One of the continent’s most stable countries, Gabon is an upper-middle income country with per capita income four times the sub-Saharan African average (Oxford Business Group: The Report – Gabon 2010) and Central Africa’s only tradable Eurobond. According to Standard Chartered (On The Ground 20.10.10 – Gabon, Diversification Needed) , Gabon has better development and governance indicators than any other oil producing country in sub-Saharan Africa.
Since taking office in October 2009, Gabon’s President Ali Bongo Ondimba has started to implement important political and economic reforms to transform Gabon into a newly developed country by 2025, strengthening and diversifying the economy around three pillars:
- Gabon Vert(Green Gabon) to sustainably develop the country’s natural resources: 22 million ha of forest, 1 million ha of arable land, 13 national parks, 800 km of coastline;
- Gabon Industriel(Industry Gabon) to develop local processing of primary materials, export of high value-added products;
- Gabon des Services(Services Gabon) to develop the Gabonese workforce to become a regional leader in financial services, ICT, green growth, tertiary education and health.
In 2010, Gabon attracted over 4 billion USD in FDI in the wood, agriculture and infrastructure sectors. Gabon’s economy grew 6% in 2010, a significant reversal following a 1.4% contraction in 2009.