Gabonese President Brice Oligui Nguema has appointed Thierry Minko as the country’s new finance minister, replacing Henri-Claude Oyima, according to a presidential decree, Reuters reported.

Minko, previously a technical adviser, will oversee the ministry of economy, finance, debt and shareholdings, with a mandate to address the rising cost of living.

Another senior official, Marc Abeghe, has been named head of the ministry’s budget office, reflecting a broader restructuring amid growing fiscal pressures. Oyima, a prominent banker and businessman, had been finance minister since May, following Nguema’s first presidential election after taking power in a 2023 coup.

Gabon, an oil-producing Central African nation, has faced a liquidity squeeze and mounting arrears, increasingly turning to regional capital markets for financing. Appetite for its debt, however, has weakened, Fitch Ratings noted last month when it downgraded Gabon’s long-term foreign-currency issuer default rating.

Fitch cited a widening fiscal deficit and limited official creditor support as key factors in its decision. The agency projected government debt would rise from 72.9 percent of gross domestic product in 2024 to 80.4 percent in 2025, 85.5 percent in 2026, and 86.7 percent in 2027.

In December, Gabon’s presidency announced plans to introduce a new housing tax in 2026, aimed at financing improvements in public lighting, road maintenance and city cleanliness.