Economy of Equatorial Guinea
Encyclopedia
Equatorial Guinea
is a small country at the west coast of Central Africa
. Despite a per capita GDP (PPP) of more than US$30,000 (CIA Factbook $50,200) which is as of 2008 the twentieth highest in the world, Equatorial Guinea ranks 121st out of 177 countries on the United Nations
Human Development Index
.
of Africa.
The discovery of large oil reserves
in 1996 and its subsequent exploitation have contributed to a dramatic increase in government revenue. As of 2004, Equatorial Guinea is the third-largest oil producer in Sub-Saharan Africa
. Its oil production has risen to 360000 oilbbl/d, up from 220000 oilbbl/d only two years earlier.
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. However, 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 unsuccessfully 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
(Mining in Equatorial Guinea
). Growth remained strong in 2005 and 2006, led by oil.
helped top officials of Equatorial Guinea steal hundreds of millions of dollars in oil revenues. The Senate Permanent Subcommittee on Investigations probed the corruption case involving Equatorial Guinea and its oil revenues for much of the past year.
The panel's report found that Riggs Bank helped government leaders in Equatorial Guinea siphon oil revenues to accounts set up for them in Washington. Equatorial Guinea has been cited by the U.S. State Department for human rights abuses, corruption, and diversion of oil revenues to government officials.
Beginning in 1995 until 2004, Riggs oversaw as many as 60 accounts containing as much as $700 million, making Equatorial Guinea its largest single customer. Some were government accounts, while others were the private accounts of President Teodoro Obiang Nguema, other government officials, and their families.
The Senate report says millions of dollars in the government accounts, which should have gone to help impoverished Equatorial Guineans, were instead funneled to off-shore tax shelters, with help from Riggs officials.
At a hearing on the matter at which current and former bank officials appeared, Senator Carl Levin
, a Michigan
Democrat, was clearly outraged. "Somehow there has to be a conscience here. Aren't you troubled?," he said.
The report describes one incident in which the bank manager of the country's accounts, Simon Kareri, brought a 27 kilogram suitcase with $3 million in plastic-wrapped cash to Riggs's Dupont Circle branch to make a deposit into President Obiang's account. Mr. Kareri, who was fired in January, refused to testify at the hearing," he said. "Mr. Chairman, there is nothing I would like to do more than answer your questions today. However, I must heed the advice of my counsel and invoke my fifth amendment
rights under the Constitution and refuse to answer the question," he said.
Senators were angered that bank officials never reported any suspicious financial transactions involving Equatorial Guinea.
Lawrence Hebert, president and chief executive officer of Riggs Bank, blamed a lack of an internal system to monitor and identify such suspicious activity. It is an assertion that Senator Levin found ridiculous.
"First of all Mr. Hebert, you do not need a computer system to realize suspicious activity when you have sixty pounds of cash that are being walked into the door with a suitcase," he said.
Mr. Levin criticized bank regulators for not doing enough in their oversight responsibility.
Riggs was fined a record $25 million by federal banking regulators for allegedly failing to report suspicious transactions made to the Equatorial Guinea accounts, but that didn't happen until May 2004.
Senator Levin also took aim at oil companies that are doing business in Equatorial Guinea, many of which have secret contracts with firms that have ties to President Obiang.
The London-based organization Global Witness
notes that the Senate committee report found that oil companies made payments into the personal accounts of Equatorial Guinean officials that were used for land purchases, office leases, and even education for the children of the country's leaders.
With oil money stashed away in Riggs Bank for the ruling elite of Equatorial Guinea, argues Sarah Wykes of Global Witness, oil companies cannot make the case that they are a force for positive change in the country.
"Equatorial Guinea is now the third largest producer of oil in sub-Saharan Africa," she said. "It has been called the 'Kuwait of Africa' But it is clear that since oil came on stream, the human development indicators of the country have actually gone backward, so we can say the oil money is not contributing to development at all," she said.
Equatorial Guinea responded with an 82-point report claiming that the Senate had been "duped" by "pressure groups", naming specifically a $40,000 contract between a lobbying group and Severo Moto Nsa
, an EquatoGuinean living in self-imposed exile who uses his website to make wild accusations against Obiang. The rebuttal also claims that the payments to government members were disclosed in the government accounts and were not illegal.
was ranked third among Sub-Sahara African
producers behind Nigeria
and Angola
) and will drive the economy for years to come. The GDP increased by 105.2% in 1997, and real GDP growth reached 23% in 1999, and initial estimates suggested growth of about 15% in 2001, according to IMF 2001 forecast. Per capita income grew from about $1,000 in 1998 to about $2,000 in 2000. The energy export sector is responsible for this rapid growth. Oil production has increased from 81000 oilbbl/d to 210000 oilbbl/d between 1998 and early 2001. There is ongoing additional development of existing commercially viable oil and gas deposits as well as new exploration in other offshore concessions.
Equatorial Guinea has other largely unexploited human and natural resources, including a tropical climate, fertile soils, rich expanses of water, deepwater ports, and an untapped, if unskilled, source of labor. Following independence in 1968, the country suffered under a repressive dictatorship for 11 years, which devastated the economy. The agricultural sector, which historically was known for cocoa of the highest quality, has never fully recovered. In 1969 Equatorial Guinea produced 36,161 tons of highly bid cocoa, but production dropped to 4,800 tons in 2000. Coffee production also dropped sharply during this period to bounce back to 100,000 metric tons in 2000. Timber is the main source of foreign exchange after oil, accounting for about 12.4% of total export earnings in 1996-99. Timber production increased steadily during the 1990s; wood exports reached a record 789,000 cubic meters in 1999 as demand in Asia (mainly China) gathered pace after the 1998 economic crisis. Most of the production (mainly Okoume) goes to exports, and only 3% is processed locally. Environmentalists fear that exploitation at this level is unsustainable and point out to the permanent damage already inflicted on the forestry reserves on Bioko.
Consumer price inflation has declined from the 38.8% experienced in 1994 following the CFA franc devaluation, to 7.8% in 1998, and 1.0% in 1999, according to BEAC data. Consumer prices rose about 6% in 2000, according to initial estimates, and there was anecdotal evidence that price inflation was accelerating in 2001.
Equatorial Guinea's policies, as defined by law, comprise an open investment regime. Qualitative restrictions on imports, non-tariff protection, and many import licensing requirements were lifted when in 1992 the government adopted a public investment program endorsed by the World Bank. The Government of the Republic of Equatorial Guinea has sold some state enterprises. It is attempting to create a more favourable investment climate, and its investment code contains numerous incentives for job creation, training, promotion of non-traditional exports, support of development projects and indigenous capital participation, freedom for repatriation of profits, exemption from certain taxes and capital, and other benefits. Trade regulations have been further liberalized since implementation in 1994 of the ICN turnover tax
, in conformity with Central African tax and custom reform codes. The reform included elimination of quota restrictions and reductions in the range and amounts of tariffs. The CEMAC countries agreed to replace the ICN with a value added tax (VAT) in 1999.
While business laws promote a liberalized economy, the business climate remains difficult. Application of the laws remains selective. Corruption among officials is widespread, and many business deals are concluded under non-transparent circumstances.
There is little industry in the country, and the local market for industrial products is small. The government seeks to expand the role of free enterprise and to promote foreign investment but has had little success in creating an atmosphere conducive to investor interest.
The Equato-Guinean budget has grown enormously in the past 3 years as royalties and taxes on foreign company oil and gas production have provided new resources to a once poor government. The 2001 budget foresaw revenues of about 154 billion
CFA francs (154 GCFAF) (about U.S.$200 million), up about 50% from 2000 levels. Oil revenues account for about two-thirds of government revenue, and VAT and trade taxes are the other large revenue sources.
Year 2001 government expenditures were planned to reach 158 billion CFA francs, up about 50% from 2000 levels. New investment projects represented about 40% of the budget, and personnel and internal and external debt payments represented about one-third of planned expenditures.
The Equato-Guinean Government has undertaken a number of reforms since 1991 to reduce its predominant role in the economy and promote private sector development. Its role is a diminishing one, although many government interactions with the private sector are at times capricious. Beginning in early 1997, the government initiated efforts to attract significant private sector involvement through a Corporate Council on Africa visit and numerous ministerial efforts. In 1998, the government privatized distribution of petroleum products. There are now Total and Mobil stations in the country. The government has expressed interest in privatizing the outmoded electricity utility. A French company operates cellular telephone service in cooperation with a state enterprise. The government is anxious for greater U.S. investment, and President Obiang visited the U.S. three times between 1999 and 2001 to encourage greater U.S. corporate interest. Investment in agriculture, fishing, livestock, and tourism are among sectors the government would like targeted.
Equatorial Guinea's balance-of-payments situation has improved substantially since the mid-1990s because of new oil and gas production and favorable world energy prices. Exports totaled about francs CFA 915 billion in 2000 (1.25 G$US), up from CFA 437 billion (700 M$US) in 1999. Crude oil exports accounted for more than 90% of export earnings in 2000. Timber exports, by contrast, represented only about 5% of export revenues in 2000. Additional oil production coming on line in 2001, combined with methanol gas exports from the new CMS-Nomeco plant, should increase export earnings substantially.
Imports into Equatorial Guinea also are growing very quickly. Imports totaled francs CFA 380 billion (530 M$US), up from franc CFA 261 million (420 M$US) in 1999. Imports of equipment used for the oil and gas sector accounted for about three-quarters of imports in 2000. Imports of capital equipment for public investment projects reached francs CFA 30 billion in 2000, up 40% from 1999 levels.
Equatorial Guinea's foreign debt stock was approximately francs CFA 69 billion (100 M$US) in 2000, slightly less than the debt stock in 1999, according to BEAC data. Equatorial Guinea's debt service ratio
fell from 20% of GDP in 1994 to only 1% in 2000. Foreign exchange reserves were increasing slightly, although they were relatively low in terms of import coverage. According to the terms of the franc CFA zone, some of these reserves are kept in an account with the French Ministry of Finance.
Equatorial Guinea in the 1980s and 1990s received foreign assistance from numerous bilateral and multilateral donors, including European countries, the United States
, and the World Bank
. Many of these aid programs have ceased altogether or have diminished. Spain
, France
, and the European Union
continue to provide some project assistance, as do China
and Cuba
. The government also has discussed working with World Bank assistance to develop government administrative capacity.
Equatorial Guinea operated under an IMF-negotiated Enhanced Structural Adjustment Facility
(ESAF) until 1996. Since then, there have been no formal agreements or arrangements. The International monetary Fund held Article IV consultations (periodic country evaluations) in 1996, 1997, and in August 1999. After the 1999 consultations, IMF directors stressed the need for Equatorial Guinea to establish greater fiscal discipline, accountability, and more transparent management of public sector resources, especially energy sector revenue. IMF officials also have emphasized the need for economic data. In 1999, the Equato-Guinean Government began attempting to meet IMF-imposed requirements, maintaining contact with IMF and the World Bank representatives. However, the new found oil wealth allowed the government to avoid improving fiscal discipline, transparency and accountability.
Electricity is available in Equatorial Guinea's larger towns thanks to three small overworked hydropower facilities and a number of aged generators. In 1999, national production was about 13 MWh. In Malabo, the American company, CMS-Nomeco, built a 10 megawatt electricity plant financed by the government, which came in line in mid-2000, and plans to double capacity are advancing. This plant provides improved service to the capital, although there are still occasional outages. On the mainland the largest city, Bata, still has regular blackouts.
Water is only available in the major towns and is not always reliable because of poor maintenance and mismanagement. Some villages and rural areas are equipped with generators and water pumps, usually owned by private individuals.
Parastatal Getesa, a joint venture with a minority ownership stake held by a French subsidiary of France Telecom
, provides telephone service in the major cities. The regular system is overextended, but France Telecom has introduced a popular GSM system, which is generally reliable in Malabo and Bata.
Equatorial Guinea has two of the deepest Atlantic seaports of the region, including the main business and commercial port city of Bata. The ports of both Malabo and Bata are severely overextended and require extensive rehabilitation and reconditioning. The British company, Incat, has an ongoing project with the government to renovate and expand Luba, the country's third-largest port which is located on Bioko Island. The government hopes Luba will become a major transportation hub for offshore oil and gas companies operating in the Gulf of Guinea. Luba is located some 50 kilometres from Malabo and had been virtually inactive except for minor fishing activities and occasional use to ease congestion in Malabo. A new jetty is also being built at km 5 on the way from Malabo to the airport. It is a project mainly supposed to service the oil industry, but can also relieve the congested Malabo Port due to its closeness.
The Oil Jetty at km 5 was supposed to open the end of March 2003. Riaba is the other port of any scale on Bioko but is less active. The continental ports of Mbini and Cogo have deteriorated as well and are now used primarily for timber activities.
There are both air and sea connections between the two cities of Malabo and Bata. A few aging Soviet-built aircraft operated by several small carriers, one state-owned, and the others private, constitute the national aircraft fleet. The runway at Malabo (3,200 m) is equipped with lights and can service equipment similar to DC 10s and Cl3Os. The one at Bata (2,400 m) does not operate at night but can accommodate aircraft as large as B737s. Their primary users are the national airline (EGA) and a private company (GEASA). Two minor airstrips (800 m) are located at Mongomo and Annobon. There are international connections out of Malabo to Madrid and Zurich in Europe and to Cotonou, Douala and Libreville in West Africa.
regions in the world. The main oil field
s, Zafiro and Alba, are both located offshore of Bioko island. In 1999 oil production was about five times its 1996 level; Zafiro Field, operated by Exxon Mobil and Ocean Energy, produced about 100000 oilbbl/d, and CMS Nomeco extracted approximately 6700 oilbbl/d. Aggressive field development and promising exploration activities may raise production to nearly 300000 oilbbl/d within 2–3 years (slightly above the current estimated production of Gabon) according to the official sources.
In 1995 Mobil (now Exxon Mobil) discovered the large Zafirobbbb field, with estimated reserves of 400000000 barrels (63,594,918,000 l). Production began in 1996. The company announced a 3-year U.S.$1bn rapid development program to boost output to 130000 oilbbl/d by early 2001. Progress was delayed due to a contractual dispute with the government and by unexpectedly difficult geology. The difference with the government was eventually resolved.
In 1998 a more liberal regulatory and profit-sharing arrangement for hydrocarbon exploration and production activities was introduced. It revised and updated the production-sharing contract, which, until then, had favoured Western operators heavily. As a result domestic oil receipt rose from 13% to 20% of oil export revenue. However, the government's share remains relatively poor by international standards.
In 1997 CMS Nomeco moved to expand its operation with a U.S.$300m methanol plant. The plant entered production in 2000 and help boost natural gas condensate
output from Alba field.
In August 1999 the government closed bidding on a new petroleum licensing round for 53 unexplored deepwater blocks and seven shallow water blocks. The response was small due to combination of factors, including falling oil prices, restructuring within the oil industry, and uncertainty over and undemarcated maritime border with Nigeria (which was not resolved until 2000).
In late 1999 Triton Energy, a U.S. independent, discovered La Ceiba in block G in an entirely new area offshore the mainland of the country. Triton expects a U.S.$200m development program to enable La Ceiba and associated fields to produce 100000 oilbbl/d by late 2001, despite disappointments and technical problems at the beginning of the year.
With an upturn in oil prices, exploration intensified in 2000. In April 2000 U.S.-based Vanco Energy signed a production-sharing contract for the offshore block of Corisco Deep. In May 2000, Chevron
was granted block L, offshore Rio Muni
, and a further three production-sharing contracts (for blocks J, I, and H) were signed with Atlas Petroleum, a Nigerian company.
In early 2001 the government announced plans to establish a national oil company, to allow Equatorial Guinea to take a greater stake in the sector and to facilitate the more rapid transfer of skills. However, critics fear that such a company may become a vehicle for opaque accounting and inertia of the sort that has hindered development in neighbouring countries including Angola
, Cameroon
, and Nigeria
.
Since 2001 the government has created GEPetrol
, a national oil company; and Sonagas
, a national natural gas company. The company EG LNG
has been created to construct and operate the Bioko Island LNG plant and terminal.
. However, production of domesticated animals is hindered by the presence of trypanosomiasis
and other tropical deterrents. In 2005 there were 37,600 sheep, 9,000 goats, 6,100 hogs, and 5,000 cattle.
processing plant went into operation in 1990. Annobón
subsists almost entirely on fishing and retains its traditional preeminence in off shore whaling
and turtle gathering. Bioko is also a major fishing center, the chief catches being perch
, tuna, mackerel
, cod
, pike
, shark
, and crayfish
. The country’s own catch was about 3,500 tons in 2003.
Child rate- 4
Investment (gross fixed):
Industries:
Industrial production growth rate:
Electricity - production:
Electricity - consumption:
Agriculture - products:
Exchange rates:
Equatorial Guinea
Equatorial Guinea, officially the Republic of Equatorial Guinea where the capital Malabo is situated.Annobón is the southernmost island of Equatorial Guinea and is situated just south of the equator. Bioko island is the northernmost point of Equatorial Guinea. Between the two islands and to the...
is a small country at the west coast of Central Africa
Central Africa
Central Africa is a core region of the African continent which includes Burundi, the Central African Republic, Chad, the Democratic Republic of the Congo, and Rwanda....
. Despite a per capita GDP (PPP) of more than US$30,000 (CIA Factbook $50,200) which is as of 2008 the twentieth highest in the world, Equatorial Guinea ranks 121st out of 177 countries on the United Nations
United Nations
The United Nations is an international organization whose stated aims are facilitating cooperation in international law, international security, economic development, social progress, human rights, and achievement of world peace...
Human Development Index
Human Development Index
The Human Development Index is a composite statistic used to rank countries by level of "human development" and separate "very high human development", "high human development", "medium human development", and "low human development" countries...
.
Economy overview
Pre-independence Equatorial Guinea counted on cocoa production for hard currency earnings. In 1959 it had the highest per capita incomePer capita income
Per capita income or income per person is a measure of mean income within an economic aggregate, such as a country or city. It is calculated by taking a measure of all sources of income in the aggregate and dividing it by the total population...
of Africa.
The discovery of large oil reserves
Oil reserves
The total estimated amount of oil in an oil reservoir, including both producible and non-producible oil, is called oil in place. However, because of reservoir characteristics and limitations in petroleum extraction technologies, only a fraction of this oil can be brought to the surface, and it is...
in 1996 and its subsequent exploitation have contributed to a dramatic increase in government revenue. As of 2004, Equatorial Guinea is the third-largest oil producer in Sub-Saharan Africa
Sub-Saharan Africa
Sub-Saharan Africa as a geographical term refers to the area of the African continent which lies south of the Sahara. A political definition of Sub-Saharan Africa, instead, covers all African countries which are fully or partially located south of the Sahara...
. Its oil production has risen to 360000 oilbbl/d, up from 220000 oilbbl/d only two years earlier.
Forestry, farming, and fishing
Fishing
Fishing is the activity of trying to catch wild fish. Fish are normally caught in the wild. Techniques for catching fish include hand gathering, spearing, netting, angling and trapping....
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. However, the government has stated its intention to reinvest some oil
Petroleum
Petroleum or crude oil is a naturally occurring, flammable liquid consisting of a complex mixture of hydrocarbons of various molecular weights and other liquid organic compounds, that are found in geologic formations beneath the Earth's surface. Petroleum is recovered mostly through oil drilling...
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 unsuccessfully trying to agree on a "shadow" fiscal management program with the World Bank
World Bank
The World Bank is an international financial institution that provides loans to developing countries for capital programmes.The World Bank's official goal is the reduction of poverty...
and IMF. Businesses, for the most part, are owned by government officials and their family members. Undeveloped natural resources include titanium
Titanium
Titanium is a chemical element with the symbol Ti and atomic number 22. It has a low density and is a strong, lustrous, corrosion-resistant transition metal with a silver color....
, iron ore, manganese
Manganese
Manganese is a chemical element, designated by the symbol Mn. It has the atomic number 25. It is found as a free element in nature , and in many minerals...
, uranium
Uranium
Uranium is a silvery-white metallic chemical element in the actinide series of the periodic table, with atomic number 92. It is assigned the chemical symbol U. A uranium atom has 92 protons and 92 electrons, of which 6 are valence electrons...
, and alluvial gold
Gold
Gold is a chemical element with the symbol Au and an atomic number of 79. Gold is a dense, soft, shiny, malleable and ductile metal. Pure gold has a bright yellow color and luster traditionally considered attractive, which it maintains without oxidizing in air or water. Chemically, gold is a...
(Mining in Equatorial Guinea
Mining in Equatorial Guinea
The regulation of mining in Equatorial Guinea is handled by the Ministry of Mines, Industry, and Energy, which oversees activities in the mining and petroleum industries....
). Growth remained strong in 2005 and 2006, led by oil.
2004 US senate report
A Senate report in 2004 found that Riggs BankRiggs Bank
Riggs Bank was a Washington, D.C.-based commercial bank with branches located in the surrounding metropolitan area and offices around the world. For most of its history, it was the largest bank in the nation's capital. Riggs had been controlled by the Albritton family since the 1980s, but they lost...
helped top officials of Equatorial Guinea steal hundreds of millions of dollars in oil revenues. The Senate Permanent Subcommittee on Investigations probed the corruption case involving Equatorial Guinea and its oil revenues for much of the past year.
The panel's report found that Riggs Bank helped government leaders in Equatorial Guinea siphon oil revenues to accounts set up for them in Washington. Equatorial Guinea has been cited by the U.S. State Department for human rights abuses, corruption, and diversion of oil revenues to government officials.
Beginning in 1995 until 2004, Riggs oversaw as many as 60 accounts containing as much as $700 million, making Equatorial Guinea its largest single customer. Some were government accounts, while others were the private accounts of President Teodoro Obiang Nguema, other government officials, and their families.
The Senate report says millions of dollars in the government accounts, which should have gone to help impoverished Equatorial Guineans, were instead funneled to off-shore tax shelters, with help from Riggs officials.
At a hearing on the matter at which current and former bank officials appeared, Senator Carl Levin
Carl Levin
Carl Milton Levin is a Jewish-American United States Senator from Michigan, serving since 1979. He is the Chairman of the Senate Committee on Armed Services. He is a member of the Democratic Party....
, a Michigan
Michigan
Michigan is a U.S. state located in the Great Lakes Region of the United States of America. The name Michigan is the French form of the Ojibwa word mishigamaa, meaning "large water" or "large lake"....
Democrat, was clearly outraged. "Somehow there has to be a conscience here. Aren't you troubled?," he said.
The report describes one incident in which the bank manager of the country's accounts, Simon Kareri, brought a 27 kilogram suitcase with $3 million in plastic-wrapped cash to Riggs's Dupont Circle branch to make a deposit into President Obiang's account. Mr. Kareri, who was fired in January, refused to testify at the hearing," he said. "Mr. Chairman, there is nothing I would like to do more than answer your questions today. However, I must heed the advice of my counsel and invoke my fifth amendment
Fifth Amendment to the United States Constitution
The Fifth Amendment to the United States Constitution, which is part of the Bill of Rights, protects against abuse of government authority in a legal procedure. Its guarantees stem from English common law which traces back to the Magna Carta in 1215...
rights under the Constitution and refuse to answer the question," he said.
Senators were angered that bank officials never reported any suspicious financial transactions involving Equatorial Guinea.
Lawrence Hebert, president and chief executive officer of Riggs Bank, blamed a lack of an internal system to monitor and identify such suspicious activity. It is an assertion that Senator Levin found ridiculous.
"First of all Mr. Hebert, you do not need a computer system to realize suspicious activity when you have sixty pounds of cash that are being walked into the door with a suitcase," he said.
Mr. Levin criticized bank regulators for not doing enough in their oversight responsibility.
Riggs was fined a record $25 million by federal banking regulators for allegedly failing to report suspicious transactions made to the Equatorial Guinea accounts, but that didn't happen until May 2004.
Senator Levin also took aim at oil companies that are doing business in Equatorial Guinea, many of which have secret contracts with firms that have ties to President Obiang.
The London-based organization Global Witness
Global Witness
Global Witness is an international NGO established in 1993 that works to break the links between natural resource exploitation, conflict, poverty, corruption, and human rights abuses worldwide. The organisation has offices in London and Washington, D.C.. Global Witness states that it does not have...
notes that the Senate committee report found that oil companies made payments into the personal accounts of Equatorial Guinean officials that were used for land purchases, office leases, and even education for the children of the country's leaders.
With oil money stashed away in Riggs Bank for the ruling elite of Equatorial Guinea, argues Sarah Wykes of Global Witness, oil companies cannot make the case that they are a force for positive change in the country.
"Equatorial Guinea is now the third largest producer of oil in sub-Saharan Africa," she said. "It has been called the 'Kuwait of Africa' But it is clear that since oil came on stream, the human development indicators of the country have actually gone backward, so we can say the oil money is not contributing to development at all," she said.
Equatorial Guinea responded with an 82-point report claiming that the Senate had been "duped" by "pressure groups", naming specifically a $40,000 contract between a lobbying group and Severo Moto Nsa
Severo Moto Nsá
Severo Matías Moto Nsá , known as Severo Moto, is the most notable opposition politician in Equatorial Guinea, and leader of the Progress Party of Equatorial Guinea. He lives in Spain where he has established a government in exile, to the annoyance of President Teodoro Obiang Nguema.Born at Acock...
, an EquatoGuinean living in self-imposed exile who uses his website to make wild accusations against Obiang. The rebuttal also claims that the payments to government members were disclosed in the government accounts and were not illegal.
In greater depth
Oil and gas exports have increased substantially (in 2003 Equatorial GuineaEquatorial Guinea
Equatorial Guinea, officially the Republic of Equatorial Guinea where the capital Malabo is situated.Annobón is the southernmost island of Equatorial Guinea and is situated just south of the equator. Bioko island is the northernmost point of Equatorial Guinea. Between the two islands and to the...
was ranked third among Sub-Sahara African
Africa
Africa is the world's second largest and second most populous continent, after Asia. At about 30.2 million km² including adjacent islands, it covers 6% of the Earth's total surface area and 20.4% of the total land area...
producers behind Nigeria
Nigeria
Nigeria , officially the Federal Republic of Nigeria, is a federal constitutional republic comprising 36 states and its Federal Capital Territory, Abuja. The country is located in West Africa and shares land borders with the Republic of Benin in the west, Chad and Cameroon in the east, and Niger in...
and Angola
Angola
Angola, officially the Republic of Angola , is a country in south-central Africa bordered by Namibia on the south, the Democratic Republic of the Congo on the north, and Zambia on the east; its west coast is on the Atlantic Ocean with Luanda as its capital city...
) and will drive the economy for years to come. The GDP increased by 105.2% in 1997, and real GDP growth reached 23% in 1999, and initial estimates suggested growth of about 15% in 2001, according to IMF 2001 forecast. Per capita income grew from about $1,000 in 1998 to about $2,000 in 2000. The energy export sector is responsible for this rapid growth. Oil production has increased from 81000 oilbbl/d to 210000 oilbbl/d between 1998 and early 2001. There is ongoing additional development of existing commercially viable oil and gas deposits as well as new exploration in other offshore concessions.
Equatorial Guinea has other largely unexploited human and natural resources, including a tropical climate, fertile soils, rich expanses of water, deepwater ports, and an untapped, if unskilled, source of labor. Following independence in 1968, the country suffered under a repressive dictatorship for 11 years, which devastated the economy. The agricultural sector, which historically was known for cocoa of the highest quality, has never fully recovered. In 1969 Equatorial Guinea produced 36,161 tons of highly bid cocoa, but production dropped to 4,800 tons in 2000. Coffee production also dropped sharply during this period to bounce back to 100,000 metric tons in 2000. Timber is the main source of foreign exchange after oil, accounting for about 12.4% of total export earnings in 1996-99. Timber production increased steadily during the 1990s; wood exports reached a record 789,000 cubic meters in 1999 as demand in Asia (mainly China) gathered pace after the 1998 economic crisis. Most of the production (mainly Okoume) goes to exports, and only 3% is processed locally. Environmentalists fear that exploitation at this level is unsustainable and point out to the permanent damage already inflicted on the forestry reserves on Bioko.
Consumer price inflation has declined from the 38.8% experienced in 1994 following the CFA franc devaluation, to 7.8% in 1998, and 1.0% in 1999, according to BEAC data. Consumer prices rose about 6% in 2000, according to initial estimates, and there was anecdotal evidence that price inflation was accelerating in 2001.
Equatorial Guinea's policies, as defined by law, comprise an open investment regime. Qualitative restrictions on imports, non-tariff protection, and many import licensing requirements were lifted when in 1992 the government adopted a public investment program endorsed by the World Bank. The Government of the Republic of Equatorial Guinea has sold some state enterprises. It is attempting to create a more favourable investment climate, and its investment code contains numerous incentives for job creation, training, promotion of non-traditional exports, support of development projects and indigenous capital participation, freedom for repatriation of profits, exemption from certain taxes and capital, and other benefits. Trade regulations have been further liberalized since implementation in 1994 of the ICN turnover tax
Turnover tax
A turnover tax is similar to a sales tax or a VAT, with the difference that it taxes intermediate and possibly capital goods. It is an indirect tax, typically on an ad valorem basis, applicable to a production process or stage. For example, when manufacturing activity is completed, a tax may be...
, in conformity with Central African tax and custom reform codes. The reform included elimination of quota restrictions and reductions in the range and amounts of tariffs. The CEMAC countries agreed to replace the ICN with a value added tax (VAT) in 1999.
While business laws promote a liberalized economy, the business climate remains difficult. Application of the laws remains selective. Corruption among officials is widespread, and many business deals are concluded under non-transparent circumstances.
There is little industry in the country, and the local market for industrial products is small. The government seeks to expand the role of free enterprise and to promote foreign investment but has had little success in creating an atmosphere conducive to investor interest.
The Equato-Guinean budget has grown enormously in the past 3 years as royalties and taxes on foreign company oil and gas production have provided new resources to a once poor government. The 2001 budget foresaw revenues of about 154 billion
1000000000 (number)
1,000,000,000 is the natural number following 999,999,999 and preceding 1,000,000,001.In scientific notation, it is written as 109....
CFA francs (154 GCFAF) (about U.S.$200 million), up about 50% from 2000 levels. Oil revenues account for about two-thirds of government revenue, and VAT and trade taxes are the other large revenue sources.
Year 2001 government expenditures were planned to reach 158 billion CFA francs, up about 50% from 2000 levels. New investment projects represented about 40% of the budget, and personnel and internal and external debt payments represented about one-third of planned expenditures.
The Equato-Guinean Government has undertaken a number of reforms since 1991 to reduce its predominant role in the economy and promote private sector development. Its role is a diminishing one, although many government interactions with the private sector are at times capricious. Beginning in early 1997, the government initiated efforts to attract significant private sector involvement through a Corporate Council on Africa visit and numerous ministerial efforts. In 1998, the government privatized distribution of petroleum products. There are now Total and Mobil stations in the country. The government has expressed interest in privatizing the outmoded electricity utility. A French company operates cellular telephone service in cooperation with a state enterprise. The government is anxious for greater U.S. investment, and President Obiang visited the U.S. three times between 1999 and 2001 to encourage greater U.S. corporate interest. Investment in agriculture, fishing, livestock, and tourism are among sectors the government would like targeted.
Equatorial Guinea's balance-of-payments situation has improved substantially since the mid-1990s because of new oil and gas production and favorable world energy prices. Exports totaled about francs CFA 915 billion in 2000 (1.25 G$US), up from CFA 437 billion (700 M$US) in 1999. Crude oil exports accounted for more than 90% of export earnings in 2000. Timber exports, by contrast, represented only about 5% of export revenues in 2000. Additional oil production coming on line in 2001, combined with methanol gas exports from the new CMS-Nomeco plant, should increase export earnings substantially.
Imports into Equatorial Guinea also are growing very quickly. Imports totaled francs CFA 380 billion (530 M$US), up from franc CFA 261 million (420 M$US) in 1999. Imports of equipment used for the oil and gas sector accounted for about three-quarters of imports in 2000. Imports of capital equipment for public investment projects reached francs CFA 30 billion in 2000, up 40% from 1999 levels.
Equatorial Guinea's foreign debt stock was approximately francs CFA 69 billion (100 M$US) in 2000, slightly less than the debt stock in 1999, according to BEAC data. Equatorial Guinea's debt service ratio
Debt service ratio
In economics and government finance, debt service ratio is the ratio of debt service payments of a country to that country’s export earnings. A country's international finances are healthier when this ratio is low...
fell from 20% of GDP in 1994 to only 1% in 2000. Foreign exchange reserves were increasing slightly, although they were relatively low in terms of import coverage. According to the terms of the franc CFA zone, some of these reserves are kept in an account with the French Ministry of Finance.
Equatorial Guinea in the 1980s and 1990s received foreign assistance from numerous bilateral and multilateral donors, including European countries, the United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
, and the World Bank
World Bank
The World Bank is an international financial institution that provides loans to developing countries for capital programmes.The World Bank's official goal is the reduction of poverty...
. Many of these aid programs have ceased altogether or have diminished. Spain
Spain
Spain , officially the Kingdom of Spain languages]] under the European Charter for Regional or Minority Languages. In each of these, Spain's official name is as follows:;;;;;;), is a country and member state of the European Union located in southwestern Europe on the Iberian Peninsula...
, France
France
The French Republic , The French Republic , The French Republic , (commonly known as France , is a unitary semi-presidential republic in Western Europe with several overseas territories and islands located on other continents and in the Indian, Pacific, and Atlantic oceans. Metropolitan France...
, and the European Union
European Union
The European Union is an economic and political union of 27 independent member states which are located primarily in Europe. The EU traces its origins from the European Coal and Steel Community and the European Economic Community , formed by six countries in 1958...
continue to provide some project assistance, as do China
China
Chinese civilization may refer to:* China for more general discussion of the country.* Chinese culture* Greater China, the transnational community of ethnic Chinese.* History of China* Sinosphere, the area historically affected by Chinese culture...
and Cuba
Cuba
The Republic of Cuba is an island nation in the Caribbean. The nation of Cuba consists of the main island of Cuba, the Isla de la Juventud, and several archipelagos. Havana is the largest city in Cuba and the country's capital. Santiago de Cuba is the second largest city...
. The government also has discussed working with World Bank assistance to develop government administrative capacity.
Equatorial Guinea operated under an IMF-negotiated Enhanced Structural Adjustment Facility
Enhanced structural adjustment facility
The Enhanced Structural Adjustment Facility was a program of financial assistance given to poor countries from December 1987 through 1999 through the International Monetary Fund...
(ESAF) until 1996. Since then, there have been no formal agreements or arrangements. The International monetary Fund held Article IV consultations (periodic country evaluations) in 1996, 1997, and in August 1999. After the 1999 consultations, IMF directors stressed the need for Equatorial Guinea to establish greater fiscal discipline, accountability, and more transparent management of public sector resources, especially energy sector revenue. IMF officials also have emphasized the need for economic data. In 1999, the Equato-Guinean Government began attempting to meet IMF-imposed requirements, maintaining contact with IMF and the World Bank representatives. However, the new found oil wealth allowed the government to avoid improving fiscal discipline, transparency and accountability.
Infrastructure
Infrastructure is generally old and in poor condition. Surface transport is extremely limited at present, with little more than 700 kilometres of paved roads. The African Development Bank is helping to improve the paved roads from Malabo to Luba and Riaba; the Chinese are undertaking a project to link Mongomo to Bata on the mainland, and the European Union is financing an inter-states road network linking Equatorial Guinea to Cameroon and Gabon. Road maintenance is often inadequate.Electricity is available in Equatorial Guinea's larger towns thanks to three small overworked hydropower facilities and a number of aged generators. In 1999, national production was about 13 MWh. In Malabo, the American company, CMS-Nomeco, built a 10 megawatt electricity plant financed by the government, which came in line in mid-2000, and plans to double capacity are advancing. This plant provides improved service to the capital, although there are still occasional outages. On the mainland the largest city, Bata, still has regular blackouts.
Water is only available in the major towns and is not always reliable because of poor maintenance and mismanagement. Some villages and rural areas are equipped with generators and water pumps, usually owned by private individuals.
Parastatal Getesa, a joint venture with a minority ownership stake held by a French subsidiary of France Telecom
France Télécom
France Telecom S.A. is the main telecommunications company in France, the third-largest in Europe and one of the largest in the world. It currently employs about 180,000 people and has 192.7 million customers worldwide . In 2010 the group had revenue of €45.5 billion...
, provides telephone service in the major cities. The regular system is overextended, but France Telecom has introduced a popular GSM system, which is generally reliable in Malabo and Bata.
Equatorial Guinea has two of the deepest Atlantic seaports of the region, including the main business and commercial port city of Bata. The ports of both Malabo and Bata are severely overextended and require extensive rehabilitation and reconditioning. The British company, Incat, has an ongoing project with the government to renovate and expand Luba, the country's third-largest port which is located on Bioko Island. The government hopes Luba will become a major transportation hub for offshore oil and gas companies operating in the Gulf of Guinea. Luba is located some 50 kilometres from Malabo and had been virtually inactive except for minor fishing activities and occasional use to ease congestion in Malabo. A new jetty is also being built at km 5 on the way from Malabo to the airport. It is a project mainly supposed to service the oil industry, but can also relieve the congested Malabo Port due to its closeness.
The Oil Jetty at km 5 was supposed to open the end of March 2003. Riaba is the other port of any scale on Bioko but is less active. The continental ports of Mbini and Cogo have deteriorated as well and are now used primarily for timber activities.
There are both air and sea connections between the two cities of Malabo and Bata. A few aging Soviet-built aircraft operated by several small carriers, one state-owned, and the others private, constitute the national aircraft fleet. The runway at Malabo (3,200 m) is equipped with lights and can service equipment similar to DC 10s and Cl3Os. The one at Bata (2,400 m) does not operate at night but can accommodate aircraft as large as B737s. Their primary users are the national airline (EGA) and a private company (GEASA). Two minor airstrips (800 m) are located at Mongomo and Annobon. There are international connections out of Malabo to Madrid and Zurich in Europe and to Cotonou, Douala and Libreville in West Africa.
Energy developments
After a slow start, Equatorial Guinea has recently emerged as a major oil producer in the Gulf of Guinea, one of the most promising hydrocarbonHydrocarbon
In organic chemistry, a hydrocarbon is an organic compound consisting entirely of hydrogen and carbon. Hydrocarbons from which one hydrogen atom has been removed are functional groups, called hydrocarbyls....
regions in the world. The main oil field
Oil field
An oil field is a region with an abundance of oil wells extracting petroleum from below ground. Because the oil reservoirs typically extend over a large area, possibly several hundred kilometres across, full exploitation entails multiple wells scattered across the area...
s, Zafiro and Alba, are both located offshore of Bioko island. In 1999 oil production was about five times its 1996 level; Zafiro Field, operated by Exxon Mobil and Ocean Energy, produced about 100000 oilbbl/d, and CMS Nomeco extracted approximately 6700 oilbbl/d. Aggressive field development and promising exploration activities may raise production to nearly 300000 oilbbl/d within 2–3 years (slightly above the current estimated production of Gabon) according to the official sources.
In 1995 Mobil (now Exxon Mobil) discovered the large Zafirobbbb field, with estimated reserves of 400000000 barrels (63,594,918,000 l). Production began in 1996. The company announced a 3-year U.S.$1bn rapid development program to boost output to 130000 oilbbl/d by early 2001. Progress was delayed due to a contractual dispute with the government and by unexpectedly difficult geology. The difference with the government was eventually resolved.
In 1998 a more liberal regulatory and profit-sharing arrangement for hydrocarbon exploration and production activities was introduced. It revised and updated the production-sharing contract, which, until then, had favoured Western operators heavily. As a result domestic oil receipt rose from 13% to 20% of oil export revenue. However, the government's share remains relatively poor by international standards.
In 1997 CMS Nomeco moved to expand its operation with a U.S.$300m methanol plant. The plant entered production in 2000 and help boost natural gas condensate
Natural gas condensate
Natural-gas condensate is a low-density mixture of hydrocarbon liquids that are present as gaseous components in the raw natural gas produced from many natural gas fields....
output from Alba field.
In August 1999 the government closed bidding on a new petroleum licensing round for 53 unexplored deepwater blocks and seven shallow water blocks. The response was small due to combination of factors, including falling oil prices, restructuring within the oil industry, and uncertainty over and undemarcated maritime border with Nigeria (which was not resolved until 2000).
In late 1999 Triton Energy, a U.S. independent, discovered La Ceiba in block G in an entirely new area offshore the mainland of the country. Triton expects a U.S.$200m development program to enable La Ceiba and associated fields to produce 100000 oilbbl/d by late 2001, despite disappointments and technical problems at the beginning of the year.
With an upturn in oil prices, exploration intensified in 2000. In April 2000 U.S.-based Vanco Energy signed a production-sharing contract for the offshore block of Corisco Deep. In May 2000, Chevron
Chevron Corporation
Chevron Corporation is an American multinational energy corporation headquartered in San Ramon, California, United States and active in more than 180 countries. It is engaged in every aspect of the oil, gas, and geothermal energy industries, including exploration and production; refining,...
was granted block L, offshore Rio Muni
Río Muni
Río Muni is the Continental Region of Equatorial Guinea, and comprises the mainland geographical region, covering 26,017 km².-History:Río Muni was ceded by Portugal to Spain in 1778 in the Treaty of El Pardo...
, and a further three production-sharing contracts (for blocks J, I, and H) were signed with Atlas Petroleum, a Nigerian company.
In early 2001 the government announced plans to establish a national oil company, to allow Equatorial Guinea to take a greater stake in the sector and to facilitate the more rapid transfer of skills. However, critics fear that such a company may become a vehicle for opaque accounting and inertia of the sort that has hindered development in neighbouring countries including Angola
Angola
Angola, officially the Republic of Angola , is a country in south-central Africa bordered by Namibia on the south, the Democratic Republic of the Congo on the north, and Zambia on the east; its west coast is on the Atlantic Ocean with Luanda as its capital city...
, Cameroon
Cameroon
Cameroon, officially the Republic of Cameroon , is a country in west Central Africa. It is bordered by Nigeria to the west; Chad to the northeast; the Central African Republic to the east; and Equatorial Guinea, Gabon, and the Republic of the Congo to the south. Cameroon's coastline lies on the...
, and Nigeria
Nigeria
Nigeria , officially the Federal Republic of Nigeria, is a federal constitutional republic comprising 36 states and its Federal Capital Territory, Abuja. The country is located in West Africa and shares land borders with the Republic of Benin in the west, Chad and Cameroon in the east, and Niger in...
.
Since 2001 the government has created GEPetrol
GEPetrol
GEPetrol is the national oil company of the Equatorial Guinea. The company was founded in 2002 after the writing of a presidential decree. The company reports to the Ministry of Mines, Industry and Energy. GEPetrol's director is Cándido Nsue Okomo. The company maintains offices in Malabo and in...
, a national oil company; and Sonagas
Sonagas
Sonagas is the Equatorial Guinean national natural gas company. It was formed in 2005. It operates in conjunction with GEPetrol, the nation's principal petroleum company, and EG LNG, the nation's liquid natural gas company, to manage the nation's fossil fuel resources.The officers of the company...
, a national natural gas company. The company EG LNG
EG LNG
EG LNG is a LNG company that operates a liquid natural gas terminal and plant in Malabo, Bioko Island, Equatorial Guinea. The LNG plant began operation in 2007 and the first cargo of LNG was delivered on 24 May 2007....
has been created to construct and operate the Bioko Island LNG plant and terminal.
Animal Husbandry
Cattle and poultry production is rapidly reaching its pre-independence levels of self-sufficiency with the financial help of the African Development BankAfrican Development Bank
The African Development Bank Group is a development bank established in 1964 with the intention of promoting economic and social development in Africa...
. However, production of domesticated animals is hindered by the presence of trypanosomiasis
Trypanosomiasis
Trypanosomiasis or trypanosomosis is the name of several diseases in vertebrates caused by parasitic protozoan trypanosomes of the genus Trypanosoma. Approximately 500,000 men, women and children in 36 countries of sub-Saharan Africa suffer from human African trypanosomiasis which is caused by...
and other tropical deterrents. In 2005 there were 37,600 sheep, 9,000 goats, 6,100 hogs, and 5,000 cattle.
Fishing
The fishing industry gained strength through the 1980s and is now almost entirely modernized; a tunaTuna
Tuna is a salt water fish from the family Scombridae, mostly in the genus Thunnus. Tuna are fast swimmers, and some species are capable of speeds of . Unlike most fish, which have white flesh, the muscle tissue of tuna ranges from pink to dark red. The red coloration derives from myoglobin, an...
processing plant went into operation in 1990. Annobón
Annobón
Annobón may refer to:* Annobón Province* Annobonese language* Annobon people...
subsists almost entirely on fishing and retains its traditional preeminence in off shore whaling
Whaling
Whaling is the hunting of whales mainly for meat and oil. Its earliest forms date to at least 3000 BC. Various coastal communities have long histories of sustenance whaling and harvesting beached whales...
and turtle gathering. Bioko is also a major fishing center, the chief catches being perch
Perch (disambiguation)
Perch may refer to:*Perch , a surname *The USS Perch, multiple ships with the name*Perch , antique unit of measure of length, area or volume, depending on context, used in medieval France and the British Isles...
, tuna, mackerel
Mackerel
Mackerel is a common name applied to a number of different species of fish, mostly, but not exclusively, from the family Scombridae. They may be found in all tropical and temperate seas. Most live offshore in the oceanic environment but a few, like the Spanish mackerel , enter bays and can be...
, cod
Cod
Cod is the common name for genus Gadus, belonging to the family Gadidae, and is also used in the common name for various other fishes. Cod is a popular food with a mild flavor, low fat content and a dense, flaky white flesh. Cod livers are processed to make cod liver oil, an important source of...
, pike
Esox
Esox is a genus of freshwater fish, the only living genus in the family Esocidae — the esocids which were endemic to North America, Europe and Eurasia during the Paleogene through present.The type species is E. lucius, the northern pike...
, shark
Shark
Sharks are a type of fish with a full cartilaginous skeleton and a highly streamlined body. The earliest known sharks date from more than 420 million years ago....
, and crayfish
Crayfish
Crayfish, crawfish, or crawdads – members of the superfamilies Astacoidea and Parastacoidea – are freshwater crustaceans resembling small lobsters, to which they are related...
. The country’s own catch was about 3,500 tons in 2003.
Forestry
Timber from Río Muni is Equatorial Guinea’s leading export. Forests cover over 62 percent of the land area. The Río Muni area on the mainland produces okoumé and akoga from rain forests of considerable age. Even though the government has given permission to foreign firms, exploitation is difficult due to infrastructural problems. The government enacted a new forestry action plan in 1990 in an effort to strengthen the sector’s development. In 2004, roundwood production was estimated at 811,000 cubic metres. In 2004, exports of forest products amounted to $97 millionChild rate- 4
- $24 billion (2009 est.)
Investment (gross fixed):
- 46.3% (2005 est.)
Industries:
- Petroleum, fishing, sawmilling, natural gas
Industrial production growth rate:
- 30% (2002 est.)
Electricity - production:
- 29.43 GWh (2005)
Electricity - consumption:
- 27.37 GWh (2005)
Agriculture - products:
- CoffeeCoffeeCoffee is a brewed beverage with a dark,init brooo acidic flavor prepared from the roasted seeds of the coffee plant, colloquially called coffee beans. The beans are found in coffee cherries, which grow on trees cultivated in over 70 countries, primarily in equatorial Latin America, Southeast Asia,...
, cocoa, riceRiceRice is the seed of the monocot plants Oryza sativa or Oryza glaberrima . As a cereal grain, it is the most important staple food for a large part of the world's human population, especially in East Asia, Southeast Asia, South Asia, the Middle East, and the West Indies...
, yamsYam (vegetable)Yam is the common name for some species in the genus Dioscorea . These are perennial herbaceous vines cultivated for the consumption of their starchy tubers in Africa, Asia, Latin America and Oceania...
, cassavaCassavaCassava , also called yuca or manioc, a woody shrub of the Euphorbiaceae native to South America, is extensively cultivated as an annual crop in tropical and subtropical regions for its edible starchy tuberous root, a major source of carbohydrates...
(tapiocaTapiocaTapioca is a starch extracted Manihot esculenta. This species, native to the Amazon, Brazil, Colombia, Venezuela, Cuba, Puerto Rico, Haiti, the Dominican Republic, Honduras, and most of the West Indies, is now cultivated worldwide and has many names, including cassava, manioc, aipim,...
), bananaBananaBanana is the common name for herbaceous plants of the genus Musa and for the fruit they produce. Bananas come in a variety of sizes and colors when ripe, including yellow, purple, and red....
s, palm oilPalm oilPalm oil, coconut oil and palm kernel oil are edible plant oils derived from the fruits of palm trees. Palm oil is extracted from the pulp of the fruit of the oil palm Elaeis guineensis; palm kernel oil is derived from the kernel of the oil palm and coconut oil is derived from the kernel of the...
nuts; livestock; timber
Exchange rates:
- Communauté financière africaine francs (CFAF) per US$1 - 480.56 (2005), 528.29 (2004), 581.2 (2003), 696.99 (2002), 733.04 (2001)
External links
- Equatorial Guinea latest trade data on ITC Trade Map
- Equatorial Oil- Government source on economics, run by the Ministry of Mines, Industry and Energy