República de Guinea Ecuatorial
Unidad, Paz, Justicia
Unité, Paix, Justice
Unity, Peace, Justice
Caminemos pisando la senda
|- From 1979||Teodoro Obiang|
|- From 2008||Ignacio Milam|
|- October 12, 1968||Independence|
|- Total||US$ 21.5 billion|
|- Per capita||US$ 31,837|
|Currency||Central African CFA franc|
| Rio Muni|
The Republic of Equatorial Guinea is a presidential republic in Middle Africa.
Equatorial Guinea gained independence in 1968 after 190 years of Spanish rule. This tiny country, composed of a mainland portion plus five inhabited islands, is one of the smallest on the African continent. President Teodoro OBIANG NGUEMA MBASOGO has ruled the country since 1979 when he seized power in a coup. Although nominally a constitutional democracy since 1991, the 1996, 2002, and 2009 presidential elections - as well as the 1999, 2004, and 2008 legislative elections - were widely seen as flawed. The president exerts almost total control over the political system and has discouraged political opposition. Equatorial Guinea has experienced rapid economic growth due to the discovery of large offshore oil reserves, and in the last decade has become Sub-Saharan Africa's third largest oil exporter. Despite the country's economic windfall from oil production resulting in a massive increase in government revenue in recent years, improvements in the population's living standards have been slow to develop.
The discovery and exploitation of large oil and gas reserves have contributed to dramatic economic growth but fluctuating oil prices have produced huge swings in GDP growth in recent years. Forestry and farming are also minor components of GDP. Subsistence farming is the dominate form of livelihood. Although pre-independence Equatorial Guinea counted on cocoa production for hard currency earnings, the neglect of the rural economy under successive regimes has diminished potential for agriculture-led growth (the government has stated its intention to reinvest some oil revenue into agriculture). A number of aid programs sponsored by the World Bank and the IMF have been cut off since 1993 because of corruption and mismanagement. The government has been widely criticized for its lack of transparency and misuse of oil revenues; however, in 2010, under Equatorial Guinea's candidacy in the Extractive Industries Transparency Initiative, the government published oil revenue figures for the first time. Undeveloped natural resources include gold, zinc, diamonds, columbite-tantalite, and other base metals. Growth remained strong in 2008, when oil production peaked, but slowed in 2009-10, as the price of oil and the production level fell.
- Teodoro Obiang (₩) (August 3, 1979 - )
- Ignacio Milam (₩) (July 8, 2008 - )