Gabon Location : Western Africa, bordering the Atlantic Ocean at the Equator, between Republic of the Congo and Equatorial Guinea
Capital City : Libreville
Curreny : Communaute Financiere Africaine franc (XAF); note - responsible authority is the Bank of the Central African States
Languages Spoken : French (official), Fang, Myene, Nzebi, Bapounou/Eschira, Bandjabi
Climate : tropical; always hot, humid
National Holiday : Founding of the Gabonese Democratic Party (PDG), 12 March (1968)
Background Information
Ruled by autocratic presidents since independence from France in 1960, Gabon introduced a multiparty system and a new constitution in the early 1990s that allowed for a more transparent electoral process and for reforms of governmental institutions. A small population, abundant natural resources, and considerable foreign support have helped make Gabon one of the more prosperous black African countries.
Geographical Note
a small population and oil and mineral reserves have helped Gabon become one of Africa's wealthier countries; in general, these circumstances have allowed the country to maintain and conserve its pristine rain forest and rich biodiversity
Economy
Gabon enjoys a per capita income four times that of most nations of sub-Saharan Africa. This has supported a sharp decline in extreme poverty; yet because of high income inequality a large proportion of the population remains poor. Gabon depended on timber and manganese until oil was discovered offshore in the early 1970s. The oil sector now accounts for 50% of GDP. Gabon continues to face fluctuating prices for its oil, timber, and manganese exports. Despite the abundance of natural wealth, the economy is hobbled by poor fiscal management. In 1992, the fiscal deficit widened to 2.4% of GDP, and Gabon failed to settle arrears on its bilateral debt, leading to a cancellation of rescheduling agreements with official and private creditors. Devaluation of its Francophone currency by 50% on 12 January 1994 sparked a one-time inflationary surge, to 35%; the rate dropped to 6% in 1996. The IMF provided a one-year standby arrangement in 1994-95, a three-year Enhanced Financing Facility (EFF) at near commercial rates beginning in late 1995, and stand-by credit of $119 million in October 2000. Those agreements mandate progress in privatization and fiscal discipline. France provided additional financial support in January 1997 after Gabon had met IMF targets for mid-1996. In 1997, an IMF mission to Gabon criticized the government for overspending on off-budget items, overborrowing from the central bank, and slipping on its schedule for privatization and administrative reform. The rebound of oil prices in 1999-2000 helped growth, but drops in production hampered Gabon from fully realizing potential gains. In December 2000, Gabon signed a new agreement with the Paris Club to reschedule its official debt. A follow-up bilateral repayment agreement with the US was signed in December 2001.
Religions
Christian 55%-75%, animist, Muslim less than 1%
Ports : Cap Lopez, Kango, Lambarene, Libreville, Mayumba, Owendo, Port-Gentil
International Disputes - Risks to travellers
: maritime boundary dispute with Equatorial Guinea because of disputed sovereignty over islands in Corisco Bay
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