The Republic of Chad has received a significant economic endorsement from Standard & Poor’s (S&P), which recently reaffirmed the country’s sovereign credit rating at B- with a stable outlook. This decision, announced on March 16, validates the government’s ambitious “Tchad Connexion 2030” National Development Plan, reflecting growing international confidence in the nation’s economic trajectory.
According to the Ministry of Finance, Budget, Economy, Planning, and International Cooperation, S&P’s rating upgrade underscores Chad’s robust economic momentum, characterized by steady GDP growth, controlled debt levels, and sustained support from global partners. The ministry emphasized that this recognition strengthens Chad’s financial credibility and signals a promising future for investors and development stakeholders.
GDP growth accelerates from 3.6% to 5.2%
Chad’s economic recovery has gained momentum since 2023, driven by rising hydrocarbon prices and a rebound in services. In 2025, the country’s real GDP growth is projected to reach 5%, according to S&P—up from the 3.6% annual growth estimate issued in December 2024. This upward revision highlights the nation’s improving economic fundamentals.
The International Monetary Fund (IMF) has also revised Chad’s growth forecast to 5.2% for 2025, citing strong agricultural output and a recovery in non-oil sectors. While hydrocarbons remain a key driver of exports and public revenue, diversification efforts in agriculture and services are boosting domestic demand. These trends suggest a more balanced and resilient economy.
Public debt under tight control
Chad has made remarkable progress in managing its public debt, reducing vulnerabilities that once posed significant risks. The country’s debt-to-GDP ratio now stands at approximately 36%, a moderate level compared to regional peers. In 2022, Chad became the first nation globally to utilize the G20’s Common Framework for restructuring its external debt.
Currently, half of Chad’s total debt consists of concessional loans—borrowings with favorable repayment terms. This strategic debt management has restored fiscal flexibility, enhanced investor confidence, and unlocked funding for critical projects outlined in the Tchad Connexion 2030 plan. The government continues to pursue prudent fiscal policies, ensuring debt sustainability while freeing up resources for social spending and infrastructure development.
Surge in domestic revenue mobilization
Chad has achieved notable progress in boosting domestic revenue collection, a cornerstone of its economic reform agenda. The tax-to-GDP ratio rose from 9.8% in 2022 to 13.1% in 2023, according to OECD data, reflecting a concerted effort to broaden the tax base and improve tax administration.
In 2025, non-oil revenues have exceeded expectations, supported by strong performance in non-hydrocarbon sectors and reforms implemented under the IMF’s $625.3 million program, approved in July 2025. Public finance digitalization and stronger governance have further enhanced revenue collection efficiency. These improvements not only strengthen fiscal stability but also signal Chad’s commitment to economic transparency and accountability.
Tchad Connexion 2030: unlocking long-term growth potential
The S&P rating confirmation reinforces Chad’s financial credibility and positions the country as an attractive investment destination. This momentum is expected to accelerate with the full implementation of “Tchad Connexion 2030”, the government’s flagship development strategy adopted in May 2025.
The plan, unveiled following Chad’s political transition, outlines a vision to transform the economy by lifting 2.6 million citizens out of poverty and driving an 8% average GDP growth from 2025 to 2030. Funded by a $20.5 billion pledge secured at the Abu Dhabi Investment Forum in November 2025, the initiative spans 268 cross-sectoral projects across four strategic pillars:
- Accelerating infrastructure development: expanding access to electricity, clean water, roads, and telecommunications nationwide.
- Strengthening social policies: improving education, healthcare, vocational training, youth employment, and social inclusion.
- Economic diversification: promoting high-value export sectors in agriculture, livestock, fishing, mining, tourism, and local value-added processing.
- Enhancing the business environment: simplifying administrative procedures to attract private investment and stimulate entrepreneurship.
With these reforms, Chad is poised to achieve a 60% increase in GDP by 2030, solidifying its role as a rising economic force in Central Africa. The S&P rating underscores not just stability, but the potential for sustainable, inclusive growth—making Chad a compelling story of resilience and transformation.
