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Gabon
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| Short Information | Capital: Libreville
Language: French
Currency: Communaute Financiere Africaine franc (XOF, XAF) | |
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 General details about Gabon |  CAPITAL CITY OF Gabon: Libreville
LANGUAGE OF Gabon: French
CURRENCY OF Gabon: Communaute Financiere Africaine franc (XOF, XAF)
COMMENTS ABOUT Gabon:
The Gabonese Republic, or Gabon, is a country in west central Africa.
Cities : Libreville (Capital), Cap Lopez, Kango, Lambarene, Mayumba, Owendo, Port-Gentil, Gamba, Franceville
Electricity : 220V/50Hz (European plug)
Calling code : +241
Time Zone : WAT (UTC+1)
Only two autocratic presidents have ruled Gabon since independence from France in 1960. Gabon's current President, El Hadj Omar BONGO - one of the longest-serving heads of state in the world - has dominated Gabon's political scene for almost four decades. President BONGO introduced a nominal multiparty system and a new constitution in the early 1990s. However, the low turnout and allegations of electoral fraud during the most recent local elections in 2002-03 have exposed the weaknesses of formal political structures in Gabon. In addition, recent strikes have underscored the popular disenchantment with the political system. Presidential elections scheduled for 2005 are unlikely to bring change since the opposition remains weak, divided, and financially dependent on the current regime. Despite political conditions, a small population, abundant natural resources, and considerable foreign support have helped make Gabon one of the more prosperous and stable African countries.
CLIMATE OF Gabon: Tropical; always hot, humid. During the month of June to September, the climate is a bit cool (20-25°C).
RELIGION OF Gabon: Christian 55%-75%, animist, Muslim less than 1%
POPULATION OF Gabon: 1,355,246 - estimates for this country explicitly take into account the effects of excess mortality due to AIDS; this can result in lower life expectancy, higher infant mortality and death rates, lower population and growth rates, and changes in the distribution of population by age and sex than would otherwise be expected (July 2004 est.)
HISTORY OF Gabon: 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.
ECONOMY OVERVIEW OF Gabon: 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, poor fiscal management hobbles the economy. 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. Short-term progress depends on an upbeat world economy and fiscal and other adjustments in line with IMF policies.
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