The Paradox of the Gabonese Economy: The Multi-Year Rise in National Wealth Contrasts with the Continuous Decline in the Standard of Living of the Gabonese Population.
According to the World Bank Group, Gabon's national wealth, including natural, human, and physical capital, increased by 35% between 1995 and 2020, but concurrently, wealth per capita decreased by 34.7%.
T his report by the World Bank Group teaches us that, in terms of national wealth, Gabon saw its overall capital—including natural, human, and physical capital—grow by 35% between 1995 and 2020, reaching 105 billion dollars in real chain-linked 2019 dollars (or approximately 65.508 billion CFA francs). This wealth is dominated by natural capital, which accounts for 42% of the total, followed by human capital (31%) and physical capital (27%).
At the same time, the World Bank informs us that, over the same period, while the value of wealth produced on national territory increased by 35%, the social misery of the Gabonese population increased by 34.7%.
In other words, Gabon's national wealth primarily benefits foreign multinationals such as Eramet via Comilog, TotalEnergies, Perenco, Rougier, Maurel & Prom, Olam-GSE-Arise, Maroc Telecom via Gabon Télécom, the Moroccan group Attijariwafa Bank via UGB, Bolloré Transport & Logistics via the Port of Libreville, or the Ivorian Group Atlantique Financial Group via AFG Bank Gabon (formerly BICIG), and the list goes on.
Therefore, through this World Bank report, Gabonese people can observe that foreign interests are pocketing the jackpot in Gabon while 40% of the Gabonese population continues to live in misery on less than US$1 (623 CFA francs) per day.
It is for this reason, among others, that the President of the Republic, Brice Clotaire Oligui Nguema, is promoting a policy of "economic sovereignty" through, for example, the repurchase of the Assala oil company, the ban on exporting raw manganese starting from January 1, 2029, the nationalization of General Manager positions in resident banks, or the creation of future central purchasing bodies.
Henceforth, for the signing of contracts for the exploitation of natural resources, the Head of State, Brice Clotaire Oligui Nguéma, demands better remuneration for the Gabonese State through a win-win public-private partnership, as well as a minimum level of transformation of raw materials on national territory to multiply the national added value and develop production chains, including through the ban on importing poultry starting from January 1, 2027.
Based on this ambitious economic strategy, the President of the Republic, Brice Clotaire Oligui Nguéma, and his Minister of Economy and Finance, Henri-Claude OYIMA, plan to increase the growth rate from 2.9% in 2024 to 6.5% in 2026 by increasing the State's own revenues to 4,153 billion in 2026 while accelerating the investment multiplier, which will rise to 2,119 billion CFA francs for the 2026 fiscal year, according to the related finance bill.
