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Analysis

Gabon looks to deepwater blocks to increase production
OBG
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As the drop in oil prices continues, upstream investment in Gabon has slowed as operators decrease their capital expenditure and production costs. The situation is hardly unique to Gabon, with other producers in the Gulf of Guinea, such as Nigeria and Ghana, facing similar situations. However, it comes on top of a decline in Gabon’s production, down from a peak of 370,000 barrels per day (bpd) in…

Analysis

Gabon establishes new banking bodies to help lenders
OBG
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The regional authorities are currently working to create two new institutions that will serve to provide banks and merchants in CEMAC with more information on their customers. This will allow for an improvement in both the development of local payment systems and the ability of banks to lend with increased confidence. Payment Incidents Registry The regional central bank, Banque des Etats de l’Afrique…

Overview

Gabon works on economic diversification with new PSGE strategy
OBG
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The economy of Gabon has been driven in large part by its abundant wealth of natural resources, which have allowed it to support one of the highest per capita GDPs on the continent. However, the country’s economy has reached a critical juncture in 2016, with the decrease in the international price of oil since mid-2014 having both highlighted the need for and increased the urgency of plans to diversify…

Overview

Gabon developing more hydropower and natural gas resources
OBG
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In a global environment of low oil prices, the Emerging Gabon Strategic Plan (Plan Stratégique Gabon Emergent, PSGE) has sought to diversify the economy away from hydrocarbons since 2010. As such, over recent years the Gabonese government has increased development of the hydropower sector, as well as expanding the country’s large natural gas supplies – with new offshore deposit discoveries set…

Overview

Gabon boosts agricultural production and supports new farmers
OBG
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Much attention is being focused on Gabon’s rural areas and on developing the country’s roughly 5m ha of fertile land. While it is has one of the lowest population densities in sub-Saharan Africa, according to the Ministry of Agriculture, around 86% of the country’s 1.8m inhabitants have opted to live in the major urban centres – namely Libreville, but also Port-Gentil and, to a smaller extent,…

Overview

Gabon awaiting several major infrastructure projects to spur growth
OBG
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According to the IMF’s 2015 Article IV consultation with Gabon, the early years of the Emerging Gabon Strategic Plan (Plan Stratégique Gabon Emergent, PSGE) proved to be a significant boon for the construction sector. The IMF reported that “high oil revenues funded a scaling up of public investment that helped propel overall growth to nearly 6% on average, led by construction and services”. Following…

Overview

Frederic Ober, Director-General, Precious Woods CEB; and Didier Balzaretti, Former Director-General, Rougier Gabon: Interview
OBG
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Interview: Frederic Ober; Didier Balzaretti What effect has Gabon’s log export ban had? FREDERIC OBER: It is logical for a country to strive to preserve and create value in-country, but the move to ban log exports was too abrupt. The lack of time to transition forced investors to act immediately and resulted in huge losses for operators and the country as a whole. Despite the measures put in place…

Overview

Gabon's government prioritises closing the housing deficit
OBG
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As with many African property markets, Gabon has seen its different subsectors evolve in very different ways. Gabon has an estimated housing deficit of 200,000, concentrated on middle- and low-income earners, but there is a growing oversupply in the high-end segment. Despite empty units, high-end property remains expensive, especially in the capital city. Libreville is Africa’s third most expensive…

Overview

Gabon invests in improvements at key ports
OBG
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As is the case in many African countries, Gabon depends heavily on imports for the supply of food staples and other basic products; this is in large part due its over-reliance on the oil and gas sector. Over the years, logistical costs have remained structurally high due to a lack of infrastructure and a persistence of administrative and regulatory barriers. In an attempt to boost Gabon’s export…

Overview

Gabon invests in transport infrastructure to boost economic diversification
OBG
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As part of Gabon’s economic growth strategy, the authorities have been looking to accelerate the development of transport infrastructure in recent years as a means to improve national logistics competitiveness and boost development in remote areas of the country. For this reason, public spending on transportation has averaged CFA780bn (€1.2bn) per year, or 70% of the state investment budget between…