The deadline for two audits on public finances is looming, sending shockwaves through Libreville in mid-July. On one hand, the Committee of Audit and Consolidation of Exigible State Passives, launched by Economy Minister Thierry Minko last month, must submit its conclusions next week on a debt stock valued at around 8.7 billion FCFA, equivalent to between 70% and 74% of GDP.

On the other hand, the Task Force on Public Debt has documented over six years a system of surcharges and fictitious works that partly explains the surge in domestic debt, which has been multiplied by seven between 2020 and 2023!

The convergence of audit calendars is not coincidental. The Eurobond Gabonese 2031 suffered its largest decline in a year last month after projections from the IMF valued public debt at 85.5% of GDP, above the Cemac norm of 70%. Meanwhile, the sovereign spread Gabonese has fallen from over 1,100 points in January 2026 to 689.60 points in mid-April, reflecting market bets on the government’s transparency pledge rather than a validation of existing figures.

The Task Force report three years ago already documented surcharges of 12 billion FCFA for Libreville’s infrastructure, 2.8 billion FCFA for road surfactizations on Ndjolé-Médouneu, and a 47% drop in the Oyem stadium. These amounts, documented, form a significant part of the debt stock that the current audit must now qualify and consolidate.

The point scrutinized by investors is not just the final figure but what will be done with it. Already, we can expect a wave of judicial proceedings targeting decision-makers under Ali Bongo’s regime. Libreville presents these audits as an indispensable prerequisite for public finance reform and that their outcome will determine access to concession financing essential for its investment program.

By Mariama Hamani — Analyst