Economy
From The Report: Gabon 2014
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Classified by the World Bank as an upper-middle income country, Gabon enjoys an average per capita income – estimated at €8950 in 2013 – that is far higher than the sub-Saharan Africa developing country average of €1212.

Oil revenues have sustained the economy, accounting for 56% of total government revenues and 80% of total exports by value, according to US Energy Information Administration (EIA) statistics for 2011. In addition to the hydrocarbons sector, mining and timber activities are major contributors to the economy, primarily through the export of raw materials. With Gabon’s existing oil fields reaching maturity, authorities are looking to minimise the impact of declining oil revenues on the economy, therefore they are embarking on a programme of economic diversification and industrialisation that should also lead to a more inclusive, job-creating pattern of growth. Expansion of the forestry sector, with an emphasis on domestic processing, has the potential to catalyse a more inclusive growth pattern. It is estimated that the economy could grow as much as 6.5% in 2014, following 5.5% growth in 2013 and a 5.7% expansion in 2012.

This chapter contains interviews with Magloire Ngambia, Minister of Investment Promotion, Infrastructures, Housing and Territory Planning; Nina Abouna, Director-General, Agency for the Promotion of Investment and Exports; and Serge Thierry Mickoto, Managing Director, Gabonese Strategic Investment Fund.

Articles from this Chapter

Overview

The country’s sound economy is an example for sub-Saharan Africa
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Classified by the World Bank as an upper-middle income country, Gabon enjoys an average per capita income – estimated at €8950 in 2013 – that is far higher than the sub-Saharan Africa developing country average of €1212. Oil revenues have sustained the economy, accounting for 56% of total revenues and 80% of total exports by value, according to US Energy Information Administration (EIA) statistics for 2011. The predominance of oil has limited the development of other sectors of the economy…

Interview

OBG talks to Magloire Ngambia, Minister of Investment Promotion, Infrastructure, Housing and Land Management
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Interview:Magloire Ngambia How is the Gabonese government encouraging growth throughout the country and tackling the specific challenge of decentralising investments? MAGLOIRE NGAMBIA: In 2014 Gabon adopted the Law of Decentralisation. The roll out of this legislation should be promulgated shortly. Once implemented, we expect gradual and sustained development of the whole country, taking into account the idiosyncrasies of each individual region. Once the whole country has achieved the required…

Interview

OBG talks to Nina Abouna, Director-General, Agency for the Promotion of Investment and Exports
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Interview:Nina Abouna What will be the main functions of the planned single service window and how will it benefit international investors? NINA ABOUNA: On April 9, 2014, the government signed a loan agreement for $18m in order to finance the Promotion of Investment and Competitiveness Project aimed at improving the investment climate and supporting the development of companies in the country. Within the framework of this project a new entity is going to be created, the Gabon Agency for the…

Analysis

Fiscal responsibility: The government is working to rein in spending
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The country is pressing on with its Emerging Gabon plan (Plan Stratégique Gabon Émergent, PSGE) to reach emerging country status by 2025, but it faces near-term fiscal challenges – in part a result of the necessary high capital spending – as it lays the long-term foundations for sustained economic growth. As of late 2013, the Gabonese government expected increases in both mining and oil revenues for 2014, enabling a return to a budget surplus. However, the 2014 mid-year budget revision conducted…

Interview

OBG talks to Serge Thierry Mickoto, Managing Director, Gabonese Strategic Investment Fund (FGIS)
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Interview:Thierry Mickoto What are the short- and mid-term strategic sectors identified by the FGIS at a national level? THIERRY MICKOTO: Within the framework of our investment strategy, designed to be in line with the Emerging Gabon strategic plan and its main pillars, the FGIS has identified certain sectors with considerable growth potential in the mid term. In light of the current data, the primary sector industries that we have identified are agriculture, livestock and forestry, particularly…

Analysis

Entrepreneurial efforts get a boost from microfinanciers
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In partnership with the International Finance Corporation, the Banque Gabonaise de Développement (BGD) launched a “Toolkit for Small and Medium-Sized Enterprises (SMEs)” in November 2013. The toolkit has an informational website for SME entrepreneurs with sections addressing all areas of business establishment, management and growth. The project also involves trainings for 500 SMEs, to be conducted in the next two years. Estimates for the number of SMEs in Gabon vary, but Alain Rempanot Mepiat,…

Analysis

Collaborative projects: The government seeks partners for large developments
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A push to realise infrastructure development and management has led the Gabonese government to sharpen its focus on public-private partnerships (PPPs) as a means of sharing the risks and cost of major development initiatives. The government’s plan for achieving emerging market status by 2025, “Emerging Gabon”, emphasises the importance of the private sector and prioritises PPPs as a key feature of the strategy. The PPP format traditionally offers a big advantage in that it allows the government…

Interview

OBG talks to Madeleine Berre, President, Gabonese Employer’s Confederation, and Partner and General Manager, Deloitte Legal and Tax
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Interview:Madeleine Berre How can the government and private sector encourage the creation of companies? MADELEINE BERRE: The creation of new businesses has been a main concern for all economic players. The government has implemented a policy aimed at fostering employment prospects and encouraging entrepreneurship through the creation of new firms. In order to accomplish these objectives, a competitive legal and tax framework should be adopted. The current provisions for small and medium-sized…