The Republic of Gabon is located
in the Central Africa's region, bordering the Atlantic Ocean (Coastline: 885
km) just at the Equator, between the Republic of the Congo and Equatorial
Guinea
Its total Area: 267,670 sq. km (land:
257,670 sq. km water: 10,000 sq. km
Population:
1,290,159 (July 1997); 1,321,560 (July 2003 est.). Population
growth rate: 2.8% (average for 1995-2000 period); 2.54% (2003 est.)
Capital-City:
Libreville
Independence from France:17
August 1960 National holiday: Independence Day
17 August, 17 1960
Natural resources:
petroleum, manganese, uranium, gold, timber, iron ore.
Agricultural
productions:cocoa, coffee, sugar, palm oil; rubber; okoume (a tropical
softwood); cattle; small fishing operations (provide a catch of about 30,000 metric
tons).
Industrial production: food and beverage;
textile; lumbering and plywood; cement; petroleum extraction and refining; manganese,
uranium, and gold; chemicals; ship repair.
Gabon's economy is essentially
based on mineral deposits (uranium, manganese, phosphates, iron ore etc.), oil
and forest products exploitation. Contrary to other African countries, agriculture's
contribution is less than 10% (50-60% for other sub-Saharan African countries).
Consequently, large quantities of foodstuffs are imported from neighboring Cameroon
and Europe. Cash crops production is marginal (cocoa: less than 1,000 metric tons
/ year; coffee: less than 500 metric tons / year)
The country depended
on timber and manganese (3rd world producer - 1,490,000 metric tons
/ year) until oil was discovered offshore in the early 1970s.
These three commodities dominate the economy in such a way that the nation's budget
fluctuates up and down according to their international prices. However, Oil played
the biggest part and often accounted for up to 60% of the GNP. One US dollar
fluctuation on prevailing international oil price generates a plus or
minus discrepancy of 50 billion CFA (Click
here for currency equivalence) on generated revenues. Which means that
Gabon harvested big profits since March 2000 - Oil prices increased from US$ 18
- end 1999 - per barrel to nearly US$ 34.90 - Click
here for current pricing of oil and other mineral commodities on the international
marketplace. However,
oil's production is dwindling since 1998 (13 millions metric tons output
for 2003) to a point that, for the fist time since 25 years, 2004's national budget
exposes less contribution from oil than non oil contributing items. Consequently,
the GNP is contracting since 2001-02.
Gabon's political authorities
are now busy taking measures to compensate for the decline of oil's production
and boost the production and industrial transformation of other
abundant mineral resources.
Indeed, unless new oil fields are discovered,
Gabon's policy-makers are now confronted with the challenge to finding economic
alternatives to oil to boost the economy. Otherwise, the country will slowly enter
into economic "recession" when existing oil fields dried out. However,
even in case of new discoveries, oil exportation will not be the economic development
driving force. It might have to compete against new sources of energy and environmental
problems in Northern Hemisphere countries as some European states, like Austria,
had already taken measures to banning the utilization of oil for house heating
system in Year 2026. No doubt that other European countries will follow suit
in the near future of 10 to 15 years.
Further, industrial
growth in any economic activity is likely to be limited by a shortage of labor
(skilled and hands) and high operating costs.
Nevertheless, the
potential for future growth exists and is considerable for the exportation market.
Timber and fishing industries, for instance, while making strong contributions
to the national economy, are not yet fully and efficiently exploited. Timber exploitation
(4,340,000 to 5 millions logs per year) may garner more profits if necessary measures
taken for diversification into manufacturing and selling value added products
such as house flooring, wooden made house kits for African and international market;
furniture production - instead of exporting only logs and plywood.
On
the other hand fishing intake off Gabon's coastline can be increased beyond the
actual 32,000 metric tons per year to cater for the needs of landlocked Central
Africa's countries. (Chad and Central African
Republic - CAR). Other axis for economic
development are agribusiness, cattle ranching, phosphates based fertilizer industry
(phosphates reserves are in the range of 50,000,000 metric tons); low cost housing
scheme and global infrastructure establishment.
Gabon's political authorities
are negotiating with international financing bodies (IMF and World Bank) to obtain
additional financial means. These institutions are requesting drastic macroeconomics
measures (limitation of the number of civil servants from 45,000 to 40,000; the
privatization of many state run companies, strict compliance to allocations made
in the national budget and the establishment of a Body in charge of fighting against
"illicit enrichment". Etc.). Completion of a Structural Adjustment Program
may occur before the December 2004 - the period of the next presidential ballot.
The development of the economy in Gabon had been based too much and
for too long on oil exploitation alone. Huge proceeds (taking into account the
population size of maximum 1,500,000 million people) gained since 1970 from oil
exploitation have not been adequately used to set up an alternative economic development
strategy. As long as
oil price is boosted by events in Irak and the Middle East, Gabon will
continue garnering "hefty" revenues. However, soon will comes the time
of belt tightening.
Passport valid for more than
6 months required by all. VISAS: Required by all. Types of visa: Single-entry
Tourist and Business.. For further details, contact addresses below listed.
A yellow fever vaccination certificate is required from all travelers over
one year of age.
Representation in the US Embassy
of the Gabonese Republic Suite 200, 2034 20th Street NW, Washington,
DC 20009 Tel: +(1) 202 797-1000 Fax:
+(1) 202 332-0668
Representation
in Canada Embassy
of the Gabonese Republic BP 368, 4 Range Road, Ottawa, Ontario
K1N 8J3 Tel: +(1) 613 232 5301 / 2 Fax:
+(1) 613 232 6916
Representation
in UK Embassy
of the Gabonese Republic 27 Elvaston Place, London SW7 5NL Tel:
+(44) 171 823 9986 Fax: +(44) 171) 584 0047
AIR-LINKING
/ TRANSSHIPPING
Gabon's
national airline is Air Gabon (GN), which operates direct flights from
Paris to Libreville and internal flights from / to Libreville and other provincial
cities. Other international air-carriers serving Gabon are: Air France (AF) and
Royal Air Maroc (AT).
INVESTOR
CONTACTS
Chamber
of Commerce, Agriculture, Industry and Mines
P.O. Box: 2234 Libreville. Gabon Tel: +(241)
722 064 Fax: +(241) 746 477
There are hotels equipped to international standards in Libreville, Port Gentil,
Masuku (Franceville), Mouila, Lambaréné, Oyem, Koulamoutou, Makokou and Tchibanga
but, like most of the accommodation in Gabon, they are expensive.
Tourist
facilities, including comfortable accommodation, are being established throughout
the country, especially along the coast and in towns close to the National Parks.
There are hotels in other major cities and towns. For more, contact the Direction
Generale de l'Hôtellerie et du Contrôle des Prix below listed
- THE REPUBLIC OF GABON - BRIEFS
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