Oil-Rich Gabon Picks Harvard Grad to Help Tackle Debt Woes
(Bloomberg) -- Gabon’s military leader, Brice Oligui Nguema, has picked a new economy minister to resolve the central African oil producer’s debt woes.
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Mark Doumba, an entrepreneur who studied public administration at Harvard University, replaces Mays Mouissi at the helm of the key ministry after a cabinet reshuffle announced Wednesday on the presidency’s Facebook page.
The shake-up comes days after the World Bank suspended disbursements to Gabon over arrears of 17 billion CFA ($27 million). The OPEC member also has $700 million of eurobonds maturing in June, and $1.8 billion in 2031.
The yield on notes due 2025 fell 26 basis points Thursday to 12.77% and the rate on 2031 notes was down 14 basis points to 11.51%.
Nguema, who seized power from his cousin, Ali Bongo, in a 2023 coup, is widely expected to contest presidential elections scheduled for August. The military transitional leader, who hasn’t announced his candidacy, has pledged to stabilize the economy ahead of the vote.
Minister of Public Accounts Charles M’Ba also had debt management added to his portfolio after Wednesday’s reshuffle. While Mouissi, the immediate-past economy minister, now heads the environment ministry in a country that pioneered debt-for-nature swaps on the continent with a $500 million deal in 2023.
Gabon is the world’s third-most forested nation.
--With assistance from Robert Brand.
(Updates with yield moves in fourth paragraph)
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