• Gabon disputes CCC rating, cites reforms and April election.
• Fitch flags high debt and deficits, despite recent relief steps.
• IMF deal eyed for 2026, growth seen slowing to 2.2%.

The Gabonese government responded on Tuesday, June 24, 2025, to Fitch Ratings' decision to maintain the country's sovereign credit rating at "CCC," a level indicating high credit risk. Authorities acknowledged the rating but argued it does not fully reflect recent political and fiscal progress.

In a statement, the Ministry of Economy, Finance, Debt, and Public Holdings, also responsible for anti-inflation measures, said it was "aware of the persistent challenges highlighted by Fitch Ratings." However, it insisted that key improvements have yet to be accounted for. Chief among these is the peaceful and transparent April 2025 election, which ended Gabon's political transition and reinforced institutional stability.

The government also emphasized its intention to restore fiscal balance, excluding capital investment, by 2026. Ongoing reforms focus on fiscal discipline, transparency, and improved governance. Debt management efforts, including refinancing and restructuring of domestic debt, are being promoted as measures to ease liquidity pressures.

Fitch's Cautious Stance 

Despite these efforts, Fitch reaffirmed Gabon’s CCC rating, first assigned in January 2025 due to intensifying liquidity pressures. The agency cited ongoing risk factors, including heavy reliance on oil revenues, persistent budget deficits, and payment delays. Public debt remains high at 75% of GDP in both 2023 and 2025, and external financing remains difficult. The agency also flagged a spike in expenditures in 2024, partly funded by arrears. These arrears totaled 2.8% of GDP, including 1.2% owed domestically and 1.6% to international creditors. Fitch expects these arrears to decrease but not disappear by 2026. The agency forecasts a continuing budget deficit of 2 to 2.5% of GDP through 2026.

Positive Signals Acknowledged

Fitch did, however, highlight encouraging developments. These include the successful refinancing of part of Gabon’s international debt through a $570 million bond issuance in the first quarter of 2025, pushing major repayments to 2028 and beyond. A recent regional debt swap also eased short-term repayment pressures without incident.

Crucially, the agency pointed to the potential launch of a new program with the International Monetary Fund (IMF) in 2026 as a pivotal step for improving Gabon’s financial standing. Structural reforms in governance and fiscal transparency may gradually rebuild investor confidence, it noted.

Growth is projected to slow to 2.2% in 2025 due to weaker oil performance and a pullback in public spending. According to Fitch, unlocking stronger growth will require attracting investment in critical infrastructure, such as rail, ports, and electricity, to boost mining output.

The Gabonese government expressed hope that its ongoing reforms and fiscal management efforts will soon be reflected in an improved credit rating, signaling a path toward financial recovery.