Recent political developments in Guinea-Bissau keep the constitutional referendum market tightly contested. The transitional military authorities announced an August 30, 2026, vote on a draft constitution expanding presidential powers under a semi-presidential system, following the 2025 coup and establishment of a National Transitional Council. Extra-parliamentary opposition groups have quickly demanded postponement, citing insufficient inclusivity and procedural concerns, adding immediate uncertainty about whether the referendum will proceed on schedule. These competing pressures—junta momentum toward constitutional reform versus opposition resistance and potential delays—explain the near-even pricing across “Passes,” “Fails,” and “No Referendum in 2026.” Upcoming statements from regional bodies, opposition mobilization, or transitional government responses could quickly shift trader consensus on timing and approval prospects.