Mine Risk Management > Ratings

Gabon: a tough nut to crack

The year started badly for Gabon with Standard & Poor’s downgrading its long-term sovereign credit rating due to the fall in the price of oil, the country’s biggest source of revenue.

Mine Risk Management > Ratings

Gabon: a tough nut to crack

The year started badly for Gabon with Standard & Poor’s downgrading its long-term sovereign credit rating due to the fall in the price of oil, the country’s biggest source of revenue.

Gabon: a tough nut to crack

The downgrade to B from B+ in February, as well as the agency's decision to scrap its earlier assessment of a ‘stable outlook', was hardly a surprise. But it did demonstrate, said analysts, how the Libreville government needed to deliver on commitments to diversify away from the black stuff if it is to cushion itself against oil price volatility. Oil accounts for 50% of GDP and 60% of exports. Mining by comparison comes in at just over 6% of GDP. The principle minerals are iron ore and manganese.