Gabon removes its finance minister as concerns over debt grow
President Brice Oligui Nguema of Gabon has appointed a new finance minister, Henri-Claude Oyima, as stated in a recent decree, amid the challenges of a liquidity squeeze and increasing arrears faced by the oil-producing Central African nation.
Gabon has grown more dependent on regional capital markets to fulfill its financing requirements, although demand for its debt “has weakened substantially,” according to ratings agency Fitch, which downgraded the country’s long-term foreign-currency issuer default rating last month.
Oyima, a notable banker and businessman, was appointed finance minister in May, following Nguema’s victory in the first presidential election since he assumed power in a coup in 2023.
A presidential decree issued late Thursday announced that technical adviser Thierry Minko will assume the role of “minister of economy, finance, debt and shareholdings, tasked with addressing the high cost of living”.
The decree stated that another senior official, Marc Abeghe, would oversee the budget at the ministry.
Fitch has downgraded Gabon’s long-term foreign-currency issuer default rating, pointing to an expanding fiscal deficit and a lack of support from official creditors.
The agency projected that government debt would rise from 72.9% of gross domestic product in 2024 to 80.4% in 2025, 85.5% in 2026, and 86.7% in 2027.
In December, Gabon’s presidency announced plans to implement a new housing tax in 2026 aimed at enhancing public lighting, maintaining roads, and ensuring city cleanliness.
