Standard & Poor’s (S&P) has reaffirmed Chad’s sovereign credit rating at «B-» with a stable outlook, a move that validates the government’s strategic vision under the «Tchad Connexion 2030» National Development Plan. This decision reflects the agency’s confidence in the country’s economic momentum, driven by strong growth, manageable debt levels, and consistent support from international partners, as highlighted by the Ministry of Finance.

GDP growth revised upward: from 3.6% to 5.2%

Chad’s economy has shown steady improvement since 2023, fueled by rising oil prices and a rebound in services. In 2025, real GDP growth is projected at 5%, exceeding S&P’s December 2024 forecast of 3.6% for the period 2024–2027. The International Monetary Fund (IMF) has also upgraded its growth outlook to 5.2%, underscoring the economy’s resilience.

While oil remains a key driver—accounting for a significant share of exports and public revenue—the non-oil sectors, including agriculture and services, are gaining traction. Agricultural output has strengthened, and the service sector is expanding, supporting domestic demand. These trends signal a more diversified economic base, reducing reliance on hydrocarbons.

Debt sustainability: a key achievement

Chad has made significant strides in reducing its public debt, which now stands at around 36% of GDP—a level considered moderate compared to peers. In 2022, Chad became the first country globally to restructure its external debt under the G20’s Common Framework, converting half of its debt into highly concessional terms with favorable repayment conditions.

This restructuring has restored fiscal space, making Chad’s debt profile more attractive to investors. The government continues to pursue prudent fiscal policies, balancing debt sustainability with investments in infrastructure and social spending, as outlined in the «Tchad Connexion 2030» plan.

Domestic revenue mobilization: progress and potential

Chad has made notable progress in boosting domestic revenue collection, a critical pillar of its ongoing economic reforms. The tax-to-GDP ratio rose from 9.8% in 2022 to 13.1% in 2023, according to OECD data, reflecting efforts to broaden the tax base and improve revenue administration.

In 2025, non-oil revenues exceeded projections, supported by strong performance in non-hydrocarbon sectors and measures implemented under the IMF program approved in July 2025 (totaling $625.3 million). Digitalization of public finances and enhanced governance have further improved collection efficiency, positioning Chad for stronger fiscal resilience.

The Ministry of Finance emphasized that S&P’s rating confirmation «strengthens Chad’s financial credibility and enhances its appeal to private investors while reinforcing confidence among international partners in the country’s reform trajectory.»

«Tchad Connexion 2030»: unlocking economic potential

While S&P’s stable rating reflects progress, challenges remain—particularly in economic diversification, tax revenue mobilization, debt sustainability, and infrastructure development. These priorities are central to the «Tchad Connexion 2030» National Development Plan, adopted in May 2025 following Chad’s political transition.

The plan, launched after the 2021–2024 transition, includes 268 projects across 17 programs, aiming to lift 2.6 million Chadians out of poverty by 2030 through an 8% annual GDP growth target, which would expand the economy by 60% by 2030. The strategy is funded by $20.5 billion mobilized from public and private partners in Abu Dhabi (November 2025).

The plan’s four pillars:

• Accelerating strategic infrastructure: energy, water, roads, and telecommunications.
• Strengthening social policies: education, healthcare, vocational training, youth employment, and social inclusion.
• Diversifying the economy: expanding export-oriented sectors in agriculture, livestock, fishing, hydrocarbons, mining, and tourism, with a focus on local value addition.
• Improving the business environment: simplifying administrative procedures and fostering private sector growth.