Since the transition period began in August 2023, the Burkinabè firm EBOMAF has rapidly climbed to the top of Gabon’s public contract rankings. In under three years, the company founded by businessman Mahamadou Bonkoungou has secured contracts worth over 700 billion Central African CFA francs (FCFA) in Gabon—a volume seldom achieved by a single foreign operator in the country. From critical road networks and the Andem Airport to the new administrative capital Libreville 2, the group’s projects now span the most high-profile infrastructure initiatives led by transitional president Brice Clotaire Oligui Nguema.
The rise of a dominant force in Gabon’s public sector
The rapid accumulation of contracts raises questions not only in scale but also in pace. Nearly every infrastructure announcement tied to the presidency appears to be awarded to the same contractor, with limited public disclosure on competitive tendering processes. EBOMAF’s projects include hundreds of kilometers of roadworks, major airport upgrades, and a large-scale urban development project aimed at easing congestion in Libreville.
Such concentration prompts familiar concerns about public finance risks, particularly the dangers of over-reliance on a single operator. When one company handles design, execution, and even pre-financing of multiple projects, the host state’s fiscal flexibility diminishes. Gabon, already seeing a decline in oil revenues, faces scrutiny over its rising external debt, closely monitored by international financial institutions.
Transparency gaps in contract accounting
The 700 billion FCFA figure, cited by EBOMAF itself, has not been publicly consolidated or verified by Gabonese authorities such as the Ministry of Public Works, the Ministry of Public Accounts, or the Audit Court. The absence of a unified financial dashboard obscures the true flow of funds—whether direct payments from state resources, bank pre-financing, or potential offset mechanisms. This lack of clarity fuels concerns over treasury management.
Critical questions remain unanswered: Who approves progress payments? Which financial institution processes the transactions? What sovereign guarantees secure the pre-financing arrangements? In line with transparency standards set by the International Monetary Fund and the African Development Bank, regular disclosure of contract commitments and disbursements is expected. Yet, institutional silence stands in stark contrast to the highly publicized ribbon-cutting ceremonies for completed sites.
Examining the pre-financing model in Gabon
EBOMAF has built its regional reputation on an integrated model combining project execution with bank pre-financing, often backed by West African financial institutions. This approach allows cash-strapped governments to initiate major construction without immediately tapping into tax revenues. However, it also shifts the repayment burden to future fiscal periods, with costs dependent on negotiated financing terms.
While this model has enabled the group to establish a strong presence in Burkina Faso, Côte d’Ivoire, Togo, and Senegal, it has also sparked recurring controversies over interest rates, potential cost overruns, and the quality of delivered infrastructure. Implementing this model at scale in Gabon, especially during a transitional political phase, warrants a thorough review of financial clauses and oversight mechanisms.
For Gabon’s financial partners, the stakes extend beyond operational performance. They touch on the credibility of the transitional government’s fiscal trajectory and the long-term sustainability of debt servicing once elections are held. Publishing a consolidated report on EBOMAF-related commitments would send a strong signal of transparency at a time when multilateral lenders are reassessing their exposure to Gabon’s sovereign risk.
The centralization of major infrastructure projects under one operator also raises concerns about the domestic construction ecosystem. Local Gabonese firms, often confined to subcontracting roles, struggle to upgrade their capabilities due to limited access to flagship projects. The management of EBOMAF’s financial ledgers in Gabon remains an open question.
