With Shock From Gabon

This paper discusses impact of the falling oil prices on the Gabon’s economy. With oil accounting for roughly 40 percent of its GDP, 45 percent of its government revenues, and nearly 85 percent of its exports in 2014, Gabon’s economic growth prospects depend on how it copes with the recent oil-price slumps. Economic performance during major oil-price declines clearly illustrates the vulnerability of Gabon and other oil-dependent countries in sub-Saharan Africa. The recent oil-price slump is bound to generate a major deceleration of Gabon’s non-oil economy. Given the strength of the government transmission channel, the authorities should support economic activity (through productive spending) while ensuring fiscal sustainability.

The staff report for the First Review Under the Stand-By Arrangement (SBA) on Gabon focuses on economic developments and policies. The economy is little diversified and heavily dependent on oil production, which is on a downward trend; the debt burden is high; and social indicators are weak. The program supported by the 14-month SBA aims at promoting non-oil GDP growth through wide-ranging structural reforms, while sustaining fiscal adjustment and improving public expenditure management. Progress has been made on the structural front, notably in the forestry sector and in the areas of privatization and budgetary management.

Gabon Country Study Guide - Strategic Information and Developments

Women Writers of Gabon: Literature and Herstory demonstrates how the invisibility of women (historically, politically, cross-culturally, etc.) has led to the omission of Gabon’s literature from the African canon, but it also discusses in depth the unique elements of Gabonese women’s writing that show it is worthy of critical recognition and that prove why Gabonese women writers must be considered a major force in African literature. This book is the only book-length critical study of Gabonese literature that exists in English and although there are titles in French that provide analyses of the works of Gabonese women writers, no one work is comprehensive nor is the history of women’s writing in Gabon considered in the such a manner. Throughout the various chapters, the book explores, among other things, contributions that are unique to Gabonese women writers such as: definitions of African feminisms as they pertain to Gabonese society, the rewriting of oral histories, rituals, and traditions of the Fang ethnic group, one of the first introductions of same-sex couples in African Francophone literature, discussions on the impact of witchcraft on development, and the appropriating of the epic poetry known as the mvet by women writers. The chapters explore works by all major voices in Gabonese women’s writing including Angèle Rawiri, Justine Mintsa, Sylvie Ntsame, Honorine Ngou, and Chantal Magalie Mbazoo-Kassa and the book concludes with brief introductions of a younger generation of Gabonese women writers such as Edna Merey-Apinda, Alice Endamne, Nadia Origo, Miryl Eteno, and Elisabeth Aworet among others.

The Gabonese economy was gradually recovering from the 2014 oil price shock when it was hit by the Covid-19 pandemic. Decisive confinement measures have helped save lives, but the pandemic and the fall in oil prices have severely hit the economy, increasing unemployment and poverty. With a weak economy and increased COVID-19 related spending, the fiscal deficit has widened, with a sharp increase in public debt. Emergency financing from the IMF through the Rapid Financing Instrument (US$299.61 million) helped meet urgent balance of payment needs in 2020. Growth is expected to resume in 2021 but the pandemic has made the economic outlook very challenging and generated sizable financing needs over the medium term.

In August 2023, Gabon underwent a major political transition after a coup d’état had overthrown a decades-long regime. Despite multiple reform attempts, years of poorly managed oil wealth, weak inclusion, and stagnant incomes fragilized the political and socio-economic environment in the runup to the coup. The transition authorities now face a historic opportunity to pivot towards a more transparent and inclusive model of governance, but overcoming decades of entrenched institutional practice will require sustained reform efforts to achieve a point of no return. Meanwhile, the Fund-supported EFF program veered off-track soon after the completion of the first two reviews in 2022 and will expire soon.