Libreville — A long-feared figure has now been confirmed. Gabon’s public debt has surged to 8,780 billion CFA francs by the end of 2025, according to the latest data from the General Directorate of Debt. This unprecedented level signals a critical turning point for the Gabonese economy, pushing the sustainability of national finances to the forefront of national discussions.
The cold reality of these figures raises urgent questions about the country’s economic model, its ability to fund structural transformation, and the policy space available to authorities in the coming years. While debt itself is not inherently problematic, it becomes dangerous when it grows faster than the national wealth it is meant to generate. That is precisely the challenge Gabon faces today.
An unprecedented surge in borrowing
The total public debt now stands at exactly 8,780.337 billion CFA francs. Of this, external debt accounts for 4,127.620 billion CFA francs, while domestic debt has ballooned to 4,652.718 billion CFA francs.
Breaking down external obligations reveals a diverse creditor base. Bilateral debts amount to 764.510 billion CFA francs, commercial debts total 406.108 billion, multilateral institutions hold 1,580.736 billion, and international bond issuances reach 1,376.266 billion CFA francs.
On the domestic front, regional financial markets have emerged as the primary funding source, with nearly 3,450 billion CFA francs raised from subregional investors. Bank loans account for 444 billion, while moratorium debts have climbed to 758 billion. Yet the most alarming development lies elsewhere.
In just one year, Gabon’s total debt increased by 1,647 billion CFA francs — a staggering 23% rise. Such rapid accumulation is particularly concerning for an economy still heavily reliant on commodity exports.
The hidden danger of domestic borrowing
This debt surge defies conventional patterns seen across Africa. Unlike typical crises driven by external creditors, Gabon’s debt escalation stems largely from internal sources. In fact, external debt has declined slightly by 41 billion CFA francs over the past year.
The real shift stems from the explosive growth of domestic liabilities. Internal debt jumped by nearly 1,688 billion CFA francs in twelve months — a breathtaking 57% surge. According to the General Directorate of Debt, this surge stems from two key factors: the formalization of previously suspended debt obligations by the dedicated Task Force, and an aggressive strategy of tapping regional financial markets.
While this approach offers advantages — reducing foreign exchange exposure and limiting dependence on volatile international markets — it carries significant risks. Heavy government borrowing from regional savings could gradually crowd out private sector financing and dampen productive investment. Essentially, the state may become the dominant competitor for available capital in the domestic market.
The urgent call for fiscal discipline
International credit rating agencies had already flagged growing vulnerabilities in Gabon’s public finances. The newly published figures validate these concerns. The debate is no longer about whether debt is rising, but whether the country can generate sufficient growth to absorb this expansion without jeopardizing future investments in health, education, infrastructure, and social protection.
Gabon retains substantial advantages. Its mineral, forestry, and energy resources continue to offer strong potential. However, these assets must now be converted more rapidly into sustainable revenue streams and productive economic growth.
Borrowing is only justified when it fuels future prosperity. When it finances current consumption or masks structural weaknesses, the burden inevitably falls on future generations.
Gabon now stands at a decisive crossroads where every borrowed franc must demonstrate clear economic utility. International markets may lend to governments readily, but they demand one thing in return: proof that their trust was well placed.