AfDB Lifts Financial Sanctions Off Gabon After Bongo Removed in Coup

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Gabon says the African Development Bank has lifted financial sanctions on it after President Ali Bongo was removed from power in a coup in August.

Bongo served two terms as president after the death of his father in 2009, who himself ruled Gabon for 41 years.

In a meeting last week officials from the government and the AFDB met in Morocco to agree on resuming work together.

The bank tries to achieve sustainable economic development in Africa and at the same time reduce poverty. 

Two weeks ago U.S. President Joe Biden announced he would stop Gabon participating in the African Growth and Opportunity Act trade programme. It allows Gabon duty-free access to the U.S. market for its exports.

President Biden cited the country’s inability to establish or make consistent progress in safeguarding political pluralism and the rule of law.

Gabon is a member of OPEC but its oil wealth is concentrated in the hands of an elite.

Nearly 40 percent of those aged 15 to 24 were unemployed in 2020, according to the World Bank.

Source : Africa News