Equatorial Guinea, a last Spanish colony to claim independence from Spain in 1968, is the only

Spanish speaking country in African. With a population of 1.3 million people, it is a West Africa
territory which is comprised of, Río Muni (also known as Continental Equatorial Guinea) and
five islands (collectively known as insular Equatorial Guinea).Just few years before it got its
independence the country’s exports per capital were the highest in Africa. In addition, the
country was the 5th largest producer of cocoa on the continent despites its size compared to its
neighbouring rivals: Nigeria, Ghana and Cameroon.

The first President of Equatorial Guinea, was Francisco Macias Nguema who after winning
election in 1971 pushed through a constitution that name him a president for life. However,8
years later, his nephew, Lieut.Col Teodoro Obiang Nguema Mbasogo who was the minister of
defence led a military coup that overthrown him in 1979. 40 years later, Teodoro Obiang
Nguema is still the president of Equatorial Guinea making him the longest current serving
President in Africa, perhaps living the dream of his uncle. In 2009 he won the elections with over
95 percent of the vote and in 2016 he appointed his son Teodoro Nguema Obiang Mangue, as the
Vice President.

Equatorial Guinea is the third largest producer of oil in Sub-Sahara Africa after Nigeria and
Angola. The country is also rich in minerals resources like gold, oil, uranium, diamond,
columbite-tantalite and petroleum which were discovered in the 1990s.

The economy is heavily dependent on hydrocarbons to which in 2017 it accounted for 56% of
GDP, 95% of exports and 80% of fiscal revenue. However, in 2018 the economy contracted by
5.8 % due to the reduction in hydrocarbons exports. Its banking sector nonperforming loans
stood at about 32 percent of total loans in 2018 and government domestic arrears at 17 % of GDP
in 2018. (World Bank, 2019). These have affected economic activity and government ability to
use debt finance to support its growth. The GDP as at 2018 was $13.32 billion with industry
contributing 56.4% followed by service sector at 40.5%, manufacturing at 25.39% and
Agriculture 2.34%.Inflation is standing at 0.7% and unemployment rate at 7.6 %.

In 2017 Equatorial Guinea exports were $4.72 billion, making it the 109 th largest exporter in the
world. During the last five years the exports have decreased at an annualized rate of -18.8% from
$12.9 billion in 2012 to $4.72billion in 2017. The most recent export are led by Crude Petroleum
representing 66.5% of the total exports, followed by Petroleum Gas which count for 19.8%.Its
imports were $755million, making it the 176th largest importer in the world. During the last five
years the imports have decreased at an annualized rate of -19.3% from $2.2 billion in 2012 to
$755million in 2017.The most recent imports are led by Beer which represent 4.66% of the total
imports followed by poultry Meat, which account for 3.7%.The top export destination are China,
India, South Korea, Portugal, and United States while top imports origins are Spain, China,
United States, Netherlands and France. (OEC, 2018)

Equatorial Guinea was one of Africa fastest growing economy and also the first to graduate from
the Least Developed Country category however, the economy has been experiencing recession
for four consecutive years now with a decline of -5.6% in 5 years annual growth. The economy is
expected to remain in recession in the medium-term as investment in major hydrocarbon projects remains
uncertain. (World Bank 2019).