Gabon has launched a fundraising operation on the financial market of the Central African Economic and Monetary Community (CEMAC), aiming to raise CFA 85 billion. This initiative, structured in two tranches, is part of the country's strategy to finance its budgetary priorities and support the implementation of structuring projects identified in the 2026 Finance Law.
The bond issue is divided into two distinct tranches. The first tranche offers an annual interest rate of 6% over a three-year term, while the second offers a rate of 6.5% over four years. The principal will be repaid in full at maturity for both tranches. The subscription period runs from February 25 to May 25, 2026. Emrald Securities Services Bourse is acting as lead arranger for the transaction, with CCA Bourse as co-arranger.
This operation combines two objectives: to raise CFA 60 billion in cash and to use CFA 25 billion to convert arrears of payments from the State to companies into bonds. This mechanism allows investors holding validated claims from the State to transform them into bonds, provided they contribute an equivalent amount in cash, on a 1:1 ratio.
The operation is part of Gabon's borrowing strategy for 2026, which foresees significant recourse to both internal and external financing, with a central role for the regional financial market and semi-concessional loans. This bond issue will test the depth of the CEMAC market and the Gabonese Treasury's capacity to mobilize local savings in a context of high financing needs.
Gabon has revised upwards its public debt issuance targets for the first quarter of 2026, increasing its borrowing ambitions on the regional market. According to a note from the Bank of Central African States (BEAC) published in late January, the Gabonese Treasury now plans to raise between CFA 291 billion and CFA 331 billion between January and March 2026, compared to an initial range of CFA 201 to CFA 231 billion. This revision represents a potential increase of 43.3% in planned financing for the period.
In 2025, bond issuances from CEMAC countries reached a record level of $9.4 billion, with Gabon, Congo, and Cameroon leading the borrowers. Gabon issued approximately $2.5 billion in bonds. These issuances are intended to finance budgetary needs and infrastructure projects.
The IMF is planning a visit to Gabon at the end of February 2026 to assess the economic situation and discuss reform priorities. Although Gabon has not yet submitted a formal request for a financing program, market optimism about a possible agreement with the IMF has supported Gabonese dollar-denominated bonds.
