Gabon has become increasingly reliant on regional capital markets to meet its financing needs, though appetite for its debt “has weakened substantially”, ratings agency Fitch said last month, when it downgraded the country’s long-term foreign-currency issuer default rating.

Oyima, a prominent banker and businessman, was named finance minister in May, after Nguema won the first presidential election since he took power in a coup in 2023.

A Presidential decree released late on Thursday said technical adviser Thierry Minko would be taking over as “minister of economy, finance, debt and shareholdings, responsible for combating the high cost of living”.

The decree said another senior official, Marc Abeghe, would be in charge of the budget at the Ministry.

Fitch’s decision to downgrade Gabon’s long-term foreign-currency issuer default rating cited a widening fiscal deficit and a dearth of official creditor financing.

–Reuters–