Equatorial Guinea

The Republic of Equatorial Guinea is a nation in central Africa, and one of the smallest countries in continental Africa. It borders Cameroon on the north, Gabon on the south and east, and the Gulf of Guinea on the west, where the islands of São Tomé and Príncipe lie to its southwest. Formerly the Spanish colony of Spanish Guinea, the country's territory (continentally known as Río Muni) includes a number of islands, including the sizable island of Bioko where the capital, Malabo (formerly Santa Isabel), is located. Its post-independence name is suggestive of its being situated near both the equator and the Gulf of Guinea. It is the only country in Africa where the offical language is Spanish.

Economy

Main article: Economy of Equatorial Guinea

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Pre-independence Equatorial Guinea counted on cocoa production for hard currency earnings. In 1959 it had the highest per capita income of Africa.

Related Topics:
Cocoa - 1959 - Per capita income

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The discovery of large oil reserves in 1996 and its subsequent exploitation have contributed to a dramatic increase in government revenue. As of 2004 http://www.washingtonpost.com/wp-dyn/articles/A1101-2004Sep6.html, 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.

Related Topics:
1996 - As of 2004 - Sub-Saharan Africa

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Forestry, farming, and fishing are also major components of GDP. Subsistence farming predominates. The deterioration of the rural economy under successive brutal regimes has diminished any potential for agriculture-led growth.

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Despite a per capita GDP (PPP) of more than US$30,000, Equatorial Guinea ranks 121st out of 177 countries on the United Nations Human Development Index.

Related Topics:
United Nations - Human Development Index

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In July 2004, the U.S. Senate published an investigation into Riggs Bank, a Washington-based bank into which most of Equatorial Guinea's oil revenues were paid until recently, and which also banked for Chile's Augusto Pinochet. The Senate report, as to Equatorial Guinea, showed that at least $35 million were siphoned off by Obiang, his family and senior officials of his regime. The president has denied any wrongdoing. While Riggs Bank in February 2005 paid $9 million as restitution for its banking for Chile's Augusto Pinochet, no restitution was made with regard to Equatorial Guinea, as reported in detail in this Anti-Money Laundering Report from Inner City Press.

Related Topics:
July 2004 - Riggs Bank

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