Gabon: Accelerated Growth Masking a Debt-Fueled Economy

Gabon's economic growth acceleration in 2025-2026 relies on increased public borrowing rather than a structural transformation of state revenues, according to a Financial Afrik analysis published on August 11, 2026. The full detailed figures of this analysis have not been made entirely public. Gabon, a CEMAC member, has seen its public debt exceed the regional convergence threshold of 70% of GDP in recent years, according to previously communicated data from the International Monetary Fund. The economy remains structured around oil, which accounts for about 40% of budget revenues and a large share of exports, and manganese, of which the country is one of the world's leading producers via Comilog, a subsidiary of the French group Eramet. Brice Oligui Nguema, who came to power after the August 2023 coup and was elected president in April 2025, has initiated a fiscal recovery program backed by the IMF. For the Gabonese state, this debt financing reduces future fiscal maneuver room and increases the country's exposure to fluctuations in international interest rates and commodity prices. This setup illustrates a classic tension in Central Africa's oil and mining economies: recovery relies on extractive industries and public spending, but without sufficient diversification of non-oil revenues, debt becomes the primary driver