pour les PPP dans 4 pays africains', August 8, 2025 (AfDB press release), June 2025; Agência de Notícias da Guiné (state news agency, Bissau), ANG (via Inforpress), 'Cabo Verde/Fórum de Investimento: Cabo Verde e Guiné-Bissau defendem transição energética e acesso universal', October 28, 2026, 2026
Guinea-Bissau's transitional president, Horta Inta-a, and Prime Minister Ilídio Vieira Té visited Bissau's commercial port on October 28 to follow the dredging of its navigation channel and berths, which the prime minister's office said were due to begin, state news agency ANG reported. The president said the deeper channel should allow two to four ships to berth at once, easing queues during the cashew export season.
Analysis: Officials have given conflicting accounts of whether dredging has begun: the president described work under way, while the prime minister's office said it was about to start. BOAD, which finances the project, had originally projected completion by summer 2026 and a reduction in average ship stays to two days from five. Further delays could prolong shipping, insurance and berthing costs, especially during the cashew export season. The benefits will also depend on the channel depth achieved and ongoing maintenance. No revised completion date has been disclosed, leaving the 2027 cashew season an important test.
Source: Agência de Notícias da Guiné (state news agency, Bissau), ANG, '¨Dragagem do Porto de Bissau vai facilitar a exportação da castanha de caju¨, diz PR Transição', October 28, 2026, October 2026; Banque Ouest Africaine de Développement, BOAD press release, Bissau, 26 Jan 2026, launch of Bissau port dredging works, After completion (planned summer 2026); International Monetary Fund, IMF Country Report No. 26/140, Eleventh Review under the ECF arrangement, Appendix I Letter of Intent, 2026 campaign
The value of mobile-money transactions in Guinea-Bissau rose 29.8% to 894bn FCFA (€1.36bn) in 2025, while 60.7% of the 5.69mn accounts opened were active, the highest rate in the West African Economic and Monetary Union (WAEMU), where the average was 32.6%, the regional central bank BCEAO said in its financial inclusion dashboard for 2025.
Analysis: Transaction value equaled about 58% of GDP, by our calculation, but this is a measure of payment activity, not economic output: deposits, withdrawals and transfers can count the same funds repeatedly. Growth also trailed WAEMU's 39.7% average. Access remains uneven, with just 24% of the country's 39,833 registered service points operating, the bloc's lowest share. New regional rules effective November 2 raise wallet ceilings to 4mn FCFA (€6,100) per issuer and allow free daily transfers of up to 8,000 FCFA (€12). Their effect will be reflected in only the final two months of 2026.
Source: BCEAO, BCEAO, Tableau de bord de l'inclusion financière dans l'UEMOA au titre de l'année 2025 (listed October 20, 2026), 2025; International Monetary Fund, IMF Country Report No. 26/140, 2025; BCEAO, BCEAO Instruction n°020 modifying Instruction n°008-05-2015 on e-money issuers (signed 8 Oct 2026, in force 2 Nov 2026), From 2 November 2026
Chart of the week
Three-year Treasury bond yield at auction, %, May–November 2026
8.4
8.1
7.3
7.2
7.4
7.8
8.1
8.2
Auction of May 4, 202629 June 202611 August 20268 September 202628 September 202612 October 202619 October 2026Auction of November 2, 2026
Weighted average yield on Guinea-Bissau's three-year bonds at regional auctions, from UMOA-Titres results, except June 29, which comes from the finance ministry's quarterly debt report. The July 14 auction, which also sold three-year bonds, is not shown because we have not recorded its yield. The next auction is on November 16.. Source: UMOA-Titres (regional agency, Dakar), UMOA-Titres, results page of the Guinea-Bissau Treasury auction of May 4, 2026, Auction of May 4, 2026; Ministério das Finanças / DGDP, Ministério das Finanças/DGDP, Relatório Trimestral da Dívida Pública, II Trimestre 2026 (August 2026), 29 June 2026; UMOA-Titres (regional agency, Dakar), UMOA-Titres, Compte rendu d'adjudication GW ES 11 August 2026, 11 August 2026; UMOA-Titres (regional agency, Dakar), UMOA-Titres, Compte rendu d'adjudication GW ES 08.09.2026, 8 September 2026; UMOA-Titres (regional agency, Dakar), UMOA-Titres, Compte rendu d'adjudication GW ES 28 September 2026, 28 September 2026; UMOA-Titres (regional agency, Dakar), UMOA-Titres, Compte rendu d'adjudication GW ES 12 October 2026, 12 October 2026; UMOA-Titres (regional agency, Dakar), UMOA-Titres, Compte rendu d'adjudication GW ES 19.10.2026, 19 October 2026; UMOA-Titres (regional agency, Dakar), UMOA-Titres, results report (compte rendu) of the Guinea-Bissau Treasury bill and bond auction of November 2, 2026, Auction of November 2, 2026.
Tender of the week
Visual identity and communication materials for UNESCO's DIRECT project in Guinea-Bissau (four lots)
Buyer
UNESCO Regional Office in Dakar (procurement), for Guinea-Bissau
Scope
Request for proposals from companies to adapt the visual identity of UNESCO's DIRECT project in Guinea-Bissau and produce its communication and visibility materials, in four lots: (1) formalizing, vectorizing and standardizing the visual identity; (2) graphic charter, digital communication and audiovisual materials; (3) institutional templates and project documents; (4) printed materials, signage and visual resources. Bidding documents are free on request from October 28; sealed proposals by e-mail to UNESCO's Dakar procurement office.
Value
Not published
Funding
UNESCO (funding source not stated in the notice)
Closes
Wednesday, November 18, 2026
Alama Pro members get the link to the official notice for this and every other tender.
In Alama Pro this week
Deep dive: Guinea-Bissau borrowing costs climb as local bidders step back
10 stories with workings, from debt and the budget to ports, partnerships, mobile money, financial regulation and tourism
Four trackers, from inflation and bond yields to cashew volumes and farm prices, and every open tender we follow, with deadlines
Euro equivalents use the fixed parity of 655.957 FCFA per euro. Every figure comes from the official source named under it. Spotted an error? Write to info@alamareport.com; corrections run in the next issue.
