Gabon’s military leader, Brice Oligui Nguema, has appointed Mark Doumba as the country’s new economy minister in a reshuffle aimed at tackling its escalating debt issues. Doumba, an entrepreneur with a Harvard University background in public administration, replaces Mays Mouissi following the announcement of the cabinet changes on the presidency’s official Facebook page.
The reshuffle comes at a critical time for Gabon, after the World Bank suspended its financial disbursements to the Central African nation due to arrears totaling 17 billion CFA (approximately $27 million). Gabon also faces the looming maturity of its dollar-denominated bonds in June 2025, which have raised concerns about the country’s financial stability.
Nguema, who seized power from his cousin Ali Bongo in a military coup in 2023, is under increasing pressure to stabilize Gabon’s economy. While he has not yet confirmed his candidacy, Nguema is expected to contest the upcoming presidential elections slated for August 2025. His administration has pledged to implement measures aimed at bolstering the country’s economy ahead of the vote.
In addition to the changes in the economy ministry, Charles M’Ba, Gabon’s Minister of Public Accounts, has been entrusted with the added responsibility of overseeing the country’s debt management. This move underscores the government’s commitment to confronting its financial challenges head-on.
Mouissi, the former economy minister, has been reassigned to lead the environment ministry, where he will spearhead Gabon’s ambitious debt-for-nature initiatives. Gabon, which is home to one of the world’s largest rainforests, has pioneered debt-for-nature swaps on the African continent, securing a landmark $500 million deal in 2023 to convert debt into environmental conservation funding.
Gabon, the world’s third-most forested nation, continues to leverage its rich natural resources as part of its strategy to address both environmental and fiscal challenges. With these key reshuffles, the country’s government aims to navigate the complex balance between financial recovery and sustainable development.