Abstract: Using the Calderon-Rossell model modified, this paper examines the macroeconomic factors that affect the stock market development in Cameroon. We find that: stock market liquidity and financial openness represented by foreign direct investment and private capital flows are important determinants of stock exchange development in Cameroon. Contrary to the results found in many other African States, Economic Growth and the Banking sector development still do not have a positive and significant impact in the Stock Market development of Cameroon.