Equatorial Guinea

Equatorial Guinea (EQG) is an upper-middle-income country composed of a mainland region, Río Muni, and several islands, including Bioko – where the capital, Malabo, is located—Annobón, Corisco, and Elobey. Ciudad de la Paz, on the mainland, was declared the official capital of Equatorial Guinea by presidential decree in 2026, while at present ministries continue to operate from Malabo and Bata.

With an estimated population of 1.8 million in 2024–2025, it borders Cameroon to the north, Gabon to the east and south, and the Gulf of Guinea to the west. The country is endowed with significant natural assets, including crude oil and natural gas, as well as extensive forests and marine resources.

In power since 1979, President Teodoro Obiang Nguema Mbasogo was re-elected on November 26, 2022, for a six-year term with 94.9% of the vote. The Partido Democrático de Guinea Ecuatorial (PDGE) maintains dominant control over the executive and legislative branches, holding nearly all seats in the Chamber of Deputies, the Senate, and local councils. Presidential, legislative, and municipal elections were held simultaneously.

Manuel Osa Nsue Nsua was appointed Prime Minister on August 17, 2024, succeeding Manuela Roka Botey. A former head of the National Bank of Equatorial Guinea (2012–2024), he now oversees ongoing government reform efforts.

On February 14, 2023, the European Parliament adopted a resolution urging the EU and its member states to press for an end to political persecution in Equatorial Guinea. More recently, in 2025, the International Court of Justice ruled in favor of the country in its maritime boundary dispute with Gabon, reinforcing its territorial sovereignty.

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The economy, still reliant on hydrocarbons, has declined over the past decade due to reduced oil output, lower investment, and external shocks. GNI per capita, estimated at $4,134.4 (2015 constant) in 2024, remains well below its 2008 peak. Despite major infrastructure spending, 24% of the population still lack electricity and 32.4% have no access to piped water. Human capital index is modest as a child born today will reach only half of their productivity potential and life expectancy is 60.7 years. Unemployment rate is 13.7% and only 17% of jobs are formal. Poverty increased from 58.1% in 2022 to 61% in 2025, reflecting weak growth in agriculture and services and rising food costs.

Recent macroeconomic developments remain challenging. In 2025, GDP is estimated to have contracted by 5.4%, driven by a decline in the hydrocarbon sector, after a modest growth of 0.4% in 2024. The fiscal balance shifted from 2.3% of GDP surplus in 2023 to a 0.5% deficit in 2024 which is estimated to have widened in 2025. Public debt is estimated at 36.3% of GDP. Inflation decreased from 3.4% to 3.2%, driven by lower food prices.

The government has set out an ambitious structural reform agenda to improve governance and diversify the economy. Recent measures – including tax and anticorruption reforms, a new procurement law, audits of the largest state enterprises, the ASYCUDA rollout, progress towards the implementation of a Treasury Single Account, the launch of a debt management system, and the gradual phase-out of fuel subsidies – are encouraging. Under the Agenda 2035, diversification focuses on blue, green, yellow, and digital economies, and tourism, with enabling policies.

The economy is projected to contract by 3.5% over 2026-27, reflecting a decline in hydrocarbon output. Sustaining reform momentum and effective implementation will be key to strengthening governance and the business environment and boosting private sector-led and pro-poor growth.

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The World Bank Group has been involved in Equatorial Guinea through Reimbursable Assistance Services (RAS) and Advisory Services and Analytics (ASA). Since 2011, it has supported the country’s capacity by supporting the creation and operationalization of the National Statistical Office (INEGE) and training national teams in preparation of national accounts.

Strengthening public investment management

A technical assistance project undertaken from 2014-2017 aimed to strengthen the management of public investments, through the training of senior government officials in the management and administration of public investments.

Improving the National Statistical Program

The Bank supported the preparation of the National Strategy for the Development of Statistics (SNDS 2016-2020) and developed modeling tools for quarterly GDP estimation.

The Bank also provided technical assistance to Egencia 2020—for the implementation of the national, social, and economic development plan, Horizonte 2020—and the Public Investment Division of the Ministry of Economy, Planning and Public Investment.

Conducting Advisory Services and Analytics (ASA)

Since 2019, the Bank has supported INEGE to conduct a business census and a household survey. These data would help improve national accounts and inform domestic resource mobilization efforts. In 2025, the Bank also published the first Country Economic Memorandum and Poverty and Equity Assessment for the country.

The Bank also financed key statistical activities, including annual and quarterly national accounts, National Household Survey (ENH2) and Enterprise Census (CE1-2020), and the National Statistics Development Strategy (NSDS) for 2022-2025.

Public Procurement Reform

The Bank is supporting the government in modernizing its public procurement system, which contributed to the adoption of a new public procurement law No. 11/2025, replacing the outdated procedures dating back to independence in 1968.

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The country’s main development challenge lies in transforming its oil-producing economy into a more diversified one. This challenge includes strengthening macro-fiscal resilience and economic governance, implementing critical reforms to help improve the business environment and investment climate, and investing in human development. Across both objectives, filling remaining gaps in key macroeconomic and socioeconomic data as well as strengthening knowledge management capabilities to support better policymaking is a cross-cutting goal.

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