• Public debt rose to CFA8,606.6 billion by end-October 2025

• Domestic debt now exceeds CFA4,391 billion, driven by regional markets

• Debt arrears climbed to CFA443.6 billion, raising sustainability concerns

By the end of October 2025, Gabon’s public debt recorded a sharp increase. According to data from the General Directorate of Debt (DGD), the total outstanding stock rose from CFA7,133 billion to CFA8,606.6 billion ($15.37 billion), an increase of nearly CFA1,473 billion in ten months. This 20.6% rise reflects the government’s increased reliance on borrowing to cover its financing needs, amid strong cash flow pressures.

The increase was driven mainly by domestic debt, which now stands at CFA4,391.9 billion. The regional financial market accounts for the bulk of this amount, with more than CFA3,200 billion, confirming the Gabonese Treasury’s growing dependence on this source of financing.

External debt, for its part, amounts to CFA4,214.8 billion. It is largely dominated by multilateral creditors and the international financial market. Commitments to multilateral institutions are around CFA1,646.7 billion, while debt contracted on international markets exceeds CFA1,397 billion.

This structure reflects a growing reliance on commercial and bond financing to support public policies.

Arrears continue to accumulate

At the same time, debt arrears have continued to rise. By the end of October 2025, they reached CFA443.6 billion ($792 million), up by more than CFA174 billion compared with December 2024. This stock combines unpaid current maturities and older arrears, highlighting persistent difficulties in managing public liquidity.

This situation is raising concerns about debt sustainability and the government’s ability to meet its obligations on time, particularly to certain creditors and suppliers, with potential repercussions for economic activity.

A trajectory seen as worrying

The current debt trend reinforces the forecasts of international financial institutions, which expect Gabon’s debt burden to worsen in the coming years. According to the latest World Bank economic update, titled Building and Preserving Gabon’s Wealth to Improve Living Standards, public debt is expected to continue rising and reach 86.1% of gross domestic product by 2027, well above the CEMAC convergence threshold of 70%.

In response to these prospects, Gabonese authorities are defending an approach focused on the quality of borrowing. For Henri-Claude Oyima, minister of Economy, Finance, Debt, and State Holdings, in charge of the fight against high living costs, the challenge is not to reduce the debt stock at all costs, but to use it as a lever for growth. “Debt becomes a problem when it generates no revenue. Our objective is to build good debt: when borrowing finances structuring investments that generate additional income, debt becomes a factor for development,” he recently said in local media.

Sandrine Gaingne