• Gabon plans to raise up to CFA331 billion in domestic debt in early 2026

• The revised target is about 43% higher than initially planned

• Investor confidence has improved after renewed IMF engagement signals

Gabon has revised its public debt issuance calendar for the first quarter of 2026, sharply increasing its domestic borrowing targets, according to a note published in late January by the Bank of Central African States, or BEAC.

Under the updated plan, the Gabonese Treasury now expects to raise between CFA291 billion and CFA331 billion on the regional market between January and March 2026, up from an initial range of CFA201 billion to CFA231 billion. The revision represents a potential increase of up to CFA100 billion, or about 43.3%, in planned financing for the period.

The adjustment affects all funding instruments. For Treasury bills, used for short-term financing, the target has been raised to CFA166 billion from an initial CFA126 billion. The revised schedule also introduces new maturities, including 52-week Treasury bills to be issued as early as January and February.

On the bond segment, aimed at medium- and long-term financing, the initial ceiling of CFA105 billion has been lifted to a range of CFA125 billion to CFA165 billion. Planned issuances cover maturities of two to seven years, with interest rates reaching up to 7.5% for seven-year bonds.

The additional resources are expected to help the government strengthen cash management, meet short-term financial obligations, and fund development projects included in the 2026 budget.

Renewed investor confidence

The upward revision follows signals from the Gabonese authorities that they intend to conclude a new program with the International Monetary Fund, after nearly three years without one. The commitment was reiterated during an extraordinary summit of Central African Economic and Monetary Community leaders held on January 22, 2026, in Brazzaville.

According to the authorities, the announcement was interpreted by investors as a sign of renewed stability, credibility, and fiscal discipline. In response, the spread on Gabon’s sovereign bonds narrowed by 272 basis points to 790, its lowest level in 13 years.

By the end of January 2026, Gabonese bonds had become the best-performing sovereign debt instruments among emerging markets, reflecting a renewed appetite for the country’s credit, according to market data.

Sandrine Gaingne