Gabon's president has pledged to give his inheritance to the country's youth saying they are the heirs of his father, who was at one time the world's longest-serving president.

Ali Bongo Ondimba said that with the agreement of his wife and children, he will give money that he inherited from his father to a foundation for youth and education. He spoke Monday on the 55th anniversary of Gabon's independence.

Ondimba became president after his father, President Omar Bongo, died in 2009. Omar Bongo ruled the country of about 1.5 million people for more than 40 years.

Ondimba said that a property in Libreville, the capital, would be used to establish a university. He said two properties in Paris would be used as diplomatic and cultural buildings for Gabon.