Equatorial Guinea

Equatorial Guinea

Country name: Equatorial Guinea

Conventional long form: Republic of Equatorial Guinea
Conventional short form: Equatorial Guinea
Local long form: República de Guinea Ecuatorial
Local short form: Guinea Ecuatorial
Former: Spanish Guinea
Area: 28,051 km²
Population: 540,109 (July 2006 est.)
Capital: Malabo
Languages: Spanish (official), French (official), Portuguese (official), pidgin English, Fang, Bubi, Ibo
Currency: Franc Communauté Financière Africaine - FCFA (XAF)
Other larger cities: Bata, Mbini, Evinayong, Mongomo, Ebebiyin

Background:

Equatorial Guinea is a developing country in central Africa. Its capital, Malabo, is located on the island of Bioko, off the coast of Cameroon. Its principal port, Luba, is also on Bioko. The mainland territory of Equatorial Guinea is located between Cameroon and Gabon. The principal city on the mainland is Bata. Facilities for tourism are limited. Official languages are Spanish, which is widely spoken,  French, which is sometimes used in business dealings and with government officials and since July 2007 also Portuguese.
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. 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, the country´s living standards are improving only slowly.

Location: Western Africa, bordering the Bight of Biafra, between Cameroon and Gabon

Climate: tropical; always hot, humid

Terrain: coastal plains rise to interior hills; islands are volcanic

Natural resources: petroleum, natural gas, timber, gold, bauxite, diamonds, tantalum, sand and gravel, clay

Environment - current issues: tap water is not potable; deforestation

Executive branch:

Chief of state: President Brig. Gen. (Ret.) Teodoro OBIANG NGUEMA MBASOGO (since 3 August 1979)
Head of government: Prime Minister Ricardo Mangue Obama NFUBEA (since 14 August 2006); First Deputy Prime Minister Mercelino Oyono NTUTUMU (since 15 June 2004)
Cabinet: Council of Ministers appointed by the president
Elections: president elected by popular vote for a seven-year term (no term limits); election last held 15 December 2002 (next to be held December 2009); prime minister and deputy prime ministers appointed by the president
Election results: Teodoro OBIANG NGUEMA MBASOGO reelected president; percent of vote - Teodoro OBIANG NGUEMA MBASOGO 97.1%, Celestino Bonifacio BACALE 2.2%.

Economy Overview:

The discovery and exploitation of large oil reserves have contributed to dramatic economic growth in recent years. Equatorial Guinea is the third-largest oil producer in Sub-Saharan Africa. Its oil production has risen to 360,000 barrels/day, up from 220,000 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. At present, 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 2005, led by oil. Equatorial Guinea now has the second highest per capita income in the world, after Luxembourg.

Agriculture product: coffee, cocoa, rice, yams, cassava (tapioca), bananas, palm oil nuts; livestock; timber

Industries: petroleum, fishing, sawmilling, natural gas