Equatorial Guinea Introduction - 2022

GEOGRAPHICAL NAMES 

Background

Equatorial Guinea gained independence in 1968 after 190 years of Spanish rule; it is one of the smallest countries in Africa consisting of a mainland territory and five inhabited islands. The capital of Malabo is located on the island of Bioko, approximately 25 km from the Cameroonian coastline in the Gulf of Guinea. Between 1968 and 1979, autocratic President Francisco MACIAS NGUEMA virtually destroyed all of the country's political, economic, and social institutions before being deposed by his nephew Teodoro OBIANG NGUEMA MBASOGO in a violent coup. President OBIANG has ruled since October 1979 and has been elected several times, most recently in 2016. Although nominally a constitutional democracy since 1991, presidential and legislative elections since 1996 have been considered flawed. The president exerts almost total control over the political system and has placed legal and bureaucratic barriers that hinder political opposition. Equatorial Guinea experienced rapid economic growth in the early years of the 21st century due to the discovery of large offshore oil reserves in 1996. Production peaked in late 2004 and has slowly declined since, although aggressive searches for new oilfields continue. Despite the country's economic windfall from oil production, resulting in massive increases in government revenue in past years, generally lower global oil prices since 2014 and depreciating oil fields have placed significant strain on the state budget. While oil revenues have mainly been used for the development of infrastructure, corruption has hindered socio-economic development and there have been limited improvements in the population's living standards. Equatorial Guinea continues to seek to diversify its economy and to increase foreign investment. The country hosts major regional and international conferences and continues to seek a greater role in international affairs, and leadership in the sub-region.

 

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Definitions and Notes

NOTE: The information regarding Equatorial Guinea on this page is re-published from the 2022 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Equatorial Guinea 2022 information contained here. All suggestions for corrections of any errors about Equatorial Guinea 2022 should be addressed to the CIA or the source cited on each page.