The South African fund Bosch Capital is claiming nearly 185 billion CFA francs (almost 330 million USD) from Gabon. According to a correspondence dated August 24, 2026, Bosch Capital, through its advisors at the Seven Pillars Law firm, informed the Gabonese government that it has until September 3, 2026 to settle this debt originally held by Paramount Group.
This debt stems from a delivery contract between 2000 and 2007, by this South African company specialized in the defense sector and Aerosud, for Mirage F1AZ aircraft belonging to the former fleet of the South African Air Force. According to Africa Intelligence, which reported on the matter in an article dated August 27, 2026, the contract between the Gabonese State and Paramount Group was initially extended for the maintenance and operation of these aircraft. Then, in a prolonged industrial relationship through a contract signed in 2014, Gabon entrusted Paramount Group with the maintenance of its military equipment. However, to this day, the Gabonese government disputes the validity of this contract. Hence an accumulation of unpaid invoices.
It was in June 2025 that Bosch Capital acquired the rights attached to this debt. The fund thus transformed a bilateral debt into a negotiable financial asset. This transfer fundamentally changes the nature of the power dynamics. An industrial supplier seeks to preserve a lasting commercial relationship. A recovery fund adopts a much more offensive logic.
A calibrated threat to the country’s financial reputation
In its correspondence, as reported by Africa Intelligence, “Bosch Capital threatens to bring the matter to the public square if Gabon does not meet the payment deadline.” The maneuver aims to discredit Gabon with credit rating agencies and international investors. “This strategy is reminiscent of the model of funds specializing in the recovery of sovereign debts. These vehicles buy a discounted debt, refuse any restructuring, and then demand full repayment,” explains a Cameroonian financial engineer. “Their returns sometimes reach several hundred percent of the initial investment,” according to research by the African Development Bank (AfDB).
This dispute is part of a broader series of financial affairs inherited from the presidency of Ali Bongo Ondimba. Several defense equipment acquisition contracts concluded in the 2010s are still being contested today. Since 2023, the authorities of General Oligui Nguema have been conducting a thorough audit of these previous commitments.
It is worth noting that the budgetary calendar makes this issue particularly sensitive. Indeed, the revised budget for 2026 already shows a financing need of 915.6 billion CFA francs (approximately 1.62 billion USD). Projected revenues have been lowered by 22% to 3.240 billion CFA francs (about 5.72 billion USD). The Gabonese public debt now hovers around 81% of Gross Domestic Product (GDP) according to the American financial rating agency Fitch Ratings, compared to around 70% according to earlier data from the Bank of Central African States (BEAC).
For the Gabonese government, the stakes go beyond the mere accounting settlement of an old invoice. It is about defending a legal position while avoiding that an inherited dispute further weakens the perception of Gabonese sovereign risk, at a time when the country is precisely negotiating its credibility with international markets.
