THE ECONOMY OF EQUATORIAL GUINEA

📖 The Scoop

ForewordWhile the world is undoubtedly approaching a global financial crisis with very uncertain steps, the reality that developing countries require urgent prioritization and improvement of financial habits cannot go unnoticed by those who think they are the owners of all the economic, financial, natural and energy resources of a country.

Although the information on oil in Equatorial Guinea is always in reference to percentage data and very rarely with numerical figures (due to the level of transparency of information on the sector in the country), it is true that the economy of Equatorial Guinea has suffered the effects of the COVID-19 pandemic, especially in terms of the fall in world demand and oil prices caused by the crisis.

Even so, only during the first quarter of 2019 the revenues from local sales of lampante oil, gasoline and gas oil ( dieses) by the national oil company (Gepetrol) were 6,773,617,140 (Six trillion seven hundred and seventy-three million six hundred and seventeen thousand one hundred and forty Francs Fcfa ) or what is the same, 10,370. 789.32 (Ten million three hundred and seventy thousand seven hundred and eighty-nine and thirty-two Euros); and the sales for the export of gas only to the Kingdom of Spain were 500 million Euros per year, and the main exports for that year were, certainly crude oil (3,080 million dollars), and gas (920 million dollars), all enough to create prosperity in a country of less than two million inhabitants, for ever and ever.

But when the economy is not prepared for its own subsistence and self-sufficiency, then situations of economic contraction are created which should not even exist, and which become the reality of a prosperous nation condemned to poverty and misery.

Javier Clemente Engonga, 18.08.2021

Genre: Art / African (fancy, right?)