Equatorial Guinea
Official Country Name
Equatorial Guinea
Equatorial Guinea Overview
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 and 2002 presidential elections - as well as the 1999 and 2004 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, there have been few improvements in the population's living standards.
Equatorial Guinea Economy
The discovery and exploitation of large oil reserves have contributed to dramatic economic growth in recent years. Forestry, farming, and fishing are also major components of GDP. Subsistence farming predominates. 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. No longer eligible for concessional financing because of large oil revenues, the government has been trying to agree on a "shadow" fiscal management program with the World Bank and IMF. Businesses, for the most part, are owned by government officials and their family members. Undeveloped natural resources include titanium, iron ore, manganese, uranium, and alluvial gold. Growth remained strong in 2006, led by oil. Equatorial Guinea now has the third highest per capita income in the world, after Luxembourg and Bermuda.
Equatorial Guinea Location
Equatorial Guinea is located in Western Africa, bordering the Bight of Biafra, between Cameroon and Gabon
Region
Equatorial Guinea is located in Africa
Equatorial Guinea Population
Equatorial Guinea has population of 540,109 (July 2006 est.)
Equatorial Guinea Climate
Equatorial Guinea has tropical; always hot, humid
Equatorial Guinea Terrain
coastal plains rise to interior hills; islands are volcanic
Equatorial Guinea Natural Resources
petroleum, natural gas, timber, gold, bauxite, diamonds, tantalum, sand and gravel, clay
Ethnic Groups in Equatorial Guinea
Equatorial Guinea has the following ethnic groups - Bioko (primarily Bubi, some Fernandinos), Rio Muni (primarily Fang), Europeans less than 1,000, mostly Spanish
Equatorial Guinea Religions
nominally Christian and predominantly Roman Catholic, pagan practices
Equatorial Guinea Languages
Spanish (official), French (official), pidgin English, Fang, Bubi, Ibo
Equatorial Guinea Capital
Equatorial Guinea capital is Malabo
Equatorial Guinea Currency
Equatorial Guinea currency is Communaute Financiere Africaine franc
Map of Equatorial Guinea
