Gabon: Reducing public debt is not a priority, says Economy Minister
Debt levels still under control according to the authorities
According to official figures, Gabon’s debt-to-GDP ratio reached 54% at the end of 2024, still below the 70% threshold set by the Central African Economic and Monetary Community (CEMAC). Despite concerns about the evolution of this debt, the Gabonese authorities do not see its reduction as an immediate priority.
“Relaunching growth first and foremost
In an interview with TV5 Monde, Henri-Claude Oyima, Gabon’s Minister of the Economy, Finance, Debt and Participations, stated unequivocally:
“Reducing public debt is not an objective. The objective for us today is to ensure that everything the President of the Republic has promised the Gabonese people comes to fruition.”
The priority is to revive the economy and accelerate development, in order to meet the commitments made by the authorities to the population.
A progressive debt management strategy
Despite this stance, Gabon is not abandoning debt management. Its 2025-2027 strategy calls for a gradual reduction in external borrowing, in favor of regional financing and long-term loans. The aim is to reduce the debt ratio from 55.7% in 2024 to 39.1% in 2027.
The aim of this approach is to keep debt servicing costs under control, while retaining the leeway to finance national priorities.
Economic recovery and national sovereignty are top priorities
To stimulate growth, the government is focusing on targeted policies in key sectors. Energy, economic, budgetary and food sovereignty are now at the heart of Minister Oyima’s development program.
To combat inflation, estimated at 1.5%, purchasing centers will be set up to regulate margins on imported products and prevent commercial abuse. At the same time, the development of the agricultural sector is being actively encouraged to reduce imports and strengthen food self-sufficiency.
A costly structural food deficit
According to the Ministry of Agriculture, food imports cost nearly 550 billion FCFA (around 947 million USD) a year. This dependence weighs heavily on public finances and weakens the country’s economic resilience, making it all the more urgent to boost local production.
Conclusion
Henri-Claude Oyima’s position marks a strategic shift in Gabon’s economic management. Rather than aiming for rapid debt reduction, the authorities prefer to focus their efforts on growth, national sovereignty and sustainable wealth creation. An audacious gamble, in a fragile economic context, but a potentially profitable one if the reforms announced are carried out rigorously and effectively.
