Gabon's public debt increasingly financed by regional financial market

This marks a significant shift, with the regional market becoming the primary source of financing for the Gabonese Treasury, surpassing traditional international creditors. In 2025 alone, borrowings from this market totaled 2,211.7 billion FCFA out of 2,851.3 billion FCFA borrowed overall. The majority of this, 1,806.8 billion FCFA, was raised through fungible Treasury bonds OTAs.

Notably, 1,079.1 billion FCFA of these OTAs were subscribed by external Treasury bill specialists, indicating that banks outside Gabon, within CEMAC countries, are largely financing the Gabonese state's current operations. The state has maintained a perfect payment record on both the regional financial market and international Eurobonds, recognizing that any payment incident would cut off its main funding source. However, this heavy reliance on the regional market carries risks.

Economists point to a crowding-out effect, where funds lent to the state by CEMAC banks are not available for private sector projects, real estate loans, or private investments. There is also a concentration risk for the banks themselves, as many have lent substantial amounts to a single borrower, the Gabonese state. Should the Gabonese Treasury face repayment difficulties, these regional banks, and consequently their clients' savings and deposits, would bear the consequenc