Gabon president replaces finance minister amid mounting debt pressures

Gabon’s President, Brice Oligui Nguema, has reshuffled his economic management team, replacing Finance Minister Henri Claude Oyima amid mounting fiscal pressures and a tightening liquidity situation in the oil-producing Central African country.

A presidential decree issued late on Thursday announced that Thierry Minko, previously a technical adviser, has been appointed as “minister of economy, finance, debt and shareholdings, responsible for combating the high cost of living”. The decree also named Marc Abeghe, another senior official, as the official in charge of the budget at the ministry.

The changes come as Gabon faces growing financial strain, with increased reliance on regional capital markets to meet its funding needs. However, international confidence has weakened. Ratings agency Fitch last month downgraded Gabon’s long term foreign currency issuer default rating, warning that investor appetite for the country’s debt “has weakened substantially”.

Oyima, a well known banker and business figure, was appointed finance minister in May after President Nguema won his first presidential election, following the military takeover of power in 2023. His removal comes at a time when Gabon is struggling with rising arrears and a widening fiscal deficit.

In explaining its downgrade, Fitch pointed to the lack of official creditor financing and projected a sharp increase in public debt. The agency estimates that government debt will rise from 72.9 per cent of gross domestic product in 2024 to 80.4 per cent in 2025, before climbing to 85.5 per cent this year and 86.7 per cent next year.

The fiscal pressures have prompted the government to explore new revenue measures. In December, the presidency announced plans to introduce a housing tax in 2026, aimed at funding public lighting, road maintenance and city cleanliness.

The latest reshuffle signals an attempt by President Nguema to stabilise Gabon’s finances and restore confidence as the country navigates economic headwinds and mounting debt challenges.