Launch of the Société de Garantie du Gabon

The Société de Garantie du Gabon (SGG), a company dedicated to bank guarantees, an initiative of the Gabonese Sovereign Wealth Fund (FGIS),supported by its subsidiary Okoumé Capital, officially launches its activities. The approval obtained according to Order No. 066.22/MER issued on 2 November 2022 by the National Economic and Financial Committee allows, in accordance with the provisions set out, to start most of its activities in its core business.

Through its offer, it is a major player in the development of the Gabonese economy, by providing a response to a problem: that of increasing the capacity of credit institutions to grant loans to a specific clientele, a real engine of economic growth. Indeed, SGG, with an initial capital of 12 billion CFA francs, has the main objective of offering local financial institutions a risk-sharing mechanism, through partial loan guarantee solutions for SMEs, in the form of portfolio guarantees, and individual guarantees.

This is an important step that lays the foundations for a relationship of trust between financial actors, essential to strengthening the business climate, the benefits of which will have an impact on the daily lives of Gabonese through value creation and job creation. SGG is now the first financial institution issuing a guarantee in the sub-region to have an approval from the Central African Banking Commission (COBAC), the regulator in the CEMAC zone. SGG receives technical support from the African Guarantee Funds (AGF), a leading pan-African financial institution.

SGG's intervention aims to cover up to 50% of the risks inherent in the loans that will be granted to SMEs. In addition, special emphasis will be placed on SMEs led by women and those whose activities are in the direction of reducing the carbon footprint, through an increase in the coverage rate to 75%. 

It should be noted that the creation of SGG was mandated by the public authorities as part of the strategic repositioning of Okoumé Capital. It is inline with the Plan for the Acceleration of the Transformation of Gabon (PAT), wanted by the President of the Republic, Head of State, His Excellency Ali BONGO ONDIMBA, with the ambition to cover the risk of default carried by financial institutions on SMEs in priority sectors and value chains with high potential.

Mrs. Nicole Janine Lydie ROBOTY wife MBOU, Minister of Economy and Recovery said: "We are particularly pleased to see the creation of the Société de Garantie du Gabon whose mission is to respond to a crucial issue: the access of Gabonese SMEs to finance. This system will, in the longterm, lay solid foundations for a greater incentive to entrepreneurship, essential to the construction of a local economic fabric for the benefit of theGabonese populations."

According to Mr. Alban ETHO, General Manager of the Société de Garantie du Gabon : "The official launch of SGG's activities reinforces the objective we have set ourselves, namely to build a strong economy, where the business climate favors the emergence of our local businesses. The choice of the guarantee by the President of the Republic is an ambitious response, which responds to our reality and allows us to be optimistic about trust between the various actors."

Mr. Jules NGANKAM, Chief Executive Officer of the AfricanGuarantee Fund Group said : "African Guarantee Fund is pleased to have supported the creation of the Société de Garantie du Gabon, which will be a tool for economic transformation and a lever for sustainable growth of theGabonese economy in line with the country's strategic orientations. Our commitment is to continue to work with SGG and to provide them with our expertise to enable them to support Gabonese SMEs to become sources of jobs, skills and wealth creation."