Gabon has ordered the immediate repatriation of US$270 million held in site restoration funds by the state-owned Gabon Oil Company (GOC), a move the government says is aimed at strengthening regional foreign exchange reserves and reinforcing transparency in the extractive sector.
In a statement issued on Wednesday, the Minister of Economy, Thierry Minko, said the funds, known as Site Restoration or RES funds, must be transferred without delay into foreign-currency accounts held at the Bank of Central African States (BEAC), the regional central bank for the six-member Central African Economic and Monetary Community (CEMAC).
The funds, valued at US$270 million as of Dec. 31, 2025, are intended to cover environmental rehabilitation and site restoration obligations linked to oil and gas operations once production ends.
The decision applies to RES funds currently held by GOC and its subsidiaries and forms part of the government’s effort to ensure strict compliance with regional foreign exchange regulations governing extractive industries.
Enforcing CEMAC foreign exchange rules
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The order is grounded in Regulation No. 1/CEMAC/UMAC/UM, adopted on Dec. 23, 2021, which sets out rules on foreign exchange transactions by resident extractive companies operating within the CEMAC zone.
By enforcing Articles 1 to 5 of the regulation, the Gabonese authorities aim to ensure that strategic financial resources linked to extractive activities are domiciled within the regional banking system, rather than held offshore.
“The repatriation of these funds is firm and definitive,” Minko said, according to the statement, adding that the measure reflects the government’s commitment to accountability, transparency and sound macroeconomic management.
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CEMAC countries, including Gabon, Cameroon and Congo, have faced persistent pressure on foreign exchange reserves in recent years, driven by volatile oil prices, rising import bills and external debt servicing needs. The BEAC has repeatedly urged member states to enforce foreign exchange rules more strictly to protect regional monetary stability.
Impact on regional reserves
Officials said the transfer of the RES funds to BEAC-held accounts would directly support the region’s foreign exchange position and contribute to broader efforts to stabilise the CEMAC monetary framework, which is anchored to the euro through a fixed exchange rate.
The move also signals Gabon’s intention to align the financial practices of its state-owned enterprises with regional norms, at a time when authorities are seeking to restore confidence among investors and international partners.
GOC, which manages state participation in upstream oil and gas projects, plays a central role in Gabon’s hydrocarbons sector, one of the country’s main sources of export revenue and fiscal income.
Wider application to extractive sector
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Minko said the decision on GOC’s funds would not remain isolated. Other international extractive companies operating in Gabon would also be required, under arrangements agreed with the BEAC, to repatriate their own site restoration funds into dollar-denominated accounts within the CEMAC banking system.
He said the policy was being implemented in coordination with the regional central bank to ensure consistency and legal certainty for operators.
The government stressed that the funds would remain dedicated to their original purpose — financing environmental rehabilitation and site closure — while being held within the regional financial system.
Transparency and business climate
Authorities described the measure as part of a broader push to improve transparency and governance in the extractive sector, which has long been a focal point of reform efforts in Gabon.
By bringing RES funds under closer regulatory oversight, the government hopes to strengthen confidence in the management of environmental liabilities while also reinforcing fiscal discipline.
The announcement comes as Gabon continues to recalibrate its economic policy following years of fiscal strain and external shocks. Officials have said strengthening macroeconomic fundamentals and ensuring compliance with regional rules are essential to supporting long-term development and attracting sustainable investment.
Regional signal
Analysts said the decision could serve as a signal to other CEMAC member states, where enforcement of foreign exchange regulations has been uneven, particularly among large extractive companies with complex international financial structures.
By acting decisively, Gabon is positioning itself as a supporter of stronger regional coordination and monetary discipline, at a time when CEMAC authorities are seeking to safeguard the stability of the currency union.
The government said further measures aimed at improving governance in strategic sectors would be announced in due course, as part of ongoing efforts to strengthen the country’s economic framework while contributing to regional financial stability.
