Equatorial Guinea is a small nation located in Central Africa and is bordered by both Cameroon and the Gulf of Guinea. It is the smallest country in continental Africa both in terms of land and population. The country has a population of approximately 1.3 million inhabitants, most of which live in its capital, Malabo.
Equatorial Guinea is a presidential republic, with a unicameral parliament, under the leadership of President Teodoro Obiang Nguema Mbasogo. The country gained its independence from Spain in 1968, and has since then had a long and unstable rule by the president and his party, the Democratic Party of Equatorial Guinea. As a result, the country is one of the most corrupt in the world, ranking 155th in Transparency International’s CorruptionPerceptionsIndex and scoring a lowly 5 out of 100.
Equatorial Guinea is a largely agricultural country and it relies heavily on rain-fed crops such as cocoa, bananas and palm oil, as well as fishing and forestry. Despite this, the majority of the population lives below the poverty line, and uncontrolled logging has resulted in severe deforestation.
The country’s economy, however, is heavily reliant on oil and gas production, which accounts for 90% of its exports. It is estimated that the country holds more than 60 billion barrels of oil and 8 trillion cubic feet of natural gas. This has allowed it to become one of the richest African nations on a per-capita basis, and has helped it to develop into a growing social and economic powerhouse in the region.
Oil and gas, however, has also been a blessing and a curse for Equatorial Guinea. The influx of petrodollars has enabled the president to remain in power for more than 36 years, as well as helped to protect his corrupt and oppressive style of governance. Oil production has also caused environmental damage, including the destruction of forests and marine life, as well as pollution of the air and water.
Despite its wealth, Equatorial Guinea faces a number of challenges. The country is lagging behind its neighbours in terms of human development and economic growth. Poor health and education prospects, as well as high rates of poverty, are crippling the nation’s potential. The government is also accused of silencing any opposition and actively restricting freedom of speech.
Looking to the future, Equatorial Guinea has the potential to become a stable and prosperous nation. It has abundant natural resources and it could use them to help create opportunities for its people. In particular, the oil and gas industry could be used to fund much needed investments in infrastructure and social services. Moreover, the country could provide greater access to education and healthcare, and embrace the liberalisation of its markets and the opening up of its borders to the world. Only then will it see the full potential of its people.
