Equatorial Guinea emerges as success story, but numbers are deceptive


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Issue 259 - 26 Jul 2013 | 6 minute read

As memories of its violent past and episodes such as the ‘Wonga coup’ recede, and with the joint hosting of the 2010 Africa Cup of Nations deemed generally to be positive, Equatorial Guinea is appearing on lists of sub-Saharan African success stories, its oil and gas-fuelled GDP producing graphs showing sustained growth, and propelling it to the rank of middle-income country. An African Development Bank (AfDB) Country Strategy Paper (CSP) released on 18 July reminds us that Equatorial Guinea has sub-Saharan Africa’s highest per capita income and the potential to emerge as a regional energy hub, generating electricity from hydropower, as well as producing gas for local processing – pioneered by the Atlantic Methanol Company plant – and export, and supplying crude to US and other buyers.

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