An upper-middle-income country situated on the Gulf of Guinea, Gabon is one of Africa’s leading oil producers. With a population of around 1.7m and a stable political system, it plays a leading role in the region through its membership in the CEMAC economic bloc.
Given the decline in oil prices from mid-2014 on, the government’s drive to diversify the economy away from its traditional reliance on hydrocarbons in line with its Emerging Gabon Strategic Plan has taken on greater importance. Drawing on its sizeable timber and mineral reserves, Gabon aims to develop new industries and boost domestic value added with the ultimate goal of achieving emerging market status by 2025. In the meantime, however, weaker oil prices will likely cause complications for the next two to three years, as the authorities grapple with lower budgets and greater debt challenges.
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