- Operation targets 804bn CFA francs owed by companies and state entities
- Experts warn success hinges on independence and transparency of investigations
LIBREVILLE, GABON – Gabon’s transitional government has launched an unprecedented debt recovery campaign worth 804 billion CFA francs ($1.4 billion), marking one of the boldest fiscal clean-up efforts in the country’s history.
The operation aims to reclaim funds owed by companies and public institutions to restore fiscal credibility and rebuild investor confidence in the oil-rich Central African nation. The government said the recovered money will be reinvested in projects of “vital national importance.”
Officials say the move aligns with Gabon’s post-coup commitment to fiscal discipline and transparency. But experts warn that credibility will depend on how the operation — dubbed Operation Truth — is executed.
Transparency or political theatre?
Independent financial accountant Amadou Tine said his investigations revealed that Gabon’s public finances have long been plagued by poor management and opaque dealings.
“The most affected economic sectors are the oil sector with unaccounted oil revenues and opaque contracts with oil companies,” Tine told Allen Dreyfus. “The mining sector also suffers from diverted or undeclared revenues, and public procurement is tainted by over-invoicing or payments for fictitious services.”
To ensure Operation Truth does not devolve into political retaliation, Tine argues, Gabon must “create an ecosystem of counter-powers” to protect the independence of the investigation.
“It must be legally untouchable by law, technically unassailable by expertise, publicly visible by transparency and internationally supported by external partners,” he said. “Without this, Operation Truth risks being perceived as a witch hunt or mere propaganda, and the 804 billion CFA francs will remain an illusion.”
Tine described the effort as “a historic opportunity to reshuffle the cards and rebuild trust on sound foundations.” While the initial announcement has had “a positive symbolic effect,” he said its long-term impact on investors will depend entirely on “the credibility and consistency of its implementation.”
“If Gabon succeeds in showing that this operation is not revenge but the foundation of a new rule of law, where transparency and accountability are the norm,” Tine said, “it will become a preferred destination for investors seeking a stable and equitable framework in Central Africa.”
A test for Gabon’s judiciary
Tine cautioned that the “reconquest” of the 804 billion CFA francs goes far beyond simple debt collection. “It is a fight waged on several fronts,” he said, pointing to the judiciary’s limited experience in handling corruption cases of such magnitude.
He also highlighted the challenge of tracing funds hidden in offshore tax havens. “These schemes often involve a tangle of shell companies in opaque jurisdictions — the Virgin Islands, Panama, Dubai or Switzerland — that fiercely protect banking and commercial secrecy,” Tine noted.
In a country heavily dependent on oil, such schemes have reportedly included selling crude below market prices to favoured traders and collecting secret commissions on extraction contracts. “The extractive industries sector is notoriously opaque,” he added.
Regional implications
The debt recovery effort comes as Central African nations face mounting pressure to reform state finances and curb illicit capital flight. For Gabon, whose economy is reeling from years of mismanagement and corruption scandals, Operation Truth could mark a turning point — or a missed opportunity.
“The path is promising,” Tine said, “but it remains fraught with pitfalls that the authorities must overcome with determination and rigour.”
If successful, analysts say, Gabon’s effort could serve as a regional model for debt transparency and governance reform — and a signal to investors that post-coup transitions can deliver real economic accountability.
