Gabon Audit: Government Faces Double Audit Pressure Amid Rising Debt

The deadline for the release of two audits on public finances is approaching rapidly, sending shockwaves throughout Libreville in mid-July. On one hand, the Committee for Audit and Consolidation of Exigible State Debts, launched by Minister of Economy Thierry Minko last month, must deliver its conclusions next week on a stock of public debt estimated at around 8,700 billion FCFA, equivalent to between 70% and 74% of GDP.

On the other hand, the Task Force on Public Debt has documented over six years a system of surcharges and fictitious works that partially explains the explosion of domestic debt, which has been multiplied by seven between 2020 and 2023!

This convergence of audit calendars is not coincidental. The Eurobond Gabonese 2031 has seen its lowest point in a year in mid-April, after projections by the IMF evaluated public debt at 85.5% of GDP, above the Cemac ceiling of 70%. Meanwhile, the sovereign spread Gabonese has fallen from over 1,100 points of base in January 2026 to 689.60 points of base in mid-April.

These recent movements on the market reflect a bet by investors on the government’s transparency pledge, rather than an endorsement of already known figures.

The interim report of the Task Force mentioned three years ago already accounted for a surcharge of 12 billion FCFA on Libreville’s infrastructure projects, 2.8 billion FCFA on Ndjolé-Médouneu road project, and a 47% drop in Oyem stadium construction. These figures, documented, form a significant part of the current audit’s stock that must now be qualified and consolidated.

The key question is not just the final figure but what will be done with it. Investors can already expect a wave of judicial proceedings targeting decision-makers under Ali Bongo’s regime. Libreville presents these audits as an indispensable prerequisite for public finances normalization and their outcome will determine access to concession financing essential to its investment programme.